Document:

Exhibit 10.1

 

 

Personal and Confidential

 

	
Date:
    	
March 24, 2014
    
	
 
    	
 
    
	
To:
    	
William C. Mixon
    

 

SUBJECT: Mutual Termination Agreement and Release

 

This Mutual Termination Agreement and Release (“Agreement and Release”) between Universal Hospital Services, Inc. (hereinafter “UHS”) and you relates to your termination from employment with UHS, which will be effective on April 2, 2014 (“Termination Date”).  The purpose of this Agreement and Release is to set forth the terms of your separation from employment with UHS.

 

1.              Regular Separation Terms

 

In connection with your employment termination, you have the following rights and options:

 

a.              Salary.  You will receive your current base pay through the Termination Date, in accordance with UHS’ normal payroll practices.

 

b.              PTO.  You will receive a lump sum payment for your accrued and unused PTO balance as of your Termination Date.  This amount will be paid on or about April 4, 2014 and subject to all applicable withholding deductions.

 

c.               Medical and Dental Coverage.  Effective the first day of the month following your Termination Date, you may elect at your expense to continue group health and dental benefits through the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) for a period of up to 18 months, to the extent you are eligible, subject to the Enhanced Separation Terms below. You will separately receive the appropriate COBRA application form and rates from Optum Health Financial Corporation within 30 days of your Termination Date. You may contact Optum directly at 800-588-2020.

 

d.              Life Insurance.  Your company-paid life insurance remains in effect after your Termination Date until the end of that month.  Effective the first day of the month following your Termination Date, you may elect at your expense to continue such life insurance by paying premiums yourself directly to Optum.

 

	
IND   – 052209
    	
 
    	
Confidential Mutual Termination Agreement and Release
    	
 
    	
 
    

 

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e.               Disability Insurance.  Your short-term and long-term disability benefits end at midnight on your Termination Date.  No conversion to an individual policy is provided for either coverage.

 

f.                Long Term Savings Plan.  If you are a participant in the Long Term Savings Plan, your active participation in that Plan will end on your Termination Date.  Within 60 days from your Termination Date, you will receive a termination packet from Fidelity, which provides detailed information with regard to your account.  You may also contact Fidelity directly at 800-835-5097.  You have access to your account 24 hours a day at www.401k.com for automated transactions or to request a distribution.  We encourage you to seek competent tax advice to fully understand the tax consequences applicable to your distribution options.

 

g.               Pension.  If you are eligible for pension benefits under the UHS Employee’s Pension Plan, your pension benefit information will be sent to you within 60 days from your Termination Date.

 

2.              Enhanced Separation Benefits

 

If you sign and return this Agreement and Release and you do not rescind or breach this Agreement and Release, UHS will provide you with the following additional payments and benefits, which exceed the nature and scope of those to which you would otherwise be entitled and which you acknowledge and agree constitute adequate consideration for your promises herein.  The process for accepting and rescinding the terms of this Agreement and Release is set forth in sections 4 and 5 below.

 

a.              Severance Pay.  Under the terms of the UHS Severance Plan, you will receive a lump sum payment of $714,000 on June 2, 2014 subject to applicable withholding deductions.

 

b.              Incentive Pay.  You will not be eligible for any incentive payments under UHS’ Executive Incentive Program (the “EIP”) for 2013, based on UHS’ financial performance to plan.  You will be paid a pro-rated (based on number of days elapsed in 2014 prior to the Termination Date) bonus under the EIP for 2014, to be paid at the same time UHS pays bonuses to other executives under the EIP for 2014, to the extent such bonus would be payable based on the actual results of UHS.

 

c.               Medical and Dental Premiums.  As noted above, you may elect at your expense to continue group health and dental benefits under COBRA for up to 18 months to the extent that you are eligible.  UHS will pay you $11,350 in a lump sum, which represents 52 months of COBRA continuation coverage and is subject to applicable withholding deductions.  UHS will make such payment on June 2, 2014.  This one-time lump sum payment is a separate payment from the severance pay described in Section 2(a) above and is intended to be exempt from Code Section 409A under the short-term deferral rule.

 

d.              Outplacement Assistance.  Career transition and planning services will be provided through Challenger, Gray & Christmas and paid for by UHS at the twelve-month Executive Services level, provided you execute this Agreement and Release without rescission.  Such services must be completed within 12 months following your

 

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Termination Date.  Contact Challenger, Gray & Christmas Inc. at 312-332-5790 for more information on career transition services.

