Document:

Amendment to Note Purchase and Priviate Shelf Agreement

 Exhibit 10(q) 

June 15, 2011 
 WD-40
COMPANY 
 1061 Cudahy Place 
 San Diego, CA 92110 
  

	 	Re:	Amendment to Note Purchase and Private Shelf Agreement dated October 18, 2001 

 Ladies and Gentlemen: 
 Reference is made to the Note Purchase and Private Shelf
Agreement (as amended, the “Agreement”) dated October 18, 2001 by and between WD-40 Company (the “Company”) and each of the undersigned (the “Purchasers”). Capitalized terms used and not otherwise defined herein
shall have the meanings provided in the Agreement. Pursuant to the request of the Company and paragraph 11C of the Agreement, the Purchasers and the Company agree that the Agreement shall be amended as follows: 

 

	 	1.	Clause (i) of paragraph 5J is amended and restated in its entirety as follows: 

“Within 10 days of its becoming a Subsidiary of the Company, the Company will and will cause each future Domestic Subsidiary to
execute and deliver to the holders from time to time of Notes (a) an appropriate joinder to the Multiparty Guaranty, the Security Agreement and, if applicable, to the Patent Security Agreement, the Trademark Security Agreement, and/or the
Pledge Agreement, (b) a Joinder Agreement (Affiliate Guarantor) (as defined in the Intercreditor Agreement) and (c) such other agreements, mortgages, financing statements, landlord/mortgagee waivers and other documents and opinions of
counsel, all of the foregoing in form and substance reasonably acceptable to the Required Holders. Notwithstanding the foregoing or anything in the Agreement to the contrary, (y) WD-40 Direct LLC shall not be required to execute joinders to the
Multiparty Guaranty, the Security Agreement or, as might be applicable, the Patent Security Agreement, the Trademark Security Agreement or the Pledge Agreement, or a Joinder Agreement (Affiliate Guarantor) (as defined in the Intercreditor Agreement)
until such time, if any, as it has material assets and engages in business; and (z) HPD Properties, L.L.C. shall execute a counterpart to the Multiparty Guaranty pursuant to Section 13 thereof but shall not be required to execute a joinder
to the Security Agreement or, as might be applicable, the Patent Security Agreement, the Trademark Security Agreement or the Pledge Agreement, or a Joinder Agreement (Affiliate Guarantor) (as defined in the Intercreditor Agreement). 

 WD-40 COMPANY 
 June 15, 2011 
 Page 2 

 

	 	2.	Clause (i) of paragraph 6B is amended and restated in its entirety as follows: 

“(i) the aggregate amount of Restricted Payments of the Company and its Subsidiaries declared or made during the period commencing on
February 28, 2011, through the date on which all of the Notes have been fully paid shall not exceed $65,000,000;”. 
  

	 	3.	Paragraph 6C(7) is amended and restated in its entirety as follows: 

 “6C(7). Restrictions on Subsidiaries. Enter into any contract, agreement or business arrangement that restricts or limits in any manner, or incur or permit to exist any restriction (other than
customary restrictions imposed by corporate law or customary contractual non-assignment provisions ) on, any Subsidiary’s ability to (a) make ratable distributions on or with respect to its equity securities to the Company or any other
Subsidiary according to their respective holdings of the type of equity securities in respect of which such distribution is being made, (b) repay obligations to the Company or any other Subsidiary, except for restrictions on transfers by the
Company or Subsidiaries to Subsidiaries that are not Guarantors (inclusive of HPD Properties, L.L.C.) or (c) transfer property to the Company or any other Subsidiary (other than such restrictions or limitations on such property transfers
imposed pursuant to Liens permitted by paragraph 6C(1) hereof and restrictions on transfers by the Company or Subsidiaries to Subsidiaries that are not Guarantors (inclusive of HPD Properties, L.L.C.)); and” 

 

