Document:

EXHIBIT 10.3

 

 

AMERICAN EXPRESS COMPANY

AMERICAN EXPRESS NATIONAL BANK

DEFERRED COMPENSATION PLAN FOR DIRECTORS AND ADVISORS

(As amended and restated effective April 1, 2018)

Section 1.  Effective Date

The original effective date of this Deferred Compensation Plan for Directors and Advisors (this "Plan") was October 1, 1973.  This Plan was most recently amended and restated on March 23, 2015, with effect as of January 1, 2015.  This Plan is further amended and restated as provided herein effective April 1, 2018.

Section 2.  Eligibility

Any Director of or Advisor to the Board of Directors of American Express Company (the "Company") and/or any Director of American Express National Bank ("AENB," successor by conversion and merger to American Express Centurion Bank and American Express Bank, FSB) (hereinafter a "Director" or an "Advisor") who is not an officer or employee of the Company, AENB or a subsidiary thereof is eligible to participate in this Plan.  All deferral and related elections in effect under this Plan prior to the date hereof on behalf of any Director of or Advisor to the Company and any Director of American Express Centurion Bank and American Express Bank, FSB eligible to participate in this Plan shall continue to apply until such elections are revoked or revised.

Section 3.  Administration

The Nominating and Governance Committee (the "Committee") of the Board of Directors shall administer this Plan.  The Committee shall have all the powers necessary to administer this Plan, including the right to interpret the provisions of this Plan and to establish rules and prescribe any forms for the administration of this Plan.  The Committee may delegate its authority under this Plan to the Company's Corporate Secretary (the "Administrator") to take administrative and other specified actions, subject to such terms and limitations as the Committee may impose.

Section 4.  Deferral Elections

A Director may elect for any calendar year to defer receipt of 50% or 100% of the compensation payable to the Director for service as a Director or Advisor of the Company and AENB, and including service on Committees of the Boards of Directors thereof.

A deferral election with respect to the compensation earned in a particular calendar year shall be made no later than the end of the preceding calendar year; provided, however, to the extent permissible under Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), and the treasury regulations and other official guidance issued thereunder (collectively, "Section 409A"), a Director who is newly elected to the Board of Directors during a calendar year may make an irrevocable deferral election within thirty (30) days after his or her election to the Board of Directors, which irrevocable deferral election shall only apply to the

 

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Director's compensation earned after the date such deferral election became irrevocable.  To the extent permissible under Section 409A, the Administrator may permit an individual who has been nominated for election to the Board of Directors of the Company or AENB to make his or her irrevocable deferral election before the date of the individual's election to such Board of Directors, in which case the election would apply to the Director's compensation earned on and after the date on which the individual is elected to such Board of Directors.

Unless the Administrator provides otherwise prior to the start of a subsequent calendar year, a Director's deferral election for a calendar year shall apply to each subsequent calendar year thereafter unless and until the Director revokes or changes his or her deferral election prior to the subsequent calendar year.

Section 5.  Director Class Year Accounts

Compensation deferred by a Director will be credited to bookkeeping accounts established under this Plan.  The compensation deferred by a Director attributable to calendar years prior to 2015 shall be credited to one account, and the compensation deferred by a Director for calendar year 2015 and each calendar year thereafter shall be credited to separate accounts for each such calendar year.  For purposes of this Plan, the account established for the compensation deferred by a Director attributable to calendar years prior to 2015 shall be referred to as the Director's "Pre-2015 Class Year Account" and the account established for the compensation deferred by a Director attributable to calendar year 2015 and each calendar year thereafter shall be referred to as the Director's "Class Year Account" for the respective calendar year (e.g., the account established for the compensation deferred by a Director attributable to calendar year 2015 shall be referred to as the Director's "2015 Class Year Account" and the account established for the compensation deferred by a Director attributable to calendar year 2016 shall be referred to as the Director's "2016 Class Year Account").  And for purposes of this Plan, the Pre-2015 Class Year Account and each Class Year Account of a Director for a calendar year may be referred to individually as a "Class Year Account," and collectively as the "Class Year Accounts" of the Director.