 

e.               Deductions.  Normal deductions which UHS is obligated by law to deduct, or which UHS in good faith believes it is obligated by law to deduct, will be deducted by UHS from any payments made or to be made by UHS under this Agreement and Release.

 

3.              Release of Claims

 

In exchange for receiving payments and other consideration as described, you agree to the release of claims contained in Annex A to this Agreement and Release.

 

4.     Acceptance of this Agreement and Release

 

You acknowledge that, before signing this Agreement and Release, you were given a period of at least 21 days from the date of receipt of this Agreement and Release to consider it.  To accept the terms of this Agreement and Release, you must sign and date it within the 21-day consideration period or by the end of the workday on your Termination Date, whichever is later.  You may not sign this Agreement and Release before your Termination Date.  After you have signed and dated this Agreement and Release, you must send or return it to UHS by hand or by mail within the 21-day period that you have to consider it.  Any changes to this Agreement and Release whether material or not will not restart the running of the 21-day period.

 

To accept this Agreement and Release, sign and return it to Bob Creviston, Universal Hospital Services, Inc., 6625 West 78th Street, Suite 300, Minneapolis, MN 55439

 

If you choose to return this Agreement and Release by mail, it must be properly addressed and postmarked within the 21-day consideration period and sent by certified mail, return receipt requested, first-class postage prepaid.

 

If you sign this Agreement and Release before the end of the 21-day consideration period, it will be your voluntary decision to do so because you have decided that you do not need any additional time to decide whether to sign it.   You waive any right you might have to additional time beyond the 21-day consideration period within which to consider this Agreement and Release.

 

You have been advised by UHS to consult with an attorney before signing this Agreement and Release and this sentence constitutes such advice in writing.

 

5.             Rescission of this Agreement and Release

 

At any time for a period of 15 days after you have signed this Agreement and Release (not counting the day you signed it), you may rescind it.  This Agreement and Release will not become effective or enforceable until the 15-day rescission period has expired without you rescinding it.  To rescind your acceptance, you must send by mail or hand-deliver a written, signed statement of rescission of your acceptance to UHS within the 15-day rescission period. Any statement of recession of acceptance must be directed to Bob Creviston, Human Resources, Universal Hospital Services, Inc., 6625 West 78th Street, Suite 300, Minneapolis, MN 55439.  If you choose to return it by mail, it must be

 

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properly addressed and postmarked within 15 days after you signed the Agreement and Release and sent by certified mail, return receipt requested, first-class postage prepaid.

 

6.     Outstanding Obligations

 

You agree that before your Termination Date, you will satisfy all outstanding personal obligations associated with your employment with UHS, including, but not limited to, outstanding expense reports and travel advances, and the balance on any company credit card you hold.

 

Before the end of your Termination Date, you must return to UHS all company property, unless otherwise agreed upon, including without limitation, any cellular telephone, pagers, PDA, laptops, all computer equipment, diskettes, books and marketing material, reference material, notes, documents, customer and vendor information, keys, security cards, files and any proprietary and/or confidential information, including but not limited to confidential information relating to customer lists, employees, pricing for products and services and strategic planning information.  You must also purge all information and data relating to UHS from any home or personal computer or other electronic device, without retaining any copies of such information or data and you agree upon request to sign and return the attached Acknowledgment of Returned Property after your Termination Date.

 

7.              Confidentiality

 

You agree that this Agreement and Release will remain confidential and will not be disclosed except to your spouse, financial advisor, legal counsel or to a prospective employer, who should be advised only on a need to know basis, or as may be required by law or in any legal proceeding to enforce your rights hereunder.

 

8.              Cooperation

 

You agree to be available to UHS, and any attorneys or agents acting on UHS’ behalf, and to cooperate in good faith with UHS, concerning any litigation or administrative claims or investigations that involve UHS and arise out of any incidents that occurred during your employment of which you have knowledge.

 

You agree not to incur, as an employee, any additional business expenses relating to UHS after your last day of being actively at work.  UHS agrees to reimburse you for those out of pocket business expenses relating to UHS, which you incurred on or before your last day of being actively at work, for which you have not been reimbursed to date, in accordance with UHS’ standard expense reimbursement policies and procedures.

 

You agree not to make, confirm or cause or attempt to cause any other person to make or confirm, any written or oral information about UHS, which is disparaging about UHS or which in any way reflects negatively upon UHS.

