Document:

Eighth Amendment to Third Amended & Restated Loan and Security Agreement

 Exhibit 10.48 
 May 10, 2011 
 The Coast Distribution System, Inc. 

350 Woodview Avenue 
 Morgan Hill, California
95037 
  

	 	Re:	Eighth Amendment 

 Ladies and Gentlemen:

 The Coast Distribution System, Inc., a Delaware corporation (“Coast Delaware”), United Sales &
Warehouse of Texas, Inc., a Texas corporation (“United Sales”), C/P Products Corp., an Indiana corporation (“C/P”), Mohawk Trailer Supply, Inc., a New York corporation (“Mohawk”), and Les Systemes
De Distribution Coast (Canada) Inc. The Coast Distribution System (Canada) Inc., a corporation organized under the laws of the Province of Quebec (“Coast Canada”) (Coast Delaware, United Sales, C/P, Mohawk, and Coast Canada are
referred to individually as “Borrower” and collectively as “Borrowers”), and Bank of America, N.A., (in its individual capacity, “US Lender”), acting by and through Bank of America, N.A., a national
banking association, as agent for US Lender (in such capacity, “Agent”) and Bank of America, N.A. (acting through its Canada branch) (“Canadian Lender”), (US Lender, acting through Agent, and Canadian Lender are
referred to collectively as “Lender”), have entered into that certain Third Amended and Restated Loan and Security Agreement dated August 30, 2005 (the “Security Agreement”). From time to time thereafter,
Borrowers and Lender may have executed various amendments (each an “Amendment” and collectively the “Amendments”) to the Security Agreement (the Security Agreement and the Amendments hereinafter are referred to,
collectively, as the “Agreement”). Borrowers and Lender now desire to further amend the Agreement as provided herein, subject to the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants and agreements set forth herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. The Agreement hereby is amended as follows: 
  

	 	(a)	Subsection 4(c)(v) is hereby amended and restated in its entirety as follows: 

(c)(v) Amendment Fee. Borrowers shall pay to Lender a one time fee of Ten Thousand and
No/100 Dollars ($10,000.00) which shall be fully earned and payable on the date hereof. 
  

	 	(b)	Subsection 14(a) of the Agreement is hereby amended and restated in its entirety as follows 

 

	 	(a)	Fixed Charge Coverage Ratio. 

 Borrowers shall not permit their Fixed Charge Coverage Ratio for each period set forth below to be less than the ratio set forth below for the corresponding period set forth below: 

 

			
	 Period
	  	Ratio
		
	 For the 12 month period ending on December 31, 2010
	  	1.10:1.0
	 For the 12 month period ending on June 30, 2011 and for each twelve (12) month period ending on the last day of
each fiscal quarter thereafter
	  	1.10:1.0

 2. Borrowers
represent and warrant to Lender that this Amendment has been approved by all necessary corporate action, and each individual signing below represents and warrants that he or she is fully authorized to do so. 

 3. Except as expressly amended hereby and by any other supplemental documents or instruments
executed by either party hereto in order to effectuate the transactions contemplated by this Amendment, the Agreement and all Exhibits thereto are ratified and confirmed by Borrowers and Lender and remain in full force and effect in accordance with
their terms. 
 4. This Amendment may be executed in any number of counterparts, each of which shall be an original, but all of
which, taken together, shall constitute one and the same agreement. This Amendment may be delivered by facsimile, and when so delivered will have the same force and effect as delivery of an original signature. 

5. Borrowers shall reimburse Lender for all reasonable attorney’s fees (whether for internal or outside counsel) incurred by Lender
in connection with the documentation and consummation of this Eighth Amendment to the Agreement. 
 (Remainder of page
intentionally blank; signatures follow) 

			
	LENDER:
	
	BANK OF AMERICA, N.A., as Agent
		
	By:	 	 /s/ JOHN W.
MUNDSTOCK

			
	Title:	 	 Senior Vice President

	
	BANK OF AMERICA, N.A., as U.S. Lender

			
		
	By:	 	 /s/ JOHN W.
MUNDSTOCK

			
	Title:	 	 Senior Vice President

	
	BANK OF AMERICA, N.A., acting through its Canada branch, as Canadian Lender

			
		
	By:	 	 /s/ MEDINA SALES De
ANDRADE

			
	Title:	 	 Vice President

			
	BORROWERS:
	
	THE COAST DISTRIBUTION SYSTEM, INC.
		
	By:	 	     /s/ SANDRA A.
KNELL

			
	Title:	 	Executive Vice President and Chief Financial Officer
	
	UNITED SALES & WAREHOUSE OF TEXAS, INC.

			
		
	By:	 	     /s/ SANDRA A.
KNELL

			
	Title:	 	Executive Vice President and Chief Financial Officer
	
	C/P PRODUCTS, CORP.

			
		
	By:	 	     /s/ SANDRA A.
KNELL

			
	Title:	 	Executive Vice President and Chief Financial Officer
	
	MOHAWK TRAILER SUPPLY, INC.