The compensation deferred by a Director will be credited to his or her accounts effective as of the last day of the calendar quarter to which such compensation relates, except that in the event of the first occurrence of a Payment Event Date (as defined in Section 10(a) below) during a calendar quarter for which the Director has deferred all or a portion of his or her compensation, any compensation deferred by the Director for the calendar quarter in which such Payment Event Date occurs will be credited to the Director's account effective as of such Payment Event Date.

Section 6.  Investment Options

Amounts held in a Director's Class Year Accounts will be credited and debited with earnings and losses based on the hypothetical investment options made available by the Company (the "Investment Options").  Unless the Committee provides otherwise, the available Investment Options for a Director's Class Year Accounts shall be an option with credits based on a rate linked to 120% of the applicable federal rate (the "AFR-Based Option") and an option linked to the performance of the Company's common stock, par value $0.20 per share (the "Share Equivalent Option"), each as more completely described below.

At the time that a Director makes an election to defer receipt of his or her compensation for a calendar year pursuant to Section 4, the Director may choose to have the amounts credited to the Class Year Account for that calendar year allocated in one of the following ways:  (i) 100% to the AFR-Based Option; (ii) 100% to the Share Equivalent Option; or (iii) 50% to the AFR-Based Option and 50% to the Share Equivalent Option, or among the Investment Options available for such Class Year Account in such proportions as allowed by the Committee for such calendar year.

 

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Unless the Administrator provides otherwise prior to the start of a subsequent calendar year, a Director's Investment Options election for a calendar year shall apply to each subsequent calendar year thereafter unless and until the Director changes his or her Investment Options election prior to such subsequent calendar year.

 (a) AFR-Based Option

		(A)	
Amounts for which a Director has chosen the AFR-Based Option shall be credited with interest at a rate equal to 120% of the applicable federal long-term rate for December of the preceding calendar year, as prescribed under Section 1274(d) of the Code (the "AFR") (e.g., amounts that are credited during 2016 shall be credited at a rate equal to the AFR for December 2015).  Interest credited pursuant to this Section 6(a) shall be compounded daily, or on such other frequency specified by the Administrator for such purpose from time to time.

		(B)	
For purposes of Section 10 below, the amounts for which a Director has elected the AFR-Based Option that are payable to a Director on a Payment Event Date will be valued by crediting such amounts with the AFR through the applicable Payment Event Date.

 (b) Share Equivalent Option

		(A)	
Amounts for which a Director has chosen the Share Equivalent Option will be converted hypothetically into a number of units equivalent to a number of shares of the Company's common stock, par value $0.20 per share ("SEUs"), determined by dividing the amount of deferred compensation in each calendar quarter for which the Director has chosen the Share Equivalent Option, by the average of the closing prices of the Company's common stock, par value $0.20 per share (the "Common Stock"), for the last ten (10) trading days of such calendar quarter; provided, however, in the event of an occurrence of a Payment Event Date during a calendar quarter, the amounts of the compensation deferred by the Director for the calendar quarter in which the Payment Event Date occurs will be converted hypothetically into a number of SEUs determined by dividing such amount for which the Director has chosen the Share Equivalent Option, by the average of the closing prices of the Common Stock for the ten (10) trading days immediately preceding such Payment Event Date.

		(B)	
On the date on which the Company pays a dividend on the Common Stock, dividend equivalents in the form of additional SEUs will be credited to a Director's Class Year Accounts for the number of SEUs equal to (i) the per-share cash dividend, divided by the closing price of the Common Stock on the dividend payment date, multiplied by (ii) the number of SEUs credited to each such Class Year Account on the dividend payment date.

		(C)	
In the event of any change in the outstanding Common Stock by reasons of any stock split, stock dividend, split up, split-off, spin-off, recapitalization, merger, consolidation, rights offering, reorganization, combination or exchange of shares, a sale by the Company of all or part of its assets, any distribution to the shareholders other than a normal cash dividend, or other extraordinary or unusual event, the number of SEUs credited to a Director's Class Year Accounts shall be automatically adjusted on the same basis so that the proportionate interest of the Director shall be maintained as before the occurrence of such event.

		(D)	
For purposes of Section 10 below, the SEUs payable to a Director on a Payment Event Date will be valued by multiplying the applicable number of SEUs payable by the average of the closing prices of the Common Stock for the ten (10) trading days immediately preceding the applicable Payment Event Date.