	 	4.	Paragraph 6G is amended and restated in its entirety as follows: 

 “6G. Credit Agreement Modifications. The Company will not: (i) with the exception of modifications which add or delete banks or other financial institutions as lenders thereunder, modify
the Credit Agreement, or any other agreement which is the subject of the Intercreditor Agreement without first notifying Prudential in writing regarding such proposed modification and providing Prudential with a copy of all documentation in
connection with such proposed modification; and (ii) without obtaining the written consent of the Required Holders of the Notes, permit any of the provisions set forth in the Credit Agreement, or in any other agreement to which the Company or
any of its Subsidiaries is now or in the future may become a party related to the Company’s or any of its Subsidiaries’ incurrence, assumption or creation of Debt, to be more restrictive than the provisions set forth in this Agreement,
except Debt permitted pursuant to 6J(g) of this Agreement.” 

 WD-40 COMPANY 
 June 15, 2011 
 Page 3 

 

	 	5.	Clause (g) of paragraph 6J is amended and restated in its entirety as follows: 

“(g) Debt of the Company and the Subsidiaries party to the Multiparty Guaranty in connection with a bank credit agreement entered
into in June, 2011, subject to the aggregate principal amount outstanding thereunder at no time exceeding $75,000,000 and subject further to the requirement that the Company shall not permit any borrowing under said credit agreement by any
Subsidiary; and”. 
  

	 	5.	Clause 6H is amended and restated in its entirety as follows: 

 “6H. Subsidiary Debt. None of the Company’s Subsidiaries shall create, incur, assume, guarantee or otherwise be or become directly or indirectly liable with respect to any Debt,
except (a) Debt under the Multiparty Guaranty, (b) Debt to the Banks under guaranties of the obligations under the Credit Agreement, (c) Debt of a Subsidiary to a U.K.-based bank in an aggregate amount not to exceed $1,000,000,
(d) other Debt not to exceed $250,000 in the aggregate for all of the Company’s Subsidiaries at any time outstanding, and (e) Debt permitted pursuant to 6J(g) of this Agreement.” 

Purchasers hereby waive, with respect to the following matters, the existence of a Default or Event of Default, as the case may be, and
Purchasers hereby waive the following specific requirements of the Agreement: 
 (i) the requirement, pursuant to clause
(ii) of paragraph 5J of the Agreement, of HPD Laboratories, Inc. to provide a pledge of the membership interest of HPD Properties, L.L.C.; 
 (ii) the requirement, pursuant to paragraph 5J of the Agreement, of the Company (a) to cause WD-40 Direct LLC to execute joinder agreements as provided for in clause (i) of said paragraph 5J,
and (b) to provide a pledge of the membership interest of WD-40 Direct LLC pursuant to clause (ii) of said paragraph 5J; and 
 (iii) the requirement, pursuant to clause (ii) of paragraph 5J of the Agreement, of the Company to provide a pledge of 65% of capital stock or other equity interests in Shanghai Wu Di Trading Co.
Ltd., the Company’s Wholly Foreign Owned Enterprise established under the laws of the Peoples Republic of China. 
 Except
to the extent waived herein, Company represents and warrants that no Default or Event of Default has occurred and is continuing. Company further represents and warrants that the bank credit agreement to be entered into in June, 2011 permitted by the
terms set forth in amended clause (g) of paragraph 6J hereinabove will not require WD-40 Direct, LLC to become a guarantor thereof except on the same terms as is set forth in amended clause (i) of paragraph 5J hereinabove, and that said
credit agreement will not require a pledge of equity securities of any of the Company’s Subsidiaries as security thereunder. 

 WD-40 COMPANY 
 June 15, 2011 
 Page 4 

The foregoing consent is subject to Company and each of the Guarantors executing the enclosed counterpart of this letter and returning it
to the Purchasers. 
  