 

You agree that, for a period of one year after the severance payments end, you will not directly or indirectly influence or advise any person who is or shall be employed by or in the service of UHS to leave or decline such employment or service to compete with UHS or to enter into employment or service of any competitor of UHS.

 

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9.              Entire Agreement, Governing Law and Construction

 

This Agreement and Release contain the entire agreement between you and UHS concerning your separation from employment, severance and release of all claims; however, you and UHS agree that your obligations under the UHS Confidentiality and Non Competitions Agreements you have signed will remain in full force and effect.  You may not assign this Agreement and Release, in whole or in part, without the prior written consent of UHS.  This Agreement and Release may not be changed, except in a writing that details the change and is signed by both you and UHS.

 

This Agreement and Release will be governed and enforced solely under the laws of the State of Minnesota, without giving effect to the conflicts of law principles thereof.  If any portion of this Agreement and Release is deemed to be invalid or unenforceable, that portion will be deemed omitted and the remainder of this Agreement and Release will remaining effect.

 

10.       Remedies for Breach

 

If you breach or challenge the enforceability of this Agreement and Release and do not prevail, you agree to reimburse UHS for any monetary consideration received by you pursuant to this Agreement and Release and you agree to pay the reasonable attorneys’ fees and costs that UHS incurs in enforcing this Agreement and Release; provided, however, that this provision has no applicability to claims that cannot be waived under the Age Discrimination in Employment Act, including the right to challenge whether this Agreement and Release constitutes a knowing and voluntary waiver of claims within the meaning of the Act.

 

11.       Acknowledgement

 

By my signature below, I acknowledge and certify that:

 

a.              I have read and understand all of the terms of this Agreement and Release and do not rely on any representation or statement, written or oral, not set forth in this Agreement and Release; specifically I understand that this Agreement and Release includes a waiver and release of legal rights I may have;

 

b.              I have had a reasonable period of time to consider this Agreement and Release;

 

c.               I am signing this Agreement and Release knowingly and voluntarily and without pressure, and after having given the matter full and careful consideration;

 

d.             I have been advised to consult with an attorney of my choosing before signing this Agreement and Release and I have had the opportunity to do so;

 

e.               I have the right to consider the terms of this Agreement and Release for at least 21 days and if I take fewer than 21 days to review this Agreement and Release, I hereby waive any and all rights to the balance of the 21 day review period;

 

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f.                I have the right to revoke this Agreement and Release within 15 days after signing it, by providing written notice of revocation directed to Bob Creviston, Universal Hospital Services, Inc., 6625 West 78th Street, Suite 300, Minneapolis, MN 55439.  If I revoke this Agreement and Release during this 15-day period, it becomes null and void in its entirety; and

 

g.               This Agreement and Release is not effective if it is signed before my Termination   Date.

 

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If you accept this Agreement and Release, please sign both copies, then return both signed original copies to Bob Creviston, Human Resources, Universal Hospital Services, Inc., 6625 West 78th Street, Suite 300, Minneapolis, MN 55439 for countersignature.  We will send you a fully executed original for your records.

 

	
UNIVERSAL   HOSPITAL SERVICES, INC.
    	
 
    	
AGREED   TO AND ACCEPTED BY:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Robert L. Creviston
    	
 
    	
/s/   William C. Mixon
    
	
 
    	
 
    	
 
    
	
Date:
    	
4\2\2014
    	
 
    	
 
    	
Date:
    	
4\2\2014.
    	
 
    
							

 

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Acknowledgment of Returned Property

 

I hereby certify that I have returned to UHS all property belonging to UHS, unless otherwise agreed upon, including without limitation, any cellular telephone, pagers, PDA, laptops, all computer and phone equipment, diskettes, books and marketing materials, reference materials, notes, documents, customer and vendor information, keys, security cards, files and any proprietary and/or confidential information, including but not limited to confidential information relating to customer lists, relations, employees, pricing for products and services and strategic planning information.  I also certify that I have purged all information and data relating to UHS from any home or personal computer or other electronic device, without retaining any copies of such information or data.

 

	
 
    	
 
    
	
Signature
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Date
    	
 
    

 

8

 

Annex A

 

RELEASE

 

I, William C. Mixon, in consideration of and subject to the performance by Universal Hospital Services, Inc., a Delaware corporation (together with its subsidiaries, the “Company”), of its material obligations under the Employment Agreement, dated as of February 7, 2012 (the “Agreement”), do hereby release and forever discharge as of the date hereof the Company and all present and former directors, officers, agents, representatives, executives, successors and assigns of the Company and its direct or indirect owners (collectively, the “Released Parties”) to the extent provided below.

