Document:

Exhibit

Exhibit 10.3

December 6, 2017
To: the Lenders party to the 2013 Revolving Credit Agreement as of the date hereof
To: the Lenders party to the 2015 Revolving Credit Agreement as of the date hereof
To: the Lenders party to the 2015 Term Loan Agreement as of the date hereof
To: Chicago Bridge & Iron Company N.V.
To: Chicago Bridge & Iron Company (Delaware)

Ladies and Gentlemen:
Reference is made to (i) that certain Credit Agreement dated as of October 28, 2013 (as amended, modified, supplemented, restated, or amended and restated, the “2013 Revolving Credit Agreement”) among Chicago Bridge & Iron Company N.V., a corporation organized under the laws of the Kingdom of the Netherlands (the “Parent”), Chicago Bridge & Iron Company (Delaware), a Delaware corporation (the “Company”), the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Collateral Agent, Swing Line Lender, and an L/C Issuer; (ii) that certain Amended and Restated Revolving Credit Agreement dated as of July 8, 2015 (as amended, modified, supplemented, restated, or amended and restated, the “2015 Revolving Credit Agreement”) among the Parent, the Company, the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Collateral Agent, Swing Line Lender, and an L/C Issuer; and (iii) that certain Term Loan Agreement dated as of July 8, 2015 (as amended, modified, supplemented, restated, or amended and restated, and, together with the 2013 Revolving Credit Agreement and the 2015 Revolving Credit Agreement, the “Credit Agreements”) among the Parent, the Company, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and Collateral Agent.  All capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the respective Credit Agreement.
Subject to the following paragraph, and in accordance with Section 6.19(a)(iv) of each Credit Agreement, Bank of America, N.A., in its role as Administrative Agent on behalf of each Lender party to a Credit Agreement, hereby extends the due date for execution of definitive transaction documentation with the successful bidder in respect of the Technology Disposition from December 8, 2017 to December 18, 2017 (the “Proposed Extension”).
The Proposed Extension is conditional, and shall only take effect, upon the Parent delivering to the Administrative Agent one or more letters, notices or agreements, in each case executed by the requisite holders of NPA Notes, that are (i) collectively or otherwise, sufficient to effect an extension of the due date specified in Section 10.3(b)(4) of each Note Purchase Agreement and (ii) in all respects in form and substance satisfactory to the Administrative Agent, in its sole discretion (which shall preclude, without limitation, any fee or other economic incentive being payable to the holders of the NPAs as a condition to, or consequence of, their agreement to such extension).
This letter agreement is a Loan Document for all purposes under each Credit Agreement.

Chicago Bridge & Iron
Notice of Extension

        

This letter agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.  Delivery of an executed counterpart by telecopy or other electronic means (including .pdf) shall be effective as delivery of a manually executed counterpart of this letter agreement.
This letter agreement shall in all respects be governed by, and construed in accordance with the laws of the State of New York applicable to contracts executed and to be performed entirely within such State, and shall be further subject to the provisions of Sections 10.14 and 10.15 of each Credit Agreement.
[Signature page follows.]

        

Very truly yours, 

BANK OF AMERICA, N.A., 
as Administrative Agent 

By: /s/ Bridgett J. Manduk Mowry__
Name: Bridgett J. Manduk Mowry
Title: Vice President

[Signature page to December 2017 Extension Letter]dest-ex104_78.htm

Exhibit 10.4

RETENTION AGREEMENT

THIS RETENTION AGREEMENT (this “Agreement”) is made on the 19th day of October, 2017 (the “Effective Date”) by and between DESTINATION MATERNITY CORPORATION, a Delaware corporation (the “Company”), and RONALD J. MASCIANTONIO (“Employee”).

1.Definitions.  Capitalized terms not otherwise defined herein have the meaning defined in this section:

1.1.“Cause” and “Good Reason” each have the same meaning defined in the Destination Maternity Severance Plan or successor plan (as in effect from time to time).

2.Retention Bonus.

2.1.On October 19, 2017, Company will pay to Employee a one-time cash bonus in the amount of $125,000 (the “Retention Bonus”).

2.2.If Employee’s employment ceases on or before the one-year anniversary of the Effective Date due to his or her termination with Cause, or resignation without Good Reason, the Employee must repay the full amount of the Retention Bonus (net of any taxes withheld by the Company from the original payment) to the Company within 30 days following such cessation.   

2.3.If any cash bonus is payable to the Employee pursuant to a transaction bonus agreement due to the consummation of an Approved Transaction (as defined in such agreement) prior to January 1, 2018 (the “Transaction Bonus”), the amount of such Transaction Bonus shall be reduced by the amount of the Retention Bonus.

3.Miscellaneous.

3.1.Assignment of Rights.  Employee may not sell, assign, alienate, pledge or otherwise transfer any right under this Agreement.  Any attempt to make such a transfer will be void ab initio. 