 

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The Administrator may in his or her discretion allow a Director to change the Investment Options for an existing Class Year Account at any time after such Director's separation from service, pursuant to such rules and restrictions as the Administrator may prescribe.

Section 7.  Credits to Class Year SEU Award Accounts for SEU Plan Awards

A number of SEUs equal to the number of Share Equivalent Units, if any, awarded to a Director during a calendar year under the American Express Company 2003 Share Equivalent Unit Plan for Directors, as amended and restated from time to time (the "SEU Plan") for calendar year 2015 and subsequent calendar years, will be credited to a bookkeeping account established under this Plan for such Director for that calendar year.  A Director's SEUs attributable to awards of Share Equivalent Units under the SEU Plan for calendar year 2015 and each calendar year thereafter shall be credited to separate accounts for each such calendar year, and such separate account shall be referred to as the Director's "Class Year SEU Award Account" for the respective calendar year (e.g., the account established for the Director's SEUs attributable to awards of Share Equivalent Units under the SEU Plan for 2015 shall be referred to as the Director's "2015 Class Year SEU Award Account" and the account established for the Director's SEUs attributable to awards of Share Equivalent Units under the SEU Plan for calendar year 2016 shall be referred to as the Director's "2016 Class Year SEU Award Account").  And for purposes of this Plan, each Class Year SEU Award Account of a Director for a calendar year may be referred to individually as a "Class Year SEU Award Account," and collectively as the "Class Year SEU Award Accounts" of the Director.

If a Director has a Pre-2015 Class Year Account for the compensation deferred by the Director attributable to calendar years prior to 2015, then the Director's SEUs attributable to awards of Share Equivalent Units under the SEU Plan for calendar years prior to 2015 shall be credited to such existing Pre-2015 Class Year Account and treated as SEUs under the Share Equivalent Option, and adjusted and paid accordingly.  If a Director does not have a Pre-2015 Class Year Account for the compensation deferred by the Director attributable to calendar years prior to 2015, then the Director's SEUs attributable to awards of Share Equivalent Units under the SEU Plan for calendar years prior to 2015 shall be credited to a new Pre-2015 Class Year Account and treated as SEUs under the Share Equivalent Option.

The SEUs to be credited pursuant to this Section 7 for calendar year 2015 and each calendar year thereafter shall be credited to a Class Year SEU Award Account for such calendar year at the time specified by the SEU Plan, and thereafter, shall be adjusted, valued and paid in the same manner as the SEUs credited to a Class Year Account under the Share Equivalent Option.

The Administrator may in his or her discretion allow a Director to change the Investment Options for an existing Class Year SEU Award Account at any time after such Director's separation from service, pursuant to such rules and restrictions as the Administrator may prescribe.

 

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Section 8.  Payment Elections

		(a)	
A Director who is newly elected to the Board of Directors of the Company or AENB may make an irrevocable payment election, which will be applicable to the Director's Class Year Account and Class Year SEU Award Account for the calendar year in which the individual is elected to such Board of Directors, as to the time and form of payment of such Class Year Account and Class Year SEU Award Account as follows:

		(A)	
Time of Payment.  Either:

		 (i)	
upon the Director's separation from service; or

		(ii)	
on a specified anniversary following the Director's separation from service, but not later than the tenth (10th) anniversary thereafter.

		 (B)	
Form of Payment.  In cash, in either:

		 (i)	
a lump sum; or

		(ii)	
a specified number of annual installments (not to exceed ten (10)).

To the extent permissible under Section 409A, a Director who is newly elected to the Board of Directors of the Company or AENB shall make the payment election provided by this Section 8(a) for his or her Class Year Account and Class Year SEU Award Account for the year in which the individual is elected to such Board of Directors, within thirty (30) days after his or her election to such Board of Directors (or to the extent permissible under Section 409A, the Administrator may permit an individual who has been nominated for election to the Board of Directors of the Company or AENB during a calendar year to make his or her irrevocable election before the date of the individual's election to such Board of Directors, applicable if the individual is so elected to such Board of Directors).

