Document:

exv10w2

 

EXHIBIT 10.2

RESOLUTIONS FOR CONSIDERATION AND ACTION

BY THE MANAGEMENT DEVELOPMENT/COMPENSATION COMMITTEE OF THE BOARD

OF DIRECTORS OF ALLIED WASTE INDUSTRIES, INC.

February 15, 2008

2008 Merit Compensation Pool for Executive Officers

          WHEREAS, it has been proposed to the Committee that there be formed a pool equal to
3% of the current aggregate base salaries of Timothy R. Donovan, Edward A. Evans, Peter
S. Hathaway and Donald W. Slager (“Eligible Officers”), i.e., $70,830.00, to be known as
the “Merit Compensation Pool”; and

          WHEREAS, it has been proposed to the Committee that payments from the Merit
Compensation Pool would be made to some or all of the Eligible Officers.

          NOW, THEREFORE, BE IT RESOLVED, that the Merit Compensation Pool is hereby formed,
and

          FURTHER RESOLVED, that a Special Subcommittee, consisting of the Chairman of this
Committee, James A. Quella, is hereby authorized to review, modify in its discretion, and
approve recommendations with regard to the allocation of the Merit Compensation Pool; and

          FURTHER RESOLVED, that the Company’s Chief Executive Officer, John J. Zillmer, is
hereby instructed to recommend to the Special Subcommittee the manner in which the Merit
Compensation Pool is to be allocated among the Eligible Officers; and

          FURTHER RESOLVED, that the allocations under the Merit Compensation Pool as approved
by the Special Subcommittee be paid, in lump sums, on the Company’s first regular payroll
date in January 2009, provided that the executive is still employed by the Company on
December 31, 2008; and

          FURTHER RESOLVED, that the appropriate officers of the Company are hereby authorized
to sign such documents, and to take such other actions, as they, in their sole
discretion, deem necessary, appropriate, or convenient to effect the intent of these
resolutions.ex1024.htm

    
      Exhibit
10.24

      

      THIRD
AMENDMENT TO

      CREDIT
AGREEMENT

      

      THIS
THIRD AMENDMENT TO CREDIT AGREEMENT (“Third Amendment”) is made as
of the 22nd day of January, 2008, among CELADON GROUP, INC., CELADON TRUCKING
SERVICES, INC., TRUCKERSB2B, INC., and CELADON LOGISTICS SERVICES, INC.
(collectively, the “Borrowers”), the financial
institutions that are parties hereto (the “Lenders”) and LASALLE BANK
NATIONAL ASSOCIATION (in its individual capacity, “LaSalle”), as Administrative
Agent for the Lenders, and as Swing Line Lender and Issuing Lender.

      

      WITNESSETH:

      

      WHEREAS,
as of September 26, 2005, the parties hereto entered into a certain Credit
Agreement, as amended December 23, 2005 and June 30, 2007 (as amended, the
“Agreement”);
and

       

      WHEREAS,
the parties desire to further amend the Agreement as herein
provided;

      

      Now,
THEREFORE, in consideration of the premises, and the mutual promises herein
contained, the parties agree that the Agreement shall be, and it hereby is,
amended as provided herein and the parties further agree as
follows:

      

      PART I. AMENDATORY
PROVISIONS

      

      SECTION
1

      

      DEFINITIONS

      

      Section
1.1.                      Definitions.

      

      (a) Section
1.1 of the Agreement is hereby amended by substituting the following new
definitions in lieu of the existing like definitions:

      

      “Revolving Commitment”
means $70,000,000, as reduced from time to time pursuant to Section 6.1 or
increased from time to time pursuant to Section 6.4, and
means, as to any Lender, such Lender’s commitment to make Revolving Loans, and
to issue or participate in Letters of Credit, under this Agreement as set forth
on Annex
A.

      

      “Termination Date”
means the earlier to occur of (a) January 22, 2013 or (b) such other date on
which the Commitments terminate pursuant to Section 6 or Section
13.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      

      SECTION
6

      

      REDUCTION OR TERMINATION OF
THE REVOLVING COMMITMENT; PREPAYMENTS; INCREASE IN
REVOLVING COMMITMENT.

       

             6.4           Increase in Revolving Commitment.
Section 6.4 of the Agreement is hereby amended by substituting the
following new paragraph (iii) within Section 6.4 in lieu of the existing
paragraph (iii):

      

      (iii)           the
Revolving Commitment shall at no time exceed $90,000,000,

      

      Section 6
of the Agreement is hereby amended by adding a new Section 6.5 thereto as
follows:

      

      6.5           Mandatory
Prepayments.

      

      The
Borrowers shall make a prepayment of the Revolving Loans in a minimum amount of
$250,000 or a higher integral multiple of $10,000 upon a Loan Party’s receipt of
any proceeds from the sale or disposition of any trucks, truck-tractors,
trailers or semi-trailers, net of commissions and net of other reasonable and
customary transaction costs, fees and expenses attributable to such sale or
disposition. Any prepayment of a LIBOR Loan on a day other than the last day of
an Interest Period therefor shall include interest on the principal amount being
repaid and shall be subject to Section 8.4.

      

      PART II. ANNEX A

      

      The
Agreement is hereby amended by substituting Annex A to this Third Amendment in
lieu of Annex A to the Agreement.