 

1.              Except as provided in paragraph 2 below, I knowingly and voluntarily release and forever discharge the Released Parties from any and all claims, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date hereof) and whether known or unknown, suspected, or claimed against any of the Released Parties which I, or any of my heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation from, the Company (including, but not limited to, any allegation, claim or violation, arising under:  Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Civil Rights Act of 1866, as amended; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters), (all of the foregoing collectively referred to herein as the “Claims”).

 

2.              I agree that this Release does not waive or release any rights or claims that I may have under:  the Age Discrimination in Employment Act of 1967 which arise after the date I execute this Release; claims for benefits under any employee benefit plan maintained by the Company; rights and entitlements under the Company’s equity plans and related award agreements; claims for indemnification and coverage under any directors and officers insurance policy; or claims or claims for unemployment or worker’s compensation as provided by law.

 

3.              I acknowledge and intend that this Release shall be effective as a bar and shall serve as a complete defense to each and every one of the Claims and that it shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state statute that expressly limits the effectiveness of a release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied.

 

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4.              I represent that I have not made any assignment or transfer of any Claim.  I agree that neither this Release, nor the furnishing of the consideration for this Release, shall be deemed or construed at any time to be an admission by the Company or any Released Party of any improper or unlawful conduct.  I agree that this Release is confidential and agree not to disclose any information regarding the terms of this Release, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone.

 

5.              Each provision of this Release shall be interpreted in such manner as to be effective and valid under applicable law and any provision of this Release held to be invalid, illegal or unenforceable in any respect shall be severable.  This Release cannot be amended except in a writing duly executed by the Company and me.

 

I UNDERSTAND THAT I HAVE FIFTEEN (15) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED.

 

	
DATE:
    	
 
    	
 
    	
UNIVERSAL   HOSPITAL SERVICES, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   William C. Mixon
    
	
 
    	
 
    	
Name:   William C. Mixon
    
	
 
    	
 
    	
Title:   President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
William   C. Mixon
    

 

10Exhibit 10.1

 

	
  

  	
  Execution
  Version INCREMENTAL FACILITY AMENDMENT INCREMENTAL FACILITY AMENDMENT, dated
  as of April 15, 2014 (this “Incremental Facility Amendment”), to the Credit
  Agreement, dated as of August 9, 2012 (as amended or modified from time to time,
  the “Credit Agreement”), among INTERPOOL, INC., a corporation organized under
  the laws of Delaware (the “Borrower”), the other loan parties thereto (the
  “Loan Parties”), the lenders party thereto (the “Lenders”), and JPMORGAN
  CHASE BANK, N.A., as administrative agent (the “Administrative Agent”). W I T
  N E S S E T H: WHEREAS, pursuant to the Credit Agreement, the Lenders have
  agreed to make, and have made, certain loans and other extensions of credit
  to the Borrower; WHEREAS, pursuant to Section 2.08(e) of the Credit
  Agreement, the Borrower wishes to obtain additional Revolving Commitments
  under the Credit Agreement from the Incremental Facility Lenders (as defined
  below) in an aggregate principal amount of $80,000,000. WHEREAS, each
  financial institution executing a signature page hereto (each, an
  “Incremental Facility Lender”) has agreed to provide the additional Revolving
  Commitments in the amount set forth opposite to their name in the commitment
  schedule attached hereto as Schedule A (the “Incremental Revolving Commitment
  Schedule”; such additional Revolving Commitments set forth in the Incremental
  Revolving Commitment Schedule, the “Incremental Revolving Commitments”), upon
  the terms and subject to the conditions set forth herein; NOW, THEREFORE, in consideration
  of the mutual agreements herein contained and other good and valuable
  consideration, the sufficiency and receipt of which are hereby acknowledged,
  the parties hereto hereby agree as follows: SECTION 1. Defined Terms. Unless
  otherwise defined herein, terms defined in the Credit Agreement and used
  herein shall have the meanings given to them in the Credit Agreement. SECTION
  2. Incremental Revolving Commitments. (a) On the Incremental Facility
  Amendment Effective Date (as defined below), this Incremental Facility
  Amendment shall constitute an “Incremental Facility Amendment” pursuant to
  section 2.08(f) of the Credit Agreement, the Incremental Revolving
  Commitments shall constitute additional “Revolving Commitments” and any loans
  made pursuant to the Incremental Revolving Commitments shall constitute
  “Loans” under the Credit Agreement. (b) Unless otherwise set forth herein,
  the Incremental Revolving Commitments shall have the same terms and
  conditions as those of the Revolving Commitments existing prior to the
  Incremental Facility Amendment Effective Date under the Credit Agreement. (c)
  From the Incremental Facility Amendment Effective Date until the Maturity
  Date, all Loans shall be made in accordance with the aggregate Revolving
  Commitments of the Lenders after giving effect to the Incremental Revolving
  Commitments. On the Business Day following the Incremental Facility Amendment
  Effective Date, all outstanding ABR Advances shall be reallocated among the
  Lenders in accordance with the Lenders’ respective revised Applicable
  Percentages and the Lenders shall make adjustments among themselves, and
  payments to each other as needed, with respect to the Advances then
  outstanding and amounts of principal, interest, commitment fees and other
  amounts paid or payable with respect thereto as shall be necessary, in the
  opinion of the Administrative Agent, in