If a Director does not make a payment election under this Section 8(a) for his or her Class Year Account and Class Year SEU Award Account within the time permitted, or a Director is not permitted by Section 409A to make a payment election under this Section 8(a) for such accounts, then the Director will be deemed to have elected to receive such accounts in a lump sum upon such Director's separation from service.

The payment election (or default payment election) under this Section 8(a) for a calendar year shall apply to both a Director's Class Year Account and Class Year SEU Award Account for such calendar year.

		(b)	
For each subsequent calendar year following the calendar year in which a Director is first elected to the Board of Directors, the Director may make an irrevocable payment election, which will be applicable to the Director's Class Year Account and Class Year SEU Award Account for such subsequent calendar year, specifying the time and form of payment of such Class Year Account and Class Year SEU Award Account from the options described in Sections 8(a)(A) and (B) above.

 

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A Director shall make the payment election provided by this Section 8(b) for his or her Class Year Account and Class Year SEU Award Account for a subsequent calendar year no later than the end of the preceding calendar year.

Unless the Administrator provides otherwise prior to the start of a subsequent calendar year, a Director's actual (or default) payment election for his or her Class Year Account and Class Year SEU Award Account for a calendar year shall apply to his or her Class Year Account and Class Year SEU Award Account for each subsequent calendar year thereafter unless and until the Director makes a new payment election under this Section 8(b) for such Class Year Account and Class Year SEU Award Account prior to the subsequent calendar year.

The payment election (or default payment election) under this Section 8(b) for a subsequent calendar year shall apply to both a Director's Class Year Account and Class Year SEU Award Account for such subsequent calendar year.

		 (c)	
A Director may change an existing (or default) payment election in effect for a Class Year Account and Class Year SEU Award Account for a calendar year by making a subsequent payment election, provided that such subsequent payment election:

		(A)	
does not take effect for twelve (12) months following the date such subsequent election becomes effective;

		(B)	
specifies a new permissible payment date (or a new permissible payment commencement date in the case of annual installment payments) that is no sooner than five years after the original payment date (or the original payment commencement date in the case of installment payments); and

		(C)	
the new payment date (or a new payment commencement date in the case of annual installment payments) is no later than the tenth (10th) anniversary of the Director's separation from service.

Any change to a Director's existing payment election (or default payment election) for a calendar year shall apply to both his or her Class Year Account and Class Year SEU Award Account for such calendar year.

		(d)	
Upon a Director's separation from service, the Director's payment election in effect on such date for each of the Director's Class Year Accounts and Class Year SEU Award Accounts shall govern the time and form of the payment of each Class Year Account and Class Year SEU Award Account, respectively, for purposes of Section 10 below.

Section 9.  Death Prior to Receipt

In the event that a Director dies prior to receipt of any or all of the amounts payable to him or her pursuant to this Plan, except as otherwise provided by this Section 9, any amounts that are then credited to the Director's Class Year Accounts and Class Year SEU Award Accounts shall be paid to the legal representative of the Director's estate pursuant to Section 10 below.

 

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The Administrator may allow Directors to designate a beneficiary or beneficiaries to receive payment of their respective Class Year Accounts and Class Year SEU Award Accounts in the event of the Director's death, and to prescribe the terms of and procedures for any such beneficiary designations.  In the event that the Administrator allows Directors to make such beneficiary designations, then in the event of the death of a Director with a valid beneficiary election in place at that time, amounts that are then credited to such deceased Director's Class Year Accounts and Class Year SEU Award Accounts shall be paid to the designated beneficiary or beneficiaries of the deceased Director pursuant to and in accordance with the terms of such valid beneficiary designation (instead of to the legal representative of the Director's estate).  Any payments under this Section 9 shall be paid in a lump sum.

Section 10. Time and Amount of Payment

		(a)	
Time of Payment.  A Director's Class Year Accounts and Class Year SEU Award Accounts will each be paid (or commence to be paid in the case of installment payments) on the Payment Event Date applicable to and in effect for such Class Year Account or Class Year SEU Award Account, as elected by the Director or otherwise provided by this Plan.

With respect to each Class Year Account and Class Year SEU Award Account, "Payment Event Date" shall mean the date of the Director's separation from service or the specified anniversary following the Director's separation from service no later than the tenth (10th) anniversary thereof, whichever is applicable to such Class Year Account or Class Year SEU Award Account pursuant to Section 8 (including Section 8(c)), or if earlier, the date of the Director's death as provided by Section 9.