			
		
	By:	 	     /s/ SANDRA A.
KNELL

			
	Title:	 	Executive Vice President and Chief Financial Officer
	
	LES SYSTEMES DE DISTRIBUTION COAST (CANADA) INC. THE COAST DISTRIBUTION SYSTEM (CANADA)
INC.

			
		
	By:	 	     /s/ SANDRA A.
KNELL

			
	Title:	 	Executive Vice President and Chief Financial Officer

 GUARANTOR’S ACKNOWLEDGMENT 

The undersigned guarantor acknowledges that Bank of America, N.A., (in its individual capacity, “US Lender”), acting by and through Bank of
America, N.A., as agent for US Lender (in such capacity, “Agent”) and Bank of America, N.A. (acting through its Canada branch), (“Canadian Lender”) (US Lender, acting through Agent, and Canadian Lender are referred to
collectively as “Lender”) have no obligation to provide it with notice of, or to obtain its consent to, the terms of the foregoing Eighth Amendment (the “Eighth Amendment”) to the Third Amended and Restated Loan and Security
Agreement dated August 30, 2005, as amended, modified or supplemented from time to time. The undersigned guarantor nevertheless: (i) acknowledges and agrees to the terms and conditions of the Seventh Amendment; and (ii) acknowledges
that its guaranty remains fully valid, binding, and enforceable. 
  

			
	9002-1288 QUEBEC INC.
		
	By:	 	 /s/ SANDRA A.
KNELL

			
	Title:	 	 Executive Vice President and Chief Financial OfficerForm of May 2011 Restricted Stock Unit Award Agreement

 Exhibit 10.1 
 FORM OF MAY 2011 RESTRICTED STOCK UNIT AWARD FOR 
 ANNE G. WALESKI 

MARKEL CORPORATION 
 RESTRICTED STOCK UNIT 
 AWARD AGREEMENT 

 

									
	AWARDED TO	  	AWARD DATE	  	VESTING SCHEDULE	  
				
	 	  	 	  	VESTING
DATE	  	PERCENTAGE
OF UNITS	 
	 Anne G. Waleski
	  	May 9, 2011	  	May 9, 2015	  	 	50	% 
		  		  	May 9, 2016	  	 	50	% 

 MARKEL CORPORATION (the
“Company”) grants you (the “Participant”) -1,250- restricted stock units (“Units”). Until the Vesting Date, except as specifically provided below, the Units are forfeitable and nontransferable. The Compensation
Committee of the Company’s Board of Directors (the “Committee”) will administer this Agreement and any decision of the Committee will be final and conclusive. Capitalized terms not defined here have the meanings provided in the Markel
Corporation Omnibus Incentive Plan (the “Plan”). 
 The terms of the award are: 

 

	 	1.	Vesting For Units. If the Participant has not separated from service before the Vesting Date, the Units will become vested and nonforfeitable, and the Company
will issue to the Participant for each vested Unit a share of common stock of the Company on that date or as soon as administratively practicable (but in any event no later than 90 days) thereafter. 

 

	 	2.	 Forfeiture of Units. If the Participant separates from service before the Vesting Date in circumstances other than as described in
(a)-(d) below, any unvested Units will be forfeited. If the Participant separates from service due to Retirement, dies or incurs a Disability before the Vesting Date as set forth in (a) below, the unvested Units will become fully vested
and non-forfeitable, and shares will be issued on the date on which the Participant’s Retirement, death or Disability occurs or as soon as administratively practicable (but in any event no later than 90 days) thereafter, subject in the case of
the Participant’s Retirement to Section 4 below. If the Participant separates from service before the Vesting Date in the circumstances set forth in (b) or (c) below, the number of Units set forth in this Award will be vested on
a pro rata basis based on a fraction of the number of full months from Award Date until the date of termination divided by 60, and shares will be issued on the otherwise applicable

	 	 
Vesting Date, subject to Section 4 below. Any remaining unvested Units will be forfeited as of the date of separation; except that a Participant who separates from service or whose
employment is interrupted due to military service as provided in (c) below and who returns to employment with the Company upon cessation of such military service before the otherwise applicable Vesting Date will vest in any remaining unvested
Units if employed on the Vesting Date. If the Participant separates from service before the Vesting Date in the circumstance set forth in (d) below, the unvested Units will become fully vested and non-forfeitable, and shares will be issued on
the otherwise applicable Vesting Date, subject to Section 4 below. 

  

	 	(a)	The Participant separates from service due to Retirement, dies, or incurs a Disability (as defined below); 

 

	 	(b)	The Participant separates from service due to Early Retirement (as defined in the Plan); 

 

	 	(c)	The Participant separates from service or his employment is interrupted due to military service; or 

 

	 	(d)	The Committee determines that forfeiture should not occur because the Participant had an approved separation from service. The Committee will in its sole discretion
determine whether or not to apply this provision. 