  

 

	
  

  	
   order to effect such reallocation.
  Eurodollar Advances shall not be reallocated among the Lenders until the
  expiration of the applicable Interest Period in effect at the time of the
  Incremental Facility Amendment Effective Date, at which time any such
  Eurodollar Advances being continued shall be reallocated, and any such
  Eurodollar Advances being converted to ABR Advances shall be converted and
  allocated, among the Lenders at such time in accordance with their Revolving
  Commitments at such time. For the avoidance of doubt, it is understood that
  commitment fees with respect to the Incremental Revolving Commitments shall
  accrue from the Incremental Facility Amendment Effective Date. (d) Upon the
  Incremental Facility Amendment Effective Date, each Incremental Facility
  Lender that is not a Lender under the Credit Agreement immediately prior to
  the the Incremental Facility Amendment Effective Date will be a Lender under
  the Credit Agreement for all purposes of the Credit Agreement. SECTION 3.
  Fees. The Borrower agrees to pay on the Incremental Facility Amendment
  Effective Date to the Administrative Agent, for the account of each
  Incremental Facility Lender, fees in the amounts previously communicated by
  the Borrower to each such Incremental Facility Lender. SECTION 4. Amendments
  to Credit Agreement to Reflect the Incremental Revolving Commitments. (a)
  Amendment of Total Revolving Commitment. Pursuant to Section 2.08(f) of the
  Credit Agreement, the definition of “Total Revolving Commitment” is hereby
  amended by deleting the current amount of $950,000,000 and replacing it with
  the new amount of $1,030,000,000. (b) Amendment of Commitment Schedule.
  Pursuant to Section 2.08(g) of the Credit Agreement, the Commitment Schedule
  is hereby replaced with the revised Commitment Schedule attached hereto as
  Schedule B. SECTION 5. Effectiveness of Incremental Facility Amendment. This
  Incremental Facility Amendment shall become effective upon satisfaction of
  the following conditions precedent (such date, the “Incremental Facility
  Amendment Effective Date”): The Administrative Agent shall have received the
  following: (i) counterparts to this Incremental Facility Amendment duly executed
  by the Borrower and each Incremental Facility Lender; (ii) a fee for the
  account of each Incremental Facility Lender that is a party to this
  Incremental Facility Amendment in accordance with Section 3 hereof; (iii) all
  other fees required to be paid, and all expenses for which invoices have been
  presented (including the reasonable and documented fees and reasonable,
  documented, out-of-pocket expenses of legal counsel) required to be paid;
  (iv) executed counterparts from each Loan Party of the Pledge and Security
  Acknowledgement substantially in the form attached hereto as Exhibit A (the
  “Pledge and Security Acknowledgement”); 2

  

 

	
  