Payment of a Class Year Account or Class Year SEU Award Account shall be made in a lump sum or a specified number of installments, which is applicable to such Class Year Account or Class Year SEU Award Account pursuant to Section 8 (including Section 8(c)), or if payment is made as a result of the death of a Director, in a lump sum as provided by Section 9.

In the case of a Class Year Account or Class Year SEU Award Account payable in installment payments, each anniversary of the initial Payment Event Date for such Class Year Account or Class Year SEU Award Account will also be treated as a Payment Event Date.

A payment to be made on a given Payment Event Date will be made or commenced as soon as administratively practicable following the Payment Event Date, but no later than 90 days thereafter (or such later date permitted by Section 409A).

		(b)	
Amount of Payment.  The amount to be paid for a Class Year Account or Class Year SEU Award Account on a Payment Event Date will be calculated as of the applicable Payment Event Date pursuant to Section 6 above through such applicable Payment Event Date.  No interest, dividend equivalents or other earnings will be credited on amounts payable on a given Payment Event Date between such applicable Payment Event Date and the actual date on which such payment is made to or received by the Director.

If the Director elects to receive payment of a Class Year Account or a Class Year SEU Award Account in a specified number of annual installments, each installment will be paid proportionally, based on the number of remaining installment payments and the balance of the Class Year Account or Class Year SEU Award Account, as applicable, including the related earnings and losses credited and debited to such Class Year Account or Class Year SEU Award Account pursuant to Section 6 and this Section 10.  (As an example, if a Director chooses to have an account paid in four annual installments, the payment for the first year shall be 1/4 of the value of the account; the payment for the second year shall be 1/3 of the value of the account; the payment for the third year shall be 1/2 of the value of the account; and the payment for the fourth year shall be 1/1 of the value of the account.)

 

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In the case of a Class Year Account or Class Year SEU Award Account payable in installment payments, the Class Year Account or Class Year SEU Award Account, as applicable, shall be valued as of the Payment Event Date for each installment.

Section 11.  Director's Rights Unsecured

The right of any Director to receive future payments under the provisions of this Plan shall be an unsecured, contractual claim against the general assets of the Company.  This Plan shall be unfunded.  The Company shall not be required to establish any special or separate fund or to make any segregation of assets for the payment of any amounts under this Plan.

Participants may not sell, transfer, assign, pledge, levy, attach, encumber or alienate any amounts payable under this Plan.

Section 12.  Statement of Account

The Company will provide or make available to each Director a statement of account that will confirm the Director's Class Year Account and Class Year SEU Award Account balance(s) as of the end of the preceding quarter, or on such more frequent basis as determined by the Administrator.  The Administrator may provide for such statement of accounts to be in writing (including electronic format) or by means of access to such information in electronic format.

Section 13.  Amendment

This Plan may be amended at any time and from time to time by the Board of Directors of the Company; provided, however, that the Board of Directors may not adopt any amendment that would (a) materially and adversely affect any right of or benefit to any Director with respect to any of the benefits theretofore credited without such Director's written consent, or (b) result in a violation of Section 409A.  Any amendment to this Plan that would cause a violation of Section 409A shall be null and void and of no effect.

Section 14.  Termination

This Plan shall terminate upon the adoption of a resolution of the Board of Directors terminating this Plan.  The termination of this Plan shall not affect the distribution of the Class Year Accounts and Class Year SEU Award Accounts maintained under this Plan, and the balances of each Class Year Account and Class Year SEU Award Account shall continue to become due and payable in accordance with the provisions of this Plan in effect immediately prior to the termination of this Plan and each Director's payment election (or default payment election) applicable to such Class Year Account and Class Year SEU Award Account; provided, however, if the Board of Directors so chooses, notwithstanding any other provision in this Plan, the payment of all Class Year Accounts and Class Year SEU Award Accounts may be accelerated upon the termination of this Plan to the extent permissible under and in accordance with Section 1.409A-3(j)(4)(ix) of the treasury regulations.