      

      PART III. CONTINUING
EFFECT

      

      Except as
expressly modified herein:

      

      (a) All
terms, conditions, representations, warranties and covenants contained in the
Agreement shall remain the same and shall continue in full force and effect,
interpreted, wherever possible, in a manner consistent with this Third
Amendment; provided, however,
in the event of any irreconcilable inconsistency, this Third Amendment
shall control;

      

      (b) The
representations and warranties contained in the Agreement shall survive this
Third Amendment in their original form as continuing representations and
warranties of Borrowers; and

      

      (c)           Capitalized
terms used in this Third Amendment, and not specifically herein defined, shall
have the meanings ascribed to them in the Agreement.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      In
consideration hereof, each Borrower represents, warrants, covenants and agrees
that:

      

      (aa)           Each
representation and warranty set forth in the Agreement, as hereby amended,
remains true and correct as of the date hereof in all material respects, except
to the extent that such representation and warranty is expressly intended to
apply solely to an earlier date and except changes reflecting transactions
permitted by the Agreement;

      

      (bb)           There
currently exist no offsets, counterclaims or defenses to the performance of the
Obligations (such offsets, counterclaims or defenses, if any, being hereby
expressly waived);

      

      (cc)           Except
as expressly waived in this Third Amendment, there does not exist any Event of
Default or Unmatured Event of Default; and

      

      (dd)           After
giving effect to this Third Amendment and any transactions contemplated hereby,
no Event of Default or Unmatured Event of Default is or will be occasioned
hereby or thereby.

      

      PART IV. CONDITIONS
PRECEDENT

      

      Notwithstanding
anything contained in this Third Amendment to the contrary, the Lenders shall
have no obligation under this Third Amendment until each of the following
conditions precedent have been fulfilled to the satisfaction of the
Lenders:

      

      (a)            Each
of the conditions set forth in Section 12.2 of the Agreement shall have been
satisfied;

      

      (b)            The
Agent shall have received each of the following, in form and substance
satisfactory to the Agent:

      

      (i)            This
Third Amendment, duly executed by the Borrowers, the Agent and the Lenders in
the form approved by the Agent;

      

      (ii)            Replacement
Notes payable to each of the Lenders, duly executed by the Borrowers in the form
prescribed by the Agent;

      

      (iii)            A
duly executed certificate of the Secretary or any Assistant Secretary of each
Borrower (A) certifying as to attached copies of resolutions of such Borrower
authorizing the execution, delivery and performance, respectively, of the
documents referenced in the immediately preceding subparagraph, and (B)
certifying as complete and correct as to attached copies of the Articles of
Incorporation and By-Laws, or certifying that such Articles of Incorporation or
By-Laws, have not been amended (except as shown) since the previous delivery
thereof to the Lenders;

      

      (iv)            A
Reaffirmation of Guaranty, in the form prescribed by the Agent, duly executed by
the Guarantors;

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      (v)           An
opinion of the Borrowers’ counsel, in form and substance acceptable to the
Agent;

      

      (c)           All
legal matters incident to this Third Amendment shall be reasonably satisfactory
to the Lenders and their counsel.

      

      PART IV. INDEPENDENT CREDIT
DECISION

      

      Each
Lender acknowledges that it has, independently and without reliance upon the
Agent or any other Lender, based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this
Third Amendment.

      

      PART
V.  EXPENSES

      

      The
Borrowers agree to pay or reimburse the Agent for all reasonable expenses of the
Agent (including, without limitation, reasonable attorneys’ fees) incurred in
connection with this Third Amendment.

      

      

      [THIS
SPACE INTENTIONALLY LEFT BLANK]

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      IN WITNESS WHEREOF, the
Borrowers, the Agent and the Lenders have caused this Third Amendment to be
executed by their respective officers duly authorized as of the date first above
written.

      

      
        	 
      	
                “BORROWERS”

              
	 
      	 
      
	 
      	
                CELADON
      GROUP, INC.

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	 
      /s/ Paul Will
	 
      	
                Title:

              	 
      Treasurer
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                CELADON
      TRUCKING SERVICES, INC.

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	 
      /s/ Wayne Deno
	 
      	
                Title:

              	 
      Treasurer
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                TRUCKERSB2B,
      INC.

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	 
      /s/ Wayne Deno
	 
      	
                Title:

              	 
      Treasurer
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                CELADON
      LOGISTICS SERVICES, INC.

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	 
      /s/ Wayne Deno
	 
      	
                Title:

              	 
      Treasurer
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

      

      

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      
        	 
      	
                LASALLE BANK NATIONAL
      ASSOCIATION, as Administrative Agent, as Swing Line Lender, as
      Issuing Lender and as a Lender

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	 
      /s/ David Thomas
	 
      	
                Title:

              	 
      Senior Vice President
	 
      	 
      	 
      

      

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                FIFTH THIRD BANK, a
      Lender

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	 
      /s/ David O'Neal
	 
      	
                Title:

              	 
      Vice President
	 
      	 
      	 
      

      

       

      
 

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      
        	 
      	
                JPMORGAN CHASE BANK,
      N.A.,

                a
      Lender

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	 
      /s/ Randy Stephens
	 
      	
                Title:

              	 
      Vice President
	 
      	 
      	 
      

      

       

      
 

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      ANNEX
A

      

      LENDERS
AND PRO RATA SHARES

      

      

      

      
        	
                Lender

              	
                Revolving

                Commitment

                Amount

              	
                Pro
      Rata

                Share*/

              
	
                LaSalle
      Bank

                National
      Association

              	
                $31,500,000**

              	
                45.000000000%

              
	
                Fifth
      Third Bank

                (Central
      Indiana)

              	
                $21,000,000

              	
                30.000000000%

              
	
                JPMorgan
      Chase

                Bank,
      N.A.

              	
                $17,500,000

              	
                25.000000000%

              
	
                TOTALS

              	
                $70,000,000

              	
                100%

              

      

      

      

      

      
        	
                */

              	
                Carry
      out to nine decimal places.

              
	
                **/

              	
                Includes
      Swing Line Commitment Amount of
$5,000,000.

              

      

    

     

     

    9

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