  	
   (v) certified resolutions from the board of
  directors, members or other similar body of each Loan Party authorizing the execution,
  delivery and performance of the Incremental Facility Amendment; (vi) a
  certificate from the Borrower certifying that, immediately before and
  immediately after giving effect to the Incremental Revolving Commitments, (A)
  the representations and warranties contained in Article III of the Credit
  Agreement and the other Loan Documents are true and correct in all material
  respects (it being understood and agreed that any representation or warranty
  which by its terms is made as of a specified date shall be required to be
  true and correct in all material respects only as of such specified date, and
  that any representation or warranty which is subject to any materiality
  qualifier or “Material Adverse Effect” shall be required to be true and
  correct in all respects), and (B) no Default exists; and (vii) the Lenders
  under the Credit Agreement shall have consented to (i) amend Section 2.08(e)
  of the Credit Agreement to provide that the maximum Total Revolving
  Commitment set forth therein shall be at least $1,250,000,000 and (ii) amend
  the definitions of “Applicable Commitment Fee Rate” and “Applicable Rate” in
  the Credit Agreement, in each case pursuant to the terms of Amendment No. 2
  to the Credit Agreement dated as of the date hereof (the “Amendment No. 2”),
  and such Amendment No. 2 shall have become effective pursuant to its terms.
  SECTION 6. Representations and Warranties. To induce the other parties hereto
  to enter into this Incremental Facility Amendment and to provide the
  Incremental Revolving Commitments, the Borrower hereby represents and
  warrants to the Administrative Agent and to each Incremental Facility Lender,
  as of the Incremental Facility Amendment Effective Date: (a) Each Loan Party
  has the power and authority, and the legal right, to make, deliver and
  perform this Incremental Facility Amendment, and to perform its obligations
  hereunder. Each Loan Party has the requisite corporate or other
  organizational power and authority to execute and deliver the Pledge and
  Security Acknowledgement. The execution, delivery and performance by the
  Borrower of this Incremental Facility Amendment, and by the Loan Parties of
  the Pledge and Security Acknowledgement, have been authorized by all
  necessary corporate or other organizational action of such person, and no other
  corporate or other organizational proceedings on the part of each such person
  is necessary to consummate such transactions. (b) This Incremental Facility
  Amendment has been duly executed and delivered on behalf of the Borrower. The
  Pledge and Security Acknowledgement has been duly executed and delivered by
  each Loan Party. Each of the Incremental Facility Amendment and the Pledge
  and Security Acknowledgement (i) is a legal, valid and binding obligation of
  each Loan Party party hereto and thereto, enforceable against each such Loan
  Party in accordance with its terms, subject to bankruptcy, insolvency,
  reorganization, moratorium or similar laws affecting creditors’ rights
  generally and by general equitable principles (whether enforcement is sought
  by proceedings in equity or at law) and an implied covenant of good faith and
  fair dealing and (ii) is in full force and effect subject to bankruptcy,
  insolvency, reorganization, moratorium or similar laws affecting creditors’
  rights generally and by general equitable principles (whether enforcement is
  sought by proceedings in equity or at law). Neither the execution, delivery
  or performance of this Incremental Facility Amendment, nor the performance of
  the transactions contemplated hereby, will invalidate the security interest
  granted on the Collateral pursuant to the Loan Documents or the priority or
  perfection of the Administrative Agent’s Lien on such Collateral. 3

  

 

	
  