  

	 	3.	Change in Control. Any unvested Units will become fully vested and non-forfeitable if, within 12 months after a Change in Control (as defined in the Plan), the
Participant separates from service due to Involuntary Termination. For this purpose, Involuntary Termination means that the Participant’s employment is involuntarily terminated without Cause or the Participant terminates his employment for Good
Reason. In either case, shares will be issued for such Units on the otherwise applicable Vesting Date, subject to Section 4 below. 

  

	 	4.	 Six Month Delay for Specified Employees. With respect to a Participant who separates from service due to Retirement before the Vesting Date as
set forth in Section 2(a) above, or who separates from service before the Vesting Date as set forth in Sections 2(b), (c) or (d) above or in Section 3, if such Participant is a “specified employee” (as defined in
Section 409A(a)(2)(B)(i) of the Code and the generally applicable Internal Revenue Service guidance thereunder) on the date of his separation, then, notwithstanding anything in Sections 2 or 3 to the contrary, no shares will be issued for his
Units until the date that is six months after the 

  
 2 

	 	 
date of his separation (or until the date of his death, if earlier). Any shares which the Participant would otherwise have been entitled to receive during the first six months following the date
of his separation will be issued instead on the date which is six months after the date of his separation (or on the date of his death, if earlier). Whether the Participant is a “specified employee” will be determined under guidelines
established by the Company for this purpose. 

  

	 	5.	Disability Defined. For purposes of this Agreement, the Participant has incurred a “Disability” if the Participant (a) is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in his death or can be expected to last for a continuous period of not less than 12 months or (b) is, by reason
of any medically determinable physical or mental impairment which can be expected to result in his death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less
than 3 months under an accident and health plan covering employees of his employer. 

  

	 	6.	Separation from Service Defined. References throughout this Agreement to the Participant’s “separation from service” and variations thereof will
have the meaning set forth in Section 1.409A-1(h) of the Treasury Regulations, as amended from time to time, applying the default terms thereof. 

  

	 	7.	Forfeiture and Restitution. If during the period of the Participant’s employment and two years thereafter, the Participant (1) becomes associated with,
recruits or solicits customers or other employees of the Employer for, is employed by, renders services to, or owns any interest in (other than any nonsubstantial interest, as determined by the Committee) any business that is in competition with
Markel or its Subsidiaries, (2) has his employment terminated by his Employer for Cause, or (3) engages in, or has engaged in, conduct which the Committee determines to be detrimental to the interests of Markel, the Committee may, in its
sole discretion, (A) cancel this Award, and/or (B) require the Participant to repay by delivery of an equivalent number of shares any payment received under this Award within the previous two years. 

 

	 	8.	Transfer Restrictions. The Participant’s rights to the Units are not subject to sale, assignment, transfer, pledge, hypothecation or encumbrance.

  

	 	9.	 Tax Withholding. Unless alternative arrangements are made by the Participant, the Company will withhold from the payment for the vested Units
shares with a fair market value equal to any required foreign, federal, state, or local income, 

  
 3 

	 	 
employment or other taxes imposed on the payment. The fair market value will be the average of the high and low sale price of the Company’s common stock on the New York Stock Exchange on the
Vesting Date (or other applicable date on which payment is made as provided herein). 

  

	 	10.	Binding Effect. Subject to the limitations stated above, this Agreement will be binding upon and inure to the benefit of the Participant’s legatees,
distributees, and personal representatives and the successors of the Company. 

  

	 	11.	Change in Capital Structure. The Units will be adjusted as the Committee determines is equitably required in the event of a dividend in the form of stock,
spin-off, stock split-up, subdivision or consolidation of shares of Company Stock or other similar changes in capitalization. 

  

	 	12.	Interpretation. This Agreement will be construed under and be governed by the laws of the Commonwealth of Virginia. THE UNITED STATES DISTRICT COURT FOR THE
EASTERN DISTRICT OF VIRGINIA OR THE CIRCUIT COURT FOR THE COUNTY OF HENRICO WILL HAVE EXCLUSIVE JURISDICTION OVER ANY DISPUTES ARISING OUT OF OR RELATED TO THE PLAN OR THIS AGREEMENT. 

 

	 	13.	Code Section 409A. This Agreement is intended to comply with the applicable requirements of Sections 409A(a)(2) through (4) of the Code, and will be
interpreted to the extent context reasonably permits in accordance with this intent. The parties agree to modify this Agreement or the timing (but not the amount) of any payment to the extent necessary to comply with Section 409A of the Code
and avoid application of any taxes, penalties, or interest thereunder. However, in the event that any amounts payable under this Agreement are subject to any taxes, penalties or interest under Section 409A of the Code or otherwise, the
Participant will be solely liable for the payment thereof. 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be
signed, as of the award date shown above. 
  

			
	MARKEL CORPORATION
		
	By:	 	  

		 	Chairman

  
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