Document:

EXHIBIT 10(iii)(f.1)

 

2004 NON-EMPLOYEE DIRECTOR RESTRICTED STOCK PLAN

 

I.             Purposes

 

This Plan is intended to help the
Corporation attract and retain highly qualified individuals to serve as
non-employee directors of the Corporation and to align further the interests of
the non-employee directors with the interests of the Corporation's shareholders
by paying a substantial portion of non-employee director compensation in the
form of restricted stock or restricted stock units.

 

II.            Definitions

 

The following definitions apply:

 

(1)           "Administrator"
means the Secretary of the Corporation.

 

(2)           "Award"
means a grant of restricted stock or restricted stock units under this Plan.

 

(3)           "Board"
means the Board of Directors of the Corporation.

 

(4)           "Corporation"
means Exxon Mobil Corporation, a New Jersey corporation, or its successors.

 

(5)           "Non-employee
director" means any member of the Board who is not an employee of the
Corporation or any affiliate of the Corporation.

 

(6)           "Participant"
means each non-employee director to whom an award is granted under this Plan.

 

(7)           "Plan"
means this Exxon Mobil Corporation 2004 Non-Employee Director Restricted Stock
Plan, as it may be amended from time to time.

 

(8)           "Restricted
period" means the period of time an award is subject to restrictions as
set forth in Section VII.

 

(9)           "Restricted
stock" means shares granted under this Plan subject to restrictions on
transfer and potential forfeiture during the applicable restricted period.

 

(10)         "Restricted
stock unit" means a stock unit granted under this Plan with a value equal
to the value of a share and subject to restrictions on transfer and potential
forfeiture during the applicable restricted period.

 

(11)         "Retirement
age" means the age after which a non-employee director is no longer
eligible to stand for election in accordance with the Corporation's Corporate
Governance Guidelines.

 

(12)         "Share"
means a share of common stock of the Corporation, no par value.

 

III.          Administration

 

The Board has ultimate authority
to administer this Plan, including authority to grant or amend awards; to
determine, subject to the limitations contained in this Plan, the terms and
conditions of awards; and to construe and interpret Plan provisions.  Subject
to the oversight of the Board, the administrator has authority to establish
procedures and forms, and to take other actions assigned to the administrator
under this Plan.

 

1

 

 

 

 

IV.          Effective
Date; Term

 

This Plan will become effective
when approved by the shareholders of the Corporation and will terminate when
there are no longer any outstanding awards under the Plan.

 

V.            Available Shares

 

(1)           The
maximum number of shares issued pursuant to awards under this Plan may not
exceed 1,000,000.

 

(2)           If
an award is forfeited, the shares subject to that award will not be considered
to have been issued and will not count against the Plan maximum under clause
(1) of this Section.

 

VI.          Grants of Awards;
Eligibility

 

Subject to the terms and
conditions of this Plan, the Board may grant restricted stock or restricted
stock units under this Plan at such times, in such amounts, and upon such terms
and conditions as the Board determines.  The Board may establish standing
resolutions for this purpose.  Awards under this Plan may only be made to a
person who, at the time of grant, is serving as a non-employee director.

 

VII.         Restrictions on
Transfer; Forfeiture

 

(1)           Unless
the Board specifies otherwise in an award, the restricted period for an award
under this Plan will commence on the date the award is granted and will expire
on the earliest to occur of the following:

 

(a)           the
participant leaves the Board after reaching retirement age;

 

(b)           the
participant leaves the Board before reaching retirement age and the Board, with
the participant abstaining, votes to lift the restrictions on the participant's
awards; or

 

(c)           the
participant dies.

 

(2)           During
the restricted period, awards may not be sold, assigned, transferred, pledged,
or otherwise disposed of or encumbered.  The designation of a beneficiary
pursuant to Section XII will not be considered a disposition or encumbrance for
this purpose.