  	
   (c) The execution and delivery of this
  Incremental Facility Amendment or the Pledge and Security Acknowledgment by
  any Loan Party (i) do not require any consent or approval of, registration or
  filing with, or any other action by, any Governmental Authority, except such
  as have been obtained or made and are in full force and effect and except, to
  the extent permitted by the Loan Documents, for filings necessary to perfect
  Liens created pursuant to the Loan Documents, (ii) will not violate any
  Requirement of Law applicable to any Loan Party or any of its Restricted
  Subsidiaries, (iii) will not violate or result in a default under any
  indenture, agreement or other instrument binding upon any Loan Party or any
  of its Restricted Subsidiaries or the assets of any Loan Party or any of its
  Restricted Subsidiaries, or give rise to a right thereunder to require any
  payment to be made by any Loan Party or any of its Restricted Subsidiaries,
  and (iv) will not result in the creation or imposition of any Lien on any
  asset of any Loan Party or any of its Restricted Subsidiaries; except Liens
  created pursuant to the Loan Documents, except, in each case other than with
  respect to the creation of Liens, to the extent that any such violation,
  default or right, or any failure to obtain such consent or approval or to
  take such action, could not reasonably be expected to result in a Material
  Adverse Effect. SECTION 7. Effect on the Credit Agreement. (a) Except as
  specifically amended above, the Credit Agreement shall continue to be in full
  force and effect and is hereby in all respects ratified and confirmed. (b)
  The execution, delivery and effectiveness of this Incremental Facility
  Amendment shall not operate as a waiver of any right, power or remedy of any
  Lender or the Administrative Agent under the Credit Agreement, nor constitute
  a waiver of any provision of any of the Credit Agreement. SECTION 8. First
  Priority Obligations. It is the intention of the parties that Obligations in
  respect of the Incremental Revolving Commitments constitute “First Priority
  Obligations” under the Intercreditor Agreement. SECTION 9. Expenses. The
  Borrower agrees to pay or reimburse the Administrative Agent for all of its
  out-of-pocket costs and reasonable expenses incurred in connection with this
  Incremental Facility Amendment, any other documents prepared in connection
  herewith and the transaction contemplated hereby, including, without
  limitation, the reasonable fees and disbursements of counsel to the
  Administrative Agent. SECTION 10. Governing Law; Waiver of Jury Trial. THE
  INCREMENTAL FACILITY AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING
  UNDER OR RELATED TO OR IN CONNECTION WITH THE INCREMENTAL FACILITY AMENDMENT,
  THE RELATIONSHIP OF THE PARTIES AND/OR THE INTERPRETATION AND ENFORCEMENT OF
  THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE
  STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER
  THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. EACH PARTY
  HERETO HEREBY AGREES AS SET FORTH FURTHER IN SECTION 9.09 OF THE CREDIT
  AGREEMENT AS IF SUCH SECTION WERE SET FORTH IN FULL HEREIN. SECTION 11.
  Counterparts. This Incremental Facility Amendment may be executed in
  counterparts (and by different parties hereto on different counterparts),
  each of which shall constitute an original, but all of which when taken
  together shall constitute a single contract. This Incremental Facility
  Amendment, the Credit Agreement and the other Loan Documents constitute the
  entire contract among the parties relating to the subject matter hereof and
  supersede any and all previous agreements and understandings, oral or
  written, relating to the subject matter hereof. Delivery of an executed
  counterpart of a signature page of this Incremental Facility Amendment by
  facsimile or email shall be effective as delivery of a manually executed
  counterpart of this Amendment. THIS INCREMENTAL FACILITY AMENDMENT, THE
  CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS 4

  

 

	
  

  	
   REPRESENT THE FINAL AGREEMENT BETWEEN THE
  PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE
  CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
  AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
  PARTIES. [Remainder of page intentionally left blank.] 5

  

 

	
  

  	
  IN WITNESS
  WHEREOF, the parties hereto have caused this Incremental Facility Amendment
  to be duly executed and delivered by their respective proper and duly
  authorized officers as of the day and year first above written. INTERPOOL,
  INC. By: Name: Christopher Annese Title: Chief Financial Officer [Signature
  Page to Incremental Facility Amendment]

  

 

	
  

  	
  JPMORGAN CHASE
  BANK, N.A., as Administrative Agent and as a Lender By: Name: Matthew H.
  Massie Title: Managing Director

  

 

	
  

  	
  NYCB Specialty
  Finance Company LLC, (a wholly owned subsidiary of New York Community Bank),
  as a Lender By: Name: Willard D. Dickerson, Jr. Title: Senior Vice President
  [Lender Signature Page]

  

 

	
  

  	
  CITY NATIONAL
  BANK, a national banking association, as a Lender By: Name: Mia Bolin Title:
  Vice President [Lender Signature Page]

  

 

	
  

  	
  FirstMerit
  Bank, N.A. , as a Lender By: Name: Lynn Alan Gruber Title: Vice President
  [Lender Signature Page]

  

 

	
  

  	
  People’s United
  Bank, as a Lender By: Name: Carmen Caporrino Title: Senior Vice President
  [Lender Signature Page]

  

 

	
  

  	
  COMPASS BANK,
  as a Lender By: Name: Michael Sheff Title: Sr. Vice President [Lender
  Signature Page]

  

 

	
  

  	
  CIT Finance
  LLC, as a Lender By: Name: Renee M. Singer Title: Managing Director [Lender
  Signature Page]

  

 

	
  

  	
  SunTrust Bank,
  as a Lender By: Name: Brian O’Fallon Title: Director [Lender Signature Page]

  

 

	
  

  	
  Webster
  Business Credit Corp. , as a Lender By: Name: Joseph Zautra Title: SVP
  [Lender Signature Page]

  

 

	
  

  	
  CATHAY BANK, as
  a Lender By: Name: HUMBERTO CAMPOS Title: VICE PRESIDENT [Lender Signature
  Page]

  

 

	
  