 

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Section 15.  Section 409A

This Plan and the benefits provided thereunder, including SEUs credited pursuant to Section 7, are intended to comply with the requirements of Section 409A, and this Plan, and with respect to SEUs credited pursuant to Section 7, together with the SEU Plan, shall be administered and interpreted consistent with such intention and the American Express Section 409A Compliance Policy.

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-9-Exhibit 102 Amendment No 2 to 2013 Credit Agreement

		

			EXHIBIT 10.2

		

		
			AMENDMENT NO. 2
		

		
			TO
		

		
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			CREDIT AGREEMENT
		

		
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			This AMENDMENT NO. 2 to CREDIT AGREEMENT (the “Amendment”), dated as of March 30, 2018, is entered into by and among Woodward, Inc. (the “Company”), Woodward Aken GmbH (the “Foreign Subsidiary Borrower” and, together with the Company, the “Borrowers”), the Subsidiaries of the Company signatory hereto as “Domestic Subsidiary Guarantors” or “Foreign Subsidiary Guarantors” (collectively, the “Subsidiary Guarantors”), the financial institutions party to the below-defined Credit Agreement (the “Lenders”), and Wells Fargo Bank, National Association, as Administrative Agent (the “Agent”).  Each capitalized term used herein and not otherwise defined herein shall have the meaning given to it in the below-defined Credit Agreement.
		

		
			WITNESSETH
		

		
			WHEREAS, the Borrowers, the Lenders, and the Agent are parties to a Credit Agreement dated as of July 10, 2013 (as the same has been amended and modified and as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 
		

		
			WHEREAS, the Borrowers have requested that the Lenders and the Agent amend the Credit Agreement in certain respects; and
		

		
			WHEREAS, the Lenders and the Agent are willing to amend certain provisions of the Credit Agreement on the terms and conditions set forth herein; 
		

		
			NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
		

		
			1.Amendments to Credit Agreement.  Effective as of the date first above written, and subject to the satisfaction of the conditions to effectiveness set forth in Section 2 below, the Credit Agreement is hereby amended as follows:
		

			
	
			
				 (a)
			Section 2.1(A) of the Credit Agreement is hereby amended to amend and restate the first sentence thereof in its entirety as follows:

		
			“Upon the satisfaction of the conditions precedent set forth in Sections 5.1 and 5.2, from and including the Closing Date and prior to the Termination Date, each Lender severally and not jointly agrees, on the terms and conditions set forth in this Agreement, to make revolving loans to the Borrowers from time to time, in Dollars or Eurocurrency Rate Loans in any Agreed Currency, in a Dollar Amount not to exceed such Lender’s Pro Rata Share of Revolving Credit Availability at such time (each individually, a “Revolving Loan” and, collectively, the “Revolving Loans”); 
		

		 

 

		

			EXHIBIT 10.2

		

		provided,  however, that, after giving effect to any such Revolving Loan, the Dollar Amount of the Revolving Credit Obligations shall not exceed the Aggregate Revolving Loan Commitment.”
		

			
	
			
				 (b)
			Section 2.4(B)(ii) of the Credit Agreement is hereby amended and restated in its entirety as follows:

		
			“(ii)  If at any time the Dollar Amount of the Revolving Credit Obligations exceeds one hundred five percent (105%) of the Aggregate Revolving Loan Commitment, whether as a result of fluctuations in currency exchange rates, or otherwise, the Borrowers for the ratable benefit of the Lenders shall immediately prepay Loans in an aggregate amount such that after giving effect thereto the Dollar Amount of the Revolving Credit Obligations is less than or equal to the Aggregate Revolving Loan Commitment.”
		

		
			2.Conditions of Effectiveness.  This Amendment shall become effective and be deemed effective as of the date hereof, if, and only if:
		

		
			(a)the Agent shall have received executed copies of this Amendment from the Borrowers, the Subsidiary Guarantors and all of the Lenders required to execute and deliver this Amendment pursuant to the terms of the Credit Agreement; 
		

		
			(b)the Agent shall have received a Certificate of the Managing Director of each of  the Foreign Subsidiary Borrower and each Foreign Subsidiary Guarantor (the “German Entities”) certifying (i) that there have been no changes in the Articles of Association, as attached to the Certificate of the Managing Director provided to the Administrative Agent on April 28, 2015, (ii) the list of shareholders as filed with the applicable commercial register, as attached thereto, of such German Entity as in effect on the date of such certification, and (iii) resolutions of the shareholders of such German Entity authorizing the execution and delivery of this Amendment and the performance of each Loan Document, as amended thereby, to which it is a party; and
		

		
			(c)the Company shall have paid all fees and expenses of the Agent (including, to the extent invoiced, attorneys’ fees and expenses) in connection with this Amendment.
		

		
			3.Representations and Warranties of the Borrowers. Each Borrower hereby represents and warrants as follows:
		

		
			(a)The Credit Agreement as previously executed and as amended and modified hereby constitutes the legal, valid and binding obligation of such Borrower and is enforceable against such Borrower in accordance with its terms (except as enforceability may be limited by bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles).
		

		
			(b)Upon the effectiveness of this Amendment (i) no Default or Unmatured Default has occurred and is continuing under the terms of the Credit Agreement, (ii) such Borrower hereby reaffirms its obligations and liabilities under the Credit Agreement (as amended hereby) and the other Loan Documents and (iii) all representations and warranties of such Borrower in the 
		

		 

 

		

			EXHIBIT 10.2

		

		Credit Agreement are true and correct in all material respects as of the date hereof, other than those which expressly speak to an earlier date (in which case, such Borrower represents and warrants that such representations and warranties were true and correct in all material respects as of such earlier date).  
		

		
			4.Effect on the Credit Agreement.
		

		
			(a)Upon the effectiveness of this Amendment, on and after the date hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Credit Agreement, as amended and modified hereby.
		

		
			(b)Except as specifically amended and modified above, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect, and are hereby ratified and confirmed.
		

		
			(c)The execution, delivery and effectiveness of this Amendment shall neither operate as a waiver of any right, power or remedy of the Lenders or the Agent, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.
		

		
			5.Costs and Expenses.  The Company agrees to pay all reasonable and documented fees and out‐of‐pocket costs and expenses (including reasonable attorneys’ fees and expenses charged to the Agent) incurred by the Agent and required under the Credit Agreement to be paid by the Company in connection with the preparation, arrangement and execution of this Amendment and of the Agent and the Lenders in connection with the enforcement of this Amendment.
		

		
			6.Governing Law.  This Amendment shall be governed by and construed in accordance with the internal laws of the State of New York.
		

		
			7.Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.
		

		
			8.Counterparts.  This Amendment may be executed by one or more of the parties to the Amendment on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  A facsimile copy of any signature hereto shall have the same effect as the original of such signature.
		

		
			9.No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Amendment.  In the event an ambiguity or question of intent or interpretation arises, this Amendment shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Amendment.
		

		
			10.Reaffirmation.  Each of the undersigned Subsidiary Guarantors hereby acknowledges receipt of a copy of this Amendment, and each of the Borrowers and each Subsidiary 
		

		 

 

		

			EXHIBIT 10.2

		

		Guarantor affirms the terms and conditions of each Loan Document executed by it, including, without limitation, the Domestic Subsidiary Guaranty and the Foreign Subsidiary Guaranty, as applicable, and acknowledges and agrees that each such Loan Document executed by it in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed.
		

		
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		IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.
		

		
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						WOODWARD, INC., as the Company

				
	
					
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						By:_/s/ Robert F. Weber, Jr._____________________

				
	
					
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						Name: Robert F. Weber, Jr.

				
	
					
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						Title:   Vice Chairman,  Chief Financial Officer and Treasurer

				
	
					
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						Woodward Aken GmbH, 
as a Foreign Subsidiary Borrower

				
	
					
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						By:_/s/ Jens Pollack___________________________

				
	
					
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						Name: Jens Pollack

				
	
					
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						Title:   Managing Director

				

		
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			Signature Page to

		

		

			Amendment No. 2  to Credit Agreement

		

		

			(Woodward)

		

		

			 

		

 

		

			 

		

		
		

			
					
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						Woodward FST, INC., 
as a Domestic Subsidiary Guarantor 

				
	
					
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						By:_/s/ Robert F. Weber, Jr._____________________

				
	
					
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						Name: Robert F. Weber, Jr.

				
	
					
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						Title:   Secretary and Treasurer

				
	
					
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						MPC PRODUCTS CORPORATION, operating under the assumed corporate name of WOODWARD MPC, INC., as a Domestic Subsidiary Guarantor

				
	
					
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						By:_/s/ Robert F. Weber, Jr._____________________

				
	
					
						Name: Robert F. Weber, Jr.

				
	
					
						Title:   Chief Financial Officer, Treasurer and Vice President

				
	
					
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						Woodward HRT, INC., 
as a Domestic Subsidiary Guarantor

				
	
					
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						By:_/s/ Robert F. Weber, Jr._________________

				
	
					
						Name: Robert F. Weber, Jr.

				
	
					
						Title:   Treasurer and Vice President

				
	
					
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						Woodward KEMPEN GmbH, 
as a Foreign Subsidiary Guarantor

				
	
					
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						By:_/s/ Martin Fisher_______________________

				
	
					
						Name: Martin Fisher

				
	
					
						Title:   Managing Director

				
	
					
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						By:_/s/ Scott Nisbet________________________

				
	
					
						Name: Scott Nisbet

				
	
					
						Title:   Managing Director

				

		
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			Amendment No. 2  to Credit Agreement

		

		

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						wells fargo bank, national association,  as Administrative Agent and as a Lender

				
	
					
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						By:_/s/ Peg Laughlin__________________________

				
	
					
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						Name: Peg Laughlin

				
	
					
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						Title: Senior Vice President

				
	
					
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			Amendment No. 2  to Credit Agreement

		

		

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						JPMORGAN CHASE BANK, N.A.,  as Lender

				
	
					
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						By:_/s/ Laura Woodward______________________

				
	
					
						Name: Laura Woodward

				
	
					
						Title: Vice President

				

		
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			Amendment No. 2  to Credit Agreement

		

		

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						U.S. BANK NATIONAL ASSOCIATION,  as Lender

				
	
					
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						By:_/s/ Jeff Benedix___________________________

				
	
					
						Name: Jeff Benedix

				
	
					
						Title: Vice President

				

		
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						BANK OF AMERICA, N.A.,  as Lender

				
	
					
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						By:__/s/ John Sletten_________________________

				
	
					
						Name: John Sletten

				
	
					
						Title: Vice President

				

		
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			Amendment No. 2  to Credit Agreement

		

		

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						BRANCH BANKING AND TRUST COMPANY,  as Lender

				
	
					
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						By:__/s/ Jim Wright_________________________

				
	
					
						Name:  Jim Wright

				
	
					
						Title:  Assistant Vice President

				

		
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			Amendment No. 2  to Credit Agreement

		

		

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						THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,  as Lender

				
	
					
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						By:__/s/ Thomas J. Sterr________________________

				
	
					
						Name: Thomas J. Sterr

				
	
					
						Title:  Authorized Signatory

				

		
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			Amendment No. 2  to Credit Agreement

		

		

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						THE NORTHERN TRUST COMPANY, as Lender

				
	
					
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						By:__/s/ Molly Drennan________________________

				
	
					
						Name:  Molly Drennan

				
	
					
						Title:  Senior Vice President

				

		
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			Amendment No. 2  to Credit Agreement

		

		

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						FIFTH THIRD BANK, as Lender

				
	
					
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						By:_/s/ Neil Mesch___________________________

				
	
					
						Name:  Neil Mesch

				
	
					
						Title: Director

				

		
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			Amendment No. 2  to Credit Agreement

		

		

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						BOKF, NA DBA COLORADO STATE BANK AND TRUST,  as Lender

				
	
					
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						By:__/s/ Matthew J. Mason_____________________

				
	
					
						Name:  Matthew J. Mason

				
	
					
						Title:  Senior Vice President

				

		
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			Amendment No. 2  to Credit Agreement

		

		

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						HSBC BANK USA, N.A.,  as Lender

				
	
					
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						By:__/s/ James Bryski_________________________

				
	
					
						Name:  James Bryski

				
	
					
						Title:  Regional Commercial Executive

				

		
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			Signature Page to

		

		

			Amendment No. 2  to Credit Agreement

		

		

			(Woodward)

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