 

(3)           If
the participant ceases to be a member of the Board and the restricted period
for the participant's awards does not expire as provided in paragraph (1) of
this Section, all the participant's awards under this Plan will be forfeited
and all right, title, and interest of the participant to receive any shares or
amounts in connection with such awards will terminate without further
obligation on the part of the Corporation.

 

VIII.       Shareholder
Status; Dividends and Dividend Equivalents

 

(1)           During
the restricted period, a participant to whom restricted stock is issued will
have customary rights of a shareholder with respect to such shares, including
the rights to vote the shares and receive cash dividends (subject to the
applicable restrictions on transfer and events of forfeiture).  Cash dividends
on restricted stock will be paid currently or, if the Board so determines,
reinvested in additional shares of restricted stock.

2

 

 

 

 

(2)           During
the restricted period, a participant to whom restricted stock units are
credited will not be a shareholder of the Corporation with respect to such
units.  However, the Corporation will credit each restricted stock unit with
dividend equivalents corresponding in amount and timing to cash dividends that
would be payable with respect to an outstanding share.  Dividend equivalents
will be paid currently or, if the Board so determines, will be deemed to be
reinvested in additional restricted stock units.

 

IX.          Form
of Awards

 

(1)           During
the restricted period, shares of restricted stock will be registered in the
name of the participant but will be held by or on behalf of the Corporation in
certificate or book-entry form as the administrator determines.  Each
participant agrees by accepting an award of restricted stock that the
Corporation may give stop transfer instructions to its transfer agent or
custodian with respect to the restricted stock and that, during the restricted
period, any restricted stock issued in certificate form may bear an appropriate
legend noting the restrictions, risk of forfeiture, and other conditions.  If
required by the administrator, awards of restricted stock may be subject to
execution by the participant of a stock power with respect to such shares in
favor of the Corporation.

 

(2)           During
the restricted period, restricted stock units will be evidenced by book-entry
credits in records maintained by or on behalf of the Corporation.  Restricted
stock units will represent only an unfunded and unsecured contractual right to
receive shares or cash, if any, payable in settlement of the award.

 

X.            Settlement
of Awards

 

(1)           If
and when the restricted period expires with respect to an award of restricted
stock, the Corporation will, subject to Section XIII, deliver shares free of
restriction to or for the account of the participant, or the participant's
estate, or designated beneficiary, if applicable.

 

(2)           Restricted
stock units will be settled in shares or, if so provided in the award, in
cash.  If and when the restricted period expires with respect to an award of
restricted stock units, the Corporation will, subject to Section XIII, deliver
one share free of restriction or pay an amount in cash equal to the fair market
value of one share in settlement of each unit to or for the account of the
participant, or the participant's estate, or designated beneficiary, if
applicable.

 

(3)           Shares
will be delivered in certificate or book-entry form and cash (including
dividends or dividend equivalents) will be paid by check, wire transfer, or
direct deposit, in each case in accordance with the procedures of the
administrator in effect at the time.

 

(4)           The
issuance or delivery of any shares may be postponed by the Corporation for such
period as may in the determination of the administrator be required to comply
with any applicable requirements under the federal securities laws (including,
without limitation, the exemptions provided in Rule 16b-3 under the Securities
Exchange Act of 1934), any applicable listing requirements of any national
securities exchange, or any other requirements or exemptions  applicable to the
issuance or delivery of such shares.  The Corporation will not be obligated to
issue or deliver any shares if the issuance or delivery would constitute a
violation of any provision of any law or of any regulation of any governmental
authority or any national securities exchange.

3

 

 

 

XI.          Change
in Capitalization; Adjustments

 

If a stock split, stock dividend,
merger, or other relevant change in capitalization occurs,  the administrator
will adjust the terms of outstanding awards, including the number of restricted
stock units credited to a participant's account or the securities issuable in
settlement of such units, as well as the maximum number of shares issuable
under Section V, as appropriate to prevent dilution or enlargement of the
rights of non-employee directors under this Plan.  Any new shares or securities
issued with respect to outstanding restricted stock will be delivered to and held
by or on behalf of the Corporation, and will be subject to the same provisions,
restrictions, and requirements as such restricted stock.

 

XII.        Beneficiary
Designation

 

Participants may designate a
beneficiary to whom shares or cash in settlement of outstanding awards under
this Plan may be delivered or paid on the death of the participant, provided 
that such designation will only be given effect if the designation is expressly
authorized as a non-testamentary transfer under applicable laws of descent and distribution
as determined by the administrator.  Beneficiary designations will be subject
to such forms, requirements, and procedures as the administrator may establish.

 

XIII.       Withholding Taxes

 

The Corporation has the right, in
its sole discretion, to deduct or withhold at any time shares or cash subject
to or otherwise deliverable or payable in connection with an award (including
cash payable as dividends or dividend equivalents) as may in the determination
of the administrator be necessary to satisfy any required withholding or
similar taxes with respect to such awards.  Withheld shares may be retained by
the Corporation or sold on behalf of the participant.

 

XIV.       Amendments to the
Plan; Shareholder Approval

 

(1)           The
Board may from time to time amend or cease granting awards under this Plan;  provided 
that approval of the shareholders of the Corporation will be required for any
amendment:

 

(a)           To
increase the total number of shares issuable under the Plan under Section V
(except for adjustments under Section XI); or

 

(b)           That
would otherwise constitute a "material revision" within the meaning
of applicable rules of the New York Stock Exchange in effect at the time.

 

(2)           An
amendment of this Plan will, unless the amendment provides otherwise, be
immediately and automatically effective for all outstanding awards.

 

(3)           The
Board may also amend any outstanding award under this Plan, provided the award,
as amended, contains only such terms and conditions as would be permitted or
required for a new award under this Plan.

 

XV.         General Provisions

 

(1)           Shares
subject to awards under this Plan may either be authorized but unissued shares
or previously issued shares that have been reacquired by the Corporation.

 

(2)           The
administrator is authorized to establish forms of agreement between the
Corporation and each participant to evidence awards under this Plan, and to
require execution of such agreements as a condition to a participant's receipt
of an award.

 

4

 

 

(3)           The
grant of an award under this Plan does not give a participant any right to
remain a director of the Corporation.

 

(4)           This
Plan will be governed by the laws of the State of New York and the United
States of America, without regard to any conflict of law rules.

 

52013.12.28 EX 10.39 (4)

EXHIBIT 10.39
AMENDMENT NO. 1
Dated as of October 1, 2013
to
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of December 14, 2011
THIS AMENDMENT NO. 1 (this “Amendment”) is made as of October 1, 2013 by and among (i) Franklin Electric Co., Inc., an Indiana corporation (the “US Borrower”), Franklin Electric B.V., a Netherlands private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) (the “Dutch Borrower” and, together with the US Borrower, the “Borrowers”), (ii) Franklin Fueling Systems, Inc., Franklin Electric International, Inc. and Intelligent Controls, Inc. (each a “Guarantor” and, collectively, the “Guarantors” and, collectively with the Borrowers, the “Loan Parties”), (iii) the financial institutions listed on the signature pages hereof and (iv) JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent’), under that certain Second Amended and Restated Credit Agreement dated as of December 14, 2011 by and among the Borrowers, the Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.
WHEREAS, reference is made to the Subsidiary Guaranty by and among the Guarantors, the other “Guarantors” party thereto from time to time and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”);
WHEREAS, the Loan Parties have requested that the requisite Lenders and the Administrative Agent agree to make certain amendments to the Credit Agreement and the Guaranty;
WHEREAS, the Loan Parties, the Lenders party hereto and the Administrative Agent have so agreed 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 Loan Parties, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment.
1.Amendments to the Credit Agreement.  Effective as of the Amendment No. 1 Effective Date (as defined below), the parties hereto agree that the Credit Agreement shall be amended as follows:

(a)The definition of “Agreed Currencies” appearing in Section 1.01 of the Credit Agreement is amended to (i) delete the reference to “United Kingdom” appearing in clause (ii) thereof and to replace such reference with “British”, (ii) delete the reference to “Canadian dollars” appearing in clause (ii) thereof and to replace such reference with “Canadian Dollars” and (iii) add the phrase “the Administrative Agent and” immediately following the phrase “which is acceptable to” appearing in clause (iii) thereof.

(b)The definition of “Alternate Base Rate” appearing in Section 1.01 of the Credit Agreement is amended to delete the phrase “applicable British Bankers’ Association LIBOR rate for deposits in the Agreed Currency as reported as of” appearing therein and to replace such phrase with “rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such page) at approximately”.

(c)The definition of “Business Day” appearing in Section 1.01 of the Credit Agreement is amended to delete the phrase “such clearing system as is determined by the Administrative Agent to be suitable for clearing or settlement of the euro is open for business” appearing therein and to replace such phrase with “the TARGET2 payment system is open for the settlement of payments in euro”.

(d)The definition of “Change in Law” appearing in Section 1.01 of the Credit Agreement is amended to add the phrase “, implementation” immediately following the phrase “or in the administration, interpretation” appearing in clause (b) thereof.

(e)The definition of “Dollar Amount” appearing in Section 1.01 of the Credit Agreement is amended to delete the phrase “arithmetical mean of the buy and sell spot rates of exchange of the Administrative Agent for such currency on the London market at 11:00 a.m., London time” appearing in clause (ii) thereof and to replace such phrase with “Exchange Rate for such currency”.

(f)The definition of “Equivalent Amount” appearing in Section 1.01 of the Credit Agreement is amended to delete the phrase “arithmetical mean of the buy and sell spot rates of exchange of the Administrative Agent” appearing therein and to replace such phrase with “Exchange Rate”.

(g)The definition of “Eurocurrency Rate” appearing in Section 1.01 of the Credit Agreement is amended to delete clause (ii) thereof in its entirety and change clause (iii) to a new clause (ii) thereof.

(h)The definition of “Statutory Reserve Rate” appearing in Section 1.01 of the Credit Agreement is amended to delete the phrase “the Financial Services Authority” appearing therein and to replace such phrase with “the Financial Conduct Authority, the Prudential Regulation Authority”.

(i)Section 1.01 of the Credit Agreement is amended to (i) delete the definition of “Mandatory Cost” appearing therein and (ii) add the following definitions thereto in the appropriate alphabetical order and, where applicable, replace the corresponding previously existing definitions:

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Company and its affiliated companies concerning or relating to bribery or corruption.
“AUD Screen Rate” means, with respect to any Eurocurrency Loan denominated in Australian Dollars and for any Interest Period, the average bid reference rate administered by the Australian Financial Markets Association (or any other Person that takes over the administration of such rate) for Australian Dollar bills of exchange with a tenor equal in length to the relevant Interest Period as displayed on page BBSY of the Reuters screen or, in the event such rate does not appear on such Reuters page, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion.
“Australian Dollars” means the lawful currency of Australia.
“Canadian Dollars” means the lawful currency of Canada.
“CDOR Screen Rate” means, with respect to any Eurocurrency Loan denominated in Canadian Dollars and for any Interest Period, the average rate as administered by the Investment Industry Regulatory Organization of Canada (or any other Person that takes over the administration of such rate) for bankers acceptances with a tenor equal in length to the relevant Interest Period as displayed on CDOR page of the Reuters screen or, in the event such rate does not appear on such Reuters page, on any successor or substitute page on such screen or service that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

“Designated Persons” means any Person listed on a Sanctions List.
“ECP” means an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.
“Eurocurrency Reference Rate” means, with respect to (a) any Eurocurrency Loan denominated in any LIBOR Quoted Currency and for any applicable Interest Period, the LIBOR Screen Rate as of the Specified Time on the Quotation Day for such currency Interest Period, and (b) any Eurocurrency Borrowing in any Non-Quoted Currency and for any applicable Interest Period, the applicable Local Screen Rate for such Non-Quoted Currency as of the Specified Time and on the Quotation Day for such currency and Interest Period; provided that, if a LIBOR Screen Rate or a Local Screen Rate, as applicable, shall not be available at the applicable time for the applicable Interest Period (an “Impacted Interest Period”), then the Eurocurrency Reference Rate for such currency and Interest Period shall be the Interpolated Rate.  It is understood and agreed that all of the terms and conditions of this definition of “Eurocurrency Reference Rate” shall be subject to Section 2.14.
“Exchange Rate” means, on any day, with respect to any currency other than Dollars (any such currency, a “Foreign Currency”), the rate at which such Foreign Currency may be exchanged into Dollars, as set forth at approximately 11:00 a.m., Local Time, on such date on the Reuters World Currency Page for such Foreign Currency.  In the event that such rate does not appear on any Reuters World Currency Page, the Exchange Rate with respect to such Foreign Currency shall be determined by reference to such other publicly available service for displaying exchange rates as may be reasonably selected by the Administrative Agent or, in the event no such service is selected, such Exchange Rate shall instead be calculated on the basis of the arithmetical mean of the buy and sell spot rates of exchange of the Administrative Agent for such Foreign Currency on the London market at 11:00 a.m., Local Time, on such date for the purchase of Dollars with such Foreign Currency, for delivery two Business Days later; provided, that if at the time of any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent, after consultation with the Company, may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error.
“Excluded Swap Obligation” means, with respect to any Loan Party, any Specified Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Specified Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) (a) by virtue of such Loan Party’s failure for any reason to constitute an ECP at the time the Guarantee of such Loan Party or the grant of such security interest becomes or would become effective with respect to such Specified Swap Obligation or (b) in the case of a Specified Swap Obligation subject to a clearing requirement pursuant to Section 2(h) of the Commodity Exchange Act (or any successor provision thereto), because such Loan Party is a “financial entity,” as defined in Section 2(h)(7)(C)(i) of the Commodity Exchange Act (or any successor provision thereto), at the time the Guarantee of such Loan Party becomes or would become effective with respect to such related Specified Swap Obligation.  If a Specified Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Specified Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.
“Impacted Interest Period” has the meaning assigned to such term in the definition of “Eurocurrency Reference Rate”.
“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the relevant Screen Rates) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the applicable Screen Rate (for the longest period for which the applicable Screen Rate is available for the applicable currency) that is shorter than the Impacted Interest Period 