3.2.No Right to Continued Employment.  Neither the execution of this Agreement nor the award of any bonus hereunder will be construed as entitling Employee to continued employment with the Company (or any affiliate of or successor to the Company) or otherwise interfere with the right of the Company (or any affiliate of or successor to the Company) to terminate Employee’s service at any time for any reason.

3.3.Governing Law.  This Agreement will be construed in accordance with and governed by the laws of the State of Delaware, without application of the principles of conflicts of laws.

3.4.Taxes.  All payments hereunder will be made net of any amount necessary to satisfy applicable tax withholding requirements, as well as any amounts then owed by Employee to the Company or any of their affiliates.  Notwithstanding any other provision of this 

 

 

Agreement, payments hereunder will be limited to the maximum amount that would not (when taken together with all other payments, rights and benefits that Employee receives or is entitled to receive) subject Employee to an excise tax under Section 4999 of the Internal Revenue Code.

3.5.Entire Agreement.  This Agreement represents the entire agreement between the parties hereto relating to the subject matter hereof, and supersede all prior and contemporaneous discussions, agreements and understanding of every nature related thereto.  

3.6.Execution.  This Agreement may be executed, including execution by facsimile signature, in one or more counterparts, each of which will be deemed an original and all of which together will be deemed to be one and the same instrument. 

IN WITNESS WHEREOF, Employee has executed and delivered this Agreement and the Company has caused this Agreement to be executed and delivered by its duly authorized representative, in each case on the date first above written.

DESTINATION MATERNITY CORPORATION

 

 

By: /s/ Allen Weinstein

Name: Allen Weinstein 

Title: Interim Chief Executive Officer 

 

 

EMPLOYEE

 

 

/s/ Ronald J. Masciantonio

Ronald J. Masciantonio

-2-dest-ex105_76.htm

Exhibit 10.5

RETENTION AGREEMENT

THIS RETENTION AGREEMENT (this “Agreement”) is made on the 19th day of October, 2017 (the “Effective Date”) by and between DESTINATION MATERNITY CORPORATION, a Delaware corporation (the “Company”), and DAVID STERN (“Employee”).

1.Definitions.  Capitalized terms not otherwise defined herein have the meaning defined in this section:

1.1.“Cause” and “Good Reason” each have the same meaning defined in the Destination Maternity Severance Plan or successor plan (as in effect from time to time).

2.Retention Bonus.

2.1.On October 19, 2017, Company will pay to Employee a one-time cash bonus in the amount of $125,000 (the “Retention Bonus”).

2.2.If Employee’s employment ceases on or before the one-year anniversary of the Effective Date due to his or her termination with Cause, or resignation without Good Reason, the Employee must repay the full amount of the Retention Bonus (net of any taxes withheld by the Company from the original payment) to the Company within 30 days following such cessation.   

3.Miscellaneous.

3.1.Assignment of Rights.  Employee may not sell, assign, alienate, pledge or otherwise transfer any right under this Agreement.  Any attempt to make such a transfer will be void ab initio. 

3.2.No Right to Continued Employment.  Neither the execution of this Agreement nor the award of any bonus hereunder will be construed as entitling Employee to continued employment with the Company (or any affiliate of or successor to the Company) or otherwise interfere with the right of the Company (or any affiliate of or successor to the Company) to terminate Employee’s service at any time for any reason.

3.3.Governing Law.  This Agreement will be construed in accordance with and governed by the laws of the State of Delaware, without application of the principles of conflicts of laws.

3.4.Taxes.  All payments hereunder will be made net of any amount necessary to satisfy applicable tax withholding requirements, as well as any amounts then owed by Employee to the Company or any of their affiliates.  Notwithstanding any other provision of this Agreement, payments hereunder will be limited to the maximum amount that would not (when taken together with all other payments, rights and benefits that Employee receives or is entitled to receive) subject Employee to an excise tax under Section 4999 of the Internal Revenue Code.

 

 

 

3.5.Entire Agreement.  This Agreement represents the entire agreement between the parties hereto relating to the subject matter hereof, and supersede all prior and contemporaneous discussions, agreements and understanding of every nature related thereto.  

3.6.Execution.  This Agreement may be executed, including execution by facsimile signature, in one or more counterparts, each of which will be deemed an original and all of which together will be deemed to be one and the same instrument. 

IN WITNESS WHEREOF, Employee has executed and delivered this Agreement and the Company has caused this Agreement to be executed and delivered by its duly authorized representative, in each case on the date first above written.

DESTINATION MATERNITY CORPORATION

 

 

By: /s/ Allen Weinstein

Name: Allen Weinstein 

Title: Interim Chief Executive Officer 

 

 

EMPLOYEE

 

 

/s/ David Stern

David Stern

-2-

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