  	
  ROYAL BANK OF
  CANADA, as a Lender By: Ben Thomas Name: Ben Thomas Title: Authorized
  Signatory [Lender Signature Page]

  

 

	
  

  	
  First Niagara
  Commercial Finance, Inc., as a Lender By: Name: Danielle Prentis Title: Vice
  President — Portfolio Manager [Lender Signature Page]

  

 

	
  

  	
  Schedule A
  Incremental Revolving Commitment Schedule Lender Incremental Revolving
  Commitment NYCB Specialty Finance Company LLC $18,000,000 City National Bank
  $12,000,000 FirstMerit Bank N.A. $10,000,000 People’s United Bank $10,000,000
  Compass Bank $5,000,000 CIT Finance LLC $5,000,000 SunTrust Bank $5,000,000
  Webster Business Credit Corp. $5,000,000 Cathay Bank $5,000,000 Royal Bank of
  Canada $3,000,000 First Niagara Commercial Finance, Inc. $2,000,000 Total
  $80,000,000

  

 

	
  

  	
  Schedule B
  Commitment Schedule Lender Revolving Commitment DVB Bank SE $125,000,000
  JPMorgan Chase Bank, N.A. $95,000,000 Bank of America, N.A. $95,000,000
  Deutsche Bank Trust Company Americas $95,000,000 Wells Fargo Bank, N.A.
  $95,000,000 Union Bank, N.A. $60,000,000 Royal Bank of Canada $53,000,000 RBS
  Citizens Business Capital $50,000,000 PNC Bank, National Association
  $40,000,000 Regions Bank $35,000,000 Compass Bank $35,000,000 FirstMerit
  Bank, N.A. $35,000,000 Capital One Business Credit Corp. $30,000,000 CIT
  Finance LLC $30,000,000 SunTrust Bank $30,000,000 People’s United Bank
  $30,000,000 NYCB Specialty Finance Company LLC $30,000,000 Webster Business
  Credit Corp. $20,000,000 City National Bank $20,000,000 Cathay Bank
  $15,000,000 First Niagara Commercial Finance, Inc. $12,000,000 Total
  $1,030,000,000

  

 

	
  

  	
  Pledge and
  Security Acknowledgement Each of the parties hereto hereby acknowledges and
  consents to the Incremental Facility Amendment, dated as of April [ ], 2014
  (the “Incremental Facility Amendment”; capitalized terms used herein, but not
  defined, shall have the meanings set forth in the Incremental Facility
  Amendment or the Credit Agreement (hereinafter defined)), to the Credit
  Agreement, dated as of August 9, 2012 (as amended or modified from time to
  time, the “Credit Agreement”), among INTERPOOL, INC. a corporation organized
  under the laws of Delaware (the “Borrower”), the other loan parties thereto
  (the “Loan Parties”), the lenders party thereto (the “Lenders”) and JPMORGAN
  CHASE BANK, N.A., as administrative agent (in such capacity, the
  “Administrative Agent”) and agrees with respect to each Loan Document to
  which it is a party: (a) all of its obligations, liabilities and indebtedness
  under such Loan Document shall remain in full force and effect on a
  continuous basis after giving effect to the Incremental Facility Amendment
  and its guarantee, if any, of the obligations, liabilities and indebtedness
  of the other Loan Parties under the Credit Agreement shall extend to and
  cover the Incremental Revolving Commitments made pursuant to the Incremental
  Facility Amendment and the Loans, interest thereon and fees and expenses and
  other obligations in respect thereof; and (b) giving effect to the
  Incremental Facility Amendment will not invalidate the security interests, if
  any, granted by such Loan Party on the Collateral pursuant to the Loan
  Documents or the priority or perfection of the Administrative Agent’s Lien on
  such Collateral. [Signatures on Following Page] Pledge and Security
  Acknowledgement

  

 

	
  

  	
  INTERPOOL INC.
  By Name: Christopher Annese Title: Chief Financial Officer TRAC INTERMODAL
  LLC By Name: Christopher Annese Title: Chief Financial Officer TRAC
  INTERMODAL CORP. By Name: Christopher Annese Title: Chief Financial Officer
  TRAC LEASE, INC. By Name: Christopher Annese Title: Chief Financial Officer
  TRAC LOGISTICS LLC By: Name: Christopher Annese Title: Chief Financial
  Officer TRAC DRAYAGE LLC By: Name: Christopher Annese Title: Chief Financial
  Officer Pledge and Security Acknowledgement

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