and (b) the applicable Screen Rate for the shortest period (for which such Screen Rate is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, as of the Specified Time on the Quotation Day for such Interest Period.  When determining the rate for a period which is less than the shortest period for which the relevant Screen Rate is available, the applicable Screen Rate for purposes of clause (a) above shall be deemed to be the overnight screen rate where “overnight screen rate” means, in relation to any currency, the overnight rate for such currency determined by the Administrative Agent from such service as the Administrative Agent may select.
“LIBOR Quoted Currency” means Dollars, euro, Japanese Yen and British pounds sterling.
“LIBOR Screen Rate” means, with respect to any Interest Period, the London interbank offered rate as administered by the British Bankers Association (or any other Person that takes over the administration of such rate for such LIBOR Quoted Currency) for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion).
“Local Screen Rate” means (i) for Eurocurrency Loans denominated in Canadian Dollars, the CAD Screen Rate and (ii) for Eurocurrency Loans denominated in Australian Dollars, the AUD Screen Rate.
“Non-Quoted Currency” means Canadian Dollars and Australian Dollars.
“OFAC” means the Office of Foreign Assets Control of the U.S. Department of Treasury.
“Patriot Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).
“Quotation Day” means, with respect to any Eurocurrency Loan and any Interest Period, (i) if the currency is British pound sterling, Australian Dollars or Canadian Dollars, the first day of such Interest Period, (ii) if the currency is euro, two (2) TARGET Days before the first day of such Interest Period, (iii) for any other currency, two (2) Business Days prior to the commencement of such Interest period the Business Day, in each case, unless market practice differs in the relevant market where the Eurocurrency Reference Rate for such currency is to be determined, in which case the Quotation Day will be determined by the Administrative Agent in accordance with market practice in such market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those days).  As used herein, a “Target Day” means any day on which TARGET2 is open for the settlement of payments in euro.
“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.
“Sanctioned Country” means a country or territory which is at any time subject to Sanctions.
“Sanctions” means:
(a)    economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (i) the U.S. government and administered by OFAC, (ii) the United Nations Security Council, (iii) the European Union or (iv) Her Majesty's Treasury of the United Kingdom; and
(b)    economic or financial sanctions imposed, administered or enforced from time to time by the U.S. State Department, the U.S. Department of Commerce or the U.S. Department of the Treasury.
“Sanctions List” means any of the lists of specifically designated nationals or designated persons or entities (or equivalent) held by the U.S. government and administered by OFAC, the U.S. State Department, 

the U.S. Department of Commerce or the U.S. Department of the Treasury or the United Nations Security Council or any similar list maintained by the European Union, any other EU Member State or any other U.S. government entity, in each case as the same may be amended, supplemented or substituted from time to time..
“Screen Rate” means the LIBOR Screen Rate or the applicable Local Screen Rate, as the case may be.
“Specified Swap Obligation” means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.
“Specified Time” means (i) in respect of Loans denominated in Australian Dollars, as of 11:00 a.m., Sydney, Australia time, (ii) in respect of Loans denominated in Canadian Dollars, as of 11:00 a.m. Toronto, Ontario time and (iii) in respect of Loans denominated in a LIBOR Quoted Currency, as of 11:00 a.m., London time.
“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET2) payment system (or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) for the settlement of payments in euro.
(j)Section 2.13 of the Credit Agreement is amended to delete the reference to “United Kingdom” appearing in clause (f) thereof and to replace such reference with “British” and to insert immediately after the reference to “pounds sterling” the following:  “,Australian Dollars or Canadian Dollars”.

(k)Section 2.14 of the Credit Agreement is amended to (i) add the phrase “and binding” immediately following the phrase “shall be conclusive” appearing in clause (a) thereof, (ii) add the parenthetical “(including, without limitation, by means of an Interpolated Rate)” immediately following the phrase “adequate and reasonable means” appearing in clause (a) thereof and (iii) add the phrase “or the applicable Agreed Currency” immediately following the phrase “in such Borrowing for such Interest Period” appearing in clause (b) thereof.

(l)Section 2.15 of the Credit Agreement is amended to (i) add the phrase “, liquidity” immediately following the phrase “insurance charge” appearing in clause (a)(i) thereof, (ii) add the phrase “or liquidity” immediately following the phrase “any Change in Law regarding capital” appearing in clause (b) thereof and (iii) add the phrase “and liquidity” immediately following the phrase “with respect to capital adequacy” appearing in clause (b) thereof.

(m)Article III of the Credit Agreement is amended to insert the following as a new Section 3.19 thereof:

SECTION 3.19  Sanctions Laws and Regulations.  Each Borrower represents on a continuing basis that:
(a)    Such Borrower and to the best of its knowledge its Subsidiaries and their respective directors, officers, employees, and agents have conducted their business in compliance with Anti-Corruption Laws and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.
(b)    None of such Borrower or to the best of its knowledge its Subsidiaries or their respective directors, officers, employees, agents or representatives acting or benefiting in any capacity in connection with this Agreement (i) is a Designated Person; (ii) is a Person that is owned or controlled by a Designated Person; (iii) is located, organized or resident in a Sanctioned Country; or (iv) has directly or indirectly engaged in, or 

is now directly or indirectly engaged in, any dealings or transactions (1) with any Designated Person, (2) in any Sanctioned Country, or (3) otherwise in violation of Sanctions.
(n)Article VI of the Credit Agreement is amended to insert the following as a new Section 6.15 thereof:

SECTION 6.15  Sanctions Laws and Regulations.
(a)    No Borrower shall, and shall ensure that none of its Subsidiaries will, directly or indirectly use the proceeds of the Loans (i) for any purpose which would breach the U.K. Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation in other jurisdictions; (ii) to fund, finance or facilitate any activities, business or transaction of or with any Designated Person or in any Sanctioned Country, or otherwise in violation of Sanctions, as such Sanctions Lists or Sanctions are in effect from time to time; or (iii)  in any other manner that will result in the violation of any applicable Sanctions by any party to this Agreement.
(b)    No Borrower shall, and shall ensure that none of its Subsidiaries will, use funds or assets obtained directly or indirectly from transactions with or otherwise relating to (i) Designated Persons; or (ii) any Sanctioned Country, to pay or repay any amount owing to the Lenders under this Agreement.
(c)    Each Borrower shall, and shall ensure that each of its Subsidiaries will (i) conduct its business in compliance with Anti-Corruption Laws; (ii) maintain policies and procedures designed to promote and achieve compliance with Anti-Corruption Laws; and (iii) have appropriate controls and safeguards in place designed to prevent any proceeds of any Loans from being used contrary to the representations and undertakings set forth herein.
(d)    Each Borrower shall, and shall ensure that each of its Subsidiaries will, comply in all material respects with all foreign and domestic laws, rules and regulations (including the Patriot Act, foreign exchange control regulations, foreign asset control regulations and other trade-related regulations) now or hereafter applicable to this Agreement, the transactions underlying this Agreement or such Borrower’s execution, delivery and performance of this Agreement.
(o)Section 9.01(ii) of the Credit Agreement is amended to delete the reference to “125 London Wall, London EC24 5AJ” and replace it with “25 Bank Street, Canary Wharf, London E14 5JP”.

(p)Section 9.14 of the Credit Agreement is amended to (i) delete the phrase “USA Patriot Act (Title III of Pub. L. 107 56 (signed into law October 26, 2001)) (the “Act”)” appearing therein and to replace such phrase with “Patriot Act” and (ii) insert the word “Patriot” immediately preceding each instance of the word “Act” appearing therein.

(q)Article X of the Credit Agreement is amended to add the following as a new clause (i) thereof:

(i)    The US Borrower hereby absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Section 10.01 or the Guaranty, as applicable, in respect of Specified Swap Obligations (provided, however, that the US Borrower shall only be liable under this paragraph for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this paragraph or otherwise under this Section 10.01 voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The US Borrower intends that this paragraph constitute, and this paragraph shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
(r)Schedule 2.02 to the Credit Agreement is deleted in its entirety.

2.Amendments to Guaranty.   Effective as of the Amendment No. 1 Effective Date, the parties hereto agree that the Guaranty shall be amended as follows:

(a)Section 1 of the Guaranty is amended to add the parenthetical “(provided, however, that the definition of “Guaranteed Obligations” shall not create or include any guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of determining any obligations of any Guarantor)” immediately following the phrase “collectively, the ‘Guaranteed Obligations’” appearing therein.

(b)The Guaranty is amended to add the following as a new Section 24 thereto:

SECTION 24.  Keepwell.  Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty or Section 10.01 of the Credit Agreement, as applicable, in respect of Specified Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 24 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 24 or otherwise under this Guaranty voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations of each Qualified ECP Guarantor under this Section 24 shall remain in full force and effect until a discharge of such Qualified ECP Guarantor’s Guaranteed Obligations in accordance with the terms hereof and the other Loan Documents.  Each Qualified ECP Guarantor intends that this Section 24 constitute, and this Section 24 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  As used herein, “Qualified ECP Guarantor” means, in respect of any Specified Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes or would become effective with respect to such Specified Swap Obligation or such other Person as constitutes an ECP and can cause another Person to qualify as an ECP at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
3.Conditions of Effectiveness.  The effectiveness of this Amendment (the “Amendment No. 1 Effective Date”) is subject to the receipt by the Administrative Agent of counterparts of this Amendment duly executed by the Borrowers, the Guarantors, the Required Lenders and the Administrative Agent.

4.Representations and Warranties of the Loan Parties.  Each Loan Party hereby represents and warrants as follows:

(a)This Amendment and the other Loan Documents to which such Loan Party is a party (any such Loan Document as modified hereby) constitute legal, valid and binding obligations of such Loan Party, enforceable against such Loan Party in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

(b)As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default has occurred and is continuing and (ii) the representations and warranties of the Borrowers set forth in the Credit Agreement (as amended hereby) are true and correct in all material respects, except (1) to the extent any such representation or warranty is stated to relate to an earlier date and (2) for changes in the Schedules to the Credit Agreement reflecting transactions after the Effective Date permitted by the Credit Agreement.

5.Reference to and Effect on the Credit Agreement and the Guaranty.

(a)Upon the effectiveness hereof, each reference to the Credit Agreement and the Guaranty in the Credit Agreement, the Guaranty or any other Loan Document shall mean and be a reference to the Credit Agreement and the Guaranty, as the case may be, as amended hereby.

(b)The Credit Agreement, the Guaranty 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)Except with respect to the subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Guaranty or any other documents, instruments and agreements executed and/or delivered in connection therewith.

6.Consent and Reaffirmation.  Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of the undersigned Loan Parties consents to the Amendment and reaffirms the terms and conditions of the Credit Agreement, the Guaranty and any other Loan Document executed by it and acknowledges and agrees that such Credit Agreement, the Guaranty and each and every such Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed.

7.Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of Illinois.

8.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.

9.Counterparts.  This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Signatures delivered by facsimile or PDF shall have the same force and effect as manual signatures delivered in person.

[Signature Pages Follow]

Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated as of December 14, 2011
Franklin Electric Co., Inc. and Franklin Electric B.V.

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

FRANKLIN ELECTRIC CO., INC.,
as a Borrower

By:____________________________________
Name:
Title:

FRANKLIN ELECTRIC B.V.,
as a Borrower

By: Orangefield (Netherlands) B.V., its Director A

By:____________________________________
Name:

By:____________________________________
Name:

By:____________________________________
Name: John Jay Haines
Title: Director B

Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated as of December 14, 2011
Franklin Electric Co., Inc. and Franklin Electric B.V.
	
		
	FRANKLIN FUELING SYSTEMS, INC.
FRANKLIN ELECTRIC INTERNATIONAL, INC.
INTELLIGENT CONTROLS, INC.
each as a Guarantor

By: _________________________
Name:
Title:
	 

JPMORGAN CHASE BANK, N.A.,
individually as a Lender and as Administrative Agent

By:_______________________________________
Name:
Title:

Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated as of December 14, 2011
Franklin Electric Co., Inc. and Franklin Electric B.V.
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender

By:_______________________________________
Name:
Title:

BANK OF AMERICA, N.A.,
as a Lender

By:_______________________________________
Name:
Title:

HSBC BANK USA, N.A.,
as a Lender

By:_______________________________________
Name:
Title:

DEUTSCHE BANK AG NEW YORK BRANCH,
as a Lender

By:_______________________________________
Name:
Title:

By:_______________________________________
Name:
Title:

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