			
	Sincerely,
	
	 THE PRUDENTIAL INSURANCE

            COMPANY OF
AMERICA

		
	By:	 	/s/ Mathew Douglass
	Its:	 	Vice President
	
	PRUCO LIFE INSURANCE COMPANY
		
	By:	 	/s/ Mathew Douglass
	Its:	 	Vice President
	
	 GOLDEN AMERICAN LIFE

            INSURANCE COMPANY

	By:	 	Prudential Private Placement
		 	     Investors, L.P., Investment
     Advisor

	By:	 	 Prudential Private Placement

    Investors, Inc., its General
     Partner

		
	By:	 	/s/ Mathew Douglass
	Its:	 	Vice President

 WD-40 COMPANY 
 June 15, 2011 
 Page 5 

 

					
	Agreed:
	
	WD-40 COMPANY
		
	By:	 	/s/ Jay W. Rembolt
	Its:	 	Chief Financial Officer
	
	The foregoing is consented to by the undersigned
	Guarantors:
	
	WD-40 MANUFACTURING COMPANY
		
	By:	 	/s/ Jay W. Rembolt
	Its:	 	Chief Financial Officer
	
	HPD HOLDINGS CORP.
		
	By:	 	/s/ Jay W. Rembolt
	Its:	 	Chief Financial Officer
	
	HPD LABORATORIES, INC.
		
	By:	 	/s/ Jay W. Rembolt
	Its:	 	Chief Financial Officer
	
	HPD PROPERTIES, L.L.C.,
	a Delaware limited liability company
		
	By:	 	HPD LABORATORIES, INC.,
		 	a Delaware corporation,
		 	its Sole Member
			
		 	By:	 	/s/ Jay W. Rembolt
		 	Its:	 	Chief Financial OfficerAssignment of Purchase and Sale Agreement

 Exhibit 10.1.1 
 ASSIGNMENT OF PURCHASE AND SALE AGREEMENT 
 THIS
ASSIGNMENT OF PURCHASE AND SALE AGREEMENT (“Assignment”), is made as of this 17th day of October, 2011, by and between LEEWARD STRATEGIC PROPERTIES, INC., a Delaware corporation (“Seller”), GLOBAL GROWTH, LP, a Delaware limited partnership
(“Purchaser”), and GGT GWINNETT CENTER GA, LLC, a limited liability company duly formed and organized under the laws of the State of Delaware (“Assignee”) (Seller, Purchaser and Assignee are
sometimes referred herein, collectively, as the “Parties”). All initially capitalized terms used herein which are not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement (as such term
is defined below). 
 RECITALS 
 A. Seller and Purchaser have entered into that certain Purchase and Sale Agreement (“Purchase Agreement”), dated as of August 17, 2011, for the sale of the property described
in the Purchase Agreement (“Property”) and commonly known as “Gwinnett Business Center,” located in the City of Duluth, County of Gwinnett, State of Georgia and more particularly described in the Purchase Agreement.

 B. The Parties desire to enter into this Assignment to, among other things, assign the Purchaser’s rights and interests
in the Purchase Agreement to Assignee and to evidence Assignee’s assumption of Purchaser’s obligations and liabilities under the Purchase Agreement. 
 ASSIGNMENT: 
 NOW, THEREFORE, for valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 1. Assignment of Purchase Agreement.
Purchaser hereby assigns and transfers to Assignee all of Purchaser’s right, title, claim and interest in and to the Purchase Agreement, the Property, and all sums paid or deposited into escrow or to Seller by Purchaser in connection with the
Purchase Agreement. 
 2. Assumption. Assignee hereby acknowledges and agrees to all of the terms of the Purchase
Agreement and accepts the foregoing assignment and assumes and agrees to perform all obligations of Purchaser under the Purchase Agreement, in accordance with the terms thereof. 

3. No Release. The assignment and assumption set forth in Paragraphs 1 and 2 hereof shall not release Purchaser from the
obligation of Purchaser or Assignee to perform in accordance with the terms of the Purchase Agreement. Purchaser acknowledges that, notwithstanding such assignment and assumption, Purchaser shall remain primarily obligated under the Purchase
Agreement and Purchaser and Assignee shall be co-obligors under the Purchase Agreement with joint and several liability for the performance of all obligations of Purchaser set forth thereunder, including, without limitation, the indemnification
obligations of Purchaser set forth in the Purchase Agreement. 

  

			
	ASSIGNMENT OF PURCHASE AND SALE AGREEMENT	 	Page 1
	Gwinnett Business Ctr-GA	 	

 4. Amendment to Purchase Agreement. The Purchase Agreement is hereby amended in the
following manner: 
 (a) The term “Purchaser” as used in the Purchase Agreement is amended to mean
Purchaser and/or Assignee. 
 (b) All exhibits to the Purchase Agreement, as so amended, shall be signed and delivered by Seller
and Assignee in accordance with the terms of the Purchase Agreement. 
 5. Representations and Warranties of Assignee.
Assignee hereby represents and warrants to Seller that each and every representation and warranty made by Purchaser in the Purchase Agreement is true and correct with respect to Assignee as of the date of the Purchase Agreement and the Closing Date
(as defined in the Purchase Agreement) and such representations and warranties apply fully to this Assignment and shall survive the Deed (as defined in the Purchase Agreement). In particular, and without any limitation or affect upon the other
representations and warranties made by Purchaser and Assignee under the Purchase Agreement, as amended hereunder, Assignee hereby represents and warrants to Seller that neither Assignee, nor any partner, related entity, or affiliate of Assignee is
in any way affiliated with Seller, GE Capital Realty Group, Inc., General Electric Capital Corporation, General Electric Company, or any affiliate of General Electric Company, which representation and warranty shall also survive the Closing and the
delivery of the Deed (as defined in the Purchase Agreement) to Assignee. Purchaser acknowledges and agrees to be bound by the disclaimer of representations and warranties contained in Article 5 of the Purchase Agreement, which acknowledgment and
agreement and disclaimer shall survive the Deed. 
 6. Ratification of Agreements. Except as expressly amended and
modified under this Assignment, the Parties hereby ratify and affirm the terms and provisions of the Purchase Agreement in their entirety. 
 7. Governing Law. This Assignment shall be governed by and construed in accordance with the laws of the State of Georgia. 

  

			
	ASSIGNMENT OF PURCHASE AND SALE AGREEMENT	 	Page 2
	Gwinnett Business Ctr-GA	 	

 IN WITNESS WHEREOF, the parties have executed this Assignment as of the day and year first
above written. 
  

									
	PURCHASER:	 	 GLOBAL GROWTH, LP,
 a Delaware limited partnership

			
		 	By:	 	 GLOBAL GROWTH GP, LLC,
 a Delaware limited liability company,
 its General Partner

				
		 		 	By:	 	 GLOBAL GROWTH TRUST, INC.,
 a Maryland corporation,
 its Managing Member

					
		 		 		 	By:	 	     /s/ Steven D. Shackelford

		 		 		 	Name:	 	         Steven D. Shackelford

		 		 		 	Title:	 	         CFO

					
	Assignee Signature Page Follows	 		 		 		 	

  

			
	ASSIGNMENT OF PURCHASE AND SALE AGREEMENT	 	Page 3
	Gwinnett Business Ctr-GA	 	

					
	ASSIGNEE:	 	 GGT GWINNETT CENTER GA, LLC,
 a Delaware limited liability company

			
		 	By:	 	     /s/ Steven D. Shackelford

		 	Name:	 	                 Steven
D. Shackelford

		 	Title:	 	
                Executive Vice
President

			
	Seller’s signature page follows	 		 	

  

			
	ASSIGNMENT OF PURCHASE AND SALE AGREEMENT	 	Page 4
	Gwinnett Business Ctr-GA	 	

					
	SELLER:	 	 LEEWARD STRATEGIC PROPERTIES, INC.,
 a Delaware corporation

			
		 	By:	 	     /s/ William J. Sweeney, Jr.

		 	Name:	 	                 William
J. Sweeney, Jr.

		 	Title:	 	                 Vice
President

  

			
	ASSIGNMENT OF PURCHASE AND SALE AGREEMENT	 	Page 5
	Gwinnett Business Ctr-GA

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