Document:

Exh10.1 EESATARPCompensationAgreementForm2

    

EXHIBIT 10.1

ZIONS BANCORPORATION
One South Main
Suite 1500
Salt Lake City, Utah 84133

[Date]

[Name of Executive]
[Address]
[City], [State]   [Zip Code]

Dear [Name of Executive],
Zions Bancorporation (the “Company”) intends to enter into a Securities Purchase Agreement (the “Participation Agreement”) with the United States Department of Treasury (“Treasury”) that provides for the Company’s participation in the Treasury’s TARP Capital Purchase Program (the “CPP”). 
For the Company to participate in the CPP and as a condition to the closing of the investment contemplated by the Participation Agreement, the Company is required to establish specified standards for incentive compensation to its senior executive officers and to make changes to its compensation arrangements.  Because you may become a senior executive officer subject to these requirements, the Company is asking you to agree to the terms of this letter agreement.  
To comply with the CPP requirements, and in consideration of the benefits that you will receive as a result of the Company’s participation in the CPP, you agree that, notwithstanding anything to the contrary contained in any compensation, bonus, incentive or other benefit plan, arrangement or agreement of the Company to which you are a party or by which you are benefited (including golden parachute, severance and employment agreements) (collectively, “Benefit Plans”):
		
	(1)
	No Golden Parachute Payments.  The Company shall have no obligation to, and will not, make any golden parachute payment (as defined below) to you during any “CPP Covered Period”.  A “CPP Covered Period” is any period during which (A) you are a senior executive officer and (B) Treasury holds an equity or debt position acquired from the Company in the CPP.

		
	(2)
	Recovery of Bonus and Incentive Compensation.  Any bonus or incentive compensation paid to you during a CPP Covered Period shall be subject to recovery or “clawback” by the Company if the payments 

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were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria.
		
	(3)
	 No Unnecessary and Excessive Risk.  The CPP requires the Company to review its Benefit Plans to ensure that they do not encourage senior executive officers to take unnecessary and excessive risks that threaten the value of the Company.  To the extent that, as a result of any such review, the Company determines in its sole discretion that revisions to any Benefit Plan with respect to you are necessary or advisable, such Benefit Plan may be amended as the Company determines to be necessary or advisable.

		
	(4)
	Future Requirements.  Congress, the Treasury or other regulatory agencies may in the future promulgate, issue or revise CPP executive compensation statutes, rules, regulations and guidance and may unilaterally amend the Participation Agreement.  To the extent that the Company determines in its sole discretion that any such statute, rule, regulation, guidance or amendment requires revisions to any Benefit Plan with respect to you, such Benefit Plan may be amended as the Company determines to be necessary or advisable. 

		
	(5)
	     Compensation Program Amendments.  Each of the Company’s Benefit Plans with respect to you is hereby amended to the extent necessary to give effect to provisions (1) and (2).  You agree that, to the extent determined by the Company to be necessary or advisable, the Company may amend any Benefit Plan pursuant to provisions (3) or (4) without further action, consent or agreement by or with you and that, if requested by the Company, you will execute such additional documents as the Company determines in its sole discretion to be necessary or advisable to effect such amendment.

		
	(6)
	 Waiver Agreement.  For the Company to participate in the CPP and as a condition to the closing of the investment contemplated by the Participation Agreement, senior executive officers must deliver a waiver agreement, in the form accompanying this letter agreement, to the Treasury.  You agree to execute and return to the Company the accompanying waiver agreement.  The Company will deliver such waiver agreement to the Treasury if required under the Participation Agreement or any applicable statute, rule or regulation.

		
	(7)
	Definitions and Interpretation.  This letter agreement shall be interpreted as follows:

		
	•
	“Senior executive officer” means the Company’s “senior executive officers” as defined in subsection 111(b)(3) of EESA.

		
	•
	“Golden parachute payment” is used with the same meaning as in subsection 111(b)(2)(C) of EESA.

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	•
	“EESA” means the Emergency Economic Stabilization Act of 2008 as implemented by guidance or regulation that has been issued and is in effect as of the “Closing Date” as defined in the Participation Agreement.

		
	•
	The term “Company” includes any entities treated as a single employer with the Company under 31 C.F.R. § 30.1(b) (as in effect on the Closing Date).  As between the Company and you, the term “employer” in the waiver agreement will be deemed to mean the Company as used in this letter agreement.

		
	•
	The term “CPP Covered Period” shall be limited by, and interpreted in a manner consistent with, 31 C.F.R. § 30.11 (as in effect on the Closing Date).

		
	•
	Provisions (1) and (2) of this letter are intended to, and will be interpreted, administered and construed to, comply with Section 111 of EESA (and, to the maximum extent consistent with the preceding, to permit operation of the Benefit Plans in accordance with their terms before giving effect to this letter).

		
	(8)
	Waiver.  You hereby voluntarily waive any claim against the Company for any changes to your compensation or benefits pursuant to this letter agreement.  This waiver includes all claims you may have under the laws of the United States or any state related to the requirements of this letter agreement or the Participation Agreement or any statute, rule, regulation or guidance relating to the CPP, including without limitation a claim for any compensation or other payments you would otherwise receive, any challenge to the process by which this letter agreement  or the Participation Agreement or any statute, rule, regulation or guidance relating to the CPP was adopted and any tort or constitutional claim about the effect of this letter agreement or the Participation Agreement or any statute, rule, regulation or guidance relating to the CPP on your employment relationship.

		
	(9)
	Miscellaneous.  The validity, interpretation, construction and performance of this letter agreement shall be governed by the laws of the State of Utah without giving effect to its conflicts of laws rules.  Resolution of any disputes under or relating to this letter agreement shall be subject to the arbitration provisions then in effect under the Company’s Employee Handbook.  This letter agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.  Nothing in this letter agreement diminishes or alters the Company’s policy of at-will employment for all employees, where both the Company and you may terminate the employment at any time and for any reason, with or without cause or notice.

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The Board appreciates the concessions you are making and looks forward to your continued leadership during these financially turbulent times.
Very truly yours,
ZIONS BANCORPORATION 
 

By:     ________________________________
Name:  
Title:      

    
    
Intending to be legally bound, I agree 
with and accept the foregoing terms.

_________________________________
[Name of Executive]

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WAIVER AGREEMENT

In consideration for the benefits I will receive as a result of my employer’s participation in the United States Department of the Treasury’s TARP Capital Purchase Program, I hereby voluntarily waive any claim against the United States or my employer for any changes to my compensation or benefits that are required to comply with the regulation issued by the Department of the Treasury as published in the Federal Register on October 20, 2008.

I acknowledge that this regulation may require modification of the compensation, bonus, incentive and other benefit plans, arrangements, policies and agreements (including so-called “golden parachute” agreements) that I have with my employer or in which I participate as they relate to the period the United States holds any equity or debt securities of my employer acquired through the TARP Capital Purchase Program.

This waiver includes all claims I may have under the laws of the United States or any state related to the requirements imposed by the aforementioned regulation, including without limitation a claim for any compensation or other payments I would otherwise receive, any challenge to the process by which this regulation was adopted and any tort or constitutional claim about the effect of these regulations on my employment relationship.

_____________________________
[Executive Name]

5exh101

		

			 

		

		
			Exhibit 10.1
		

		
			FIRST AMENDMENT TO CREDIT AGREEMENT
		

		
			THIS FIRST AMENDMENT TO CREDIT AGREEMENT (the "Amendment") is made as of July 9, 2012, by and among L.B. FOSTER COMPANY, a Pennsylvania corporation (the "Company"), CXT INCORPORATED, a Delaware corporation ("CXT"), SALIENT SYSTEMS, INC., an Ohio corporation ("Salient Systems"), L.B. FOSTER RAIL TECHNOLOGIES, INC.,  a West Virginia corporation formerly known as Portec Rail Products, Inc. ("Portec Rail"), PORTEC RAIL PRODUCTS LTD.,  a corporation incorporated under the laws of Canada ("Portec Ltd.") and KELSAN TECHNOLOGIES CORP.,  a corporation amalgamated under the laws of Canada ("Kelsan" and together with the Company, CXT, Salient Systems, Portec Rail and Portec Ltd., collectively referred to herein as the "Borrowers"), THE LENDERS PARTY HERETO, and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders under the Credit Agreement defined below (hereinafter referred to in such capacity as the "Administrative Agent").
		

		
			W I T N E S S E T H:
		

		
			WHEREAS, reference is made to that certain Credit Agreement dated as of May 2, 2011 (the "Credit Agreement"), by and among the Borrowers, the Guarantors from time to time party thereto (the "Guarantors"), the Lenders from time to time parties thereto (the "Lenders"), and the Administrative Agent;  
		

		
			WHEREAS, the Borrowers have requested that the Lenders amend a covenant which relates to dispositions permitted by the Loan Parties, and the Lenders are agreeable to such amendment upon the terms set forth herein.
		

		
			NOW, THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, covenant and agree as follows:
		

		
			Section 8.2.7 of the Agreement is hereby amended and restated as follows:
		
“8.2.7Dispositions of Assets or Subsidiaries.
		
			  Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to, sell, convey, assign, lease, abandon or otherwise transfer or dispose of, voluntarily or involuntarily, any of its properties or assets, tangible or intangible (including sale, assignment, discount or other disposition of accounts, contract rights, chattel paper, equipment or general intangibles with or without recourse or of capital stock, shares of beneficial interest, partnership interests or limited liability company interests of a Subsidiary of such Loan Party), except: 
		

		
			 
		

		
			transactions involving the sale or lease of inventory in the ordinary course of business;
		

		

		

		 

		

			 

		

 

		

			 

		

		any sale, transfer or lease of assets in the ordinary course of business which are no longer necessary or required or useful in the conduct of such Loan Party's or such Subsidiary's business;
		

		
			any sale, transfer or lease of assets by any wholly owned Subsidiary of such Loan Party to another Loan Party;
		

		
			any sale, transfer, lease or other disposition of ownership interest or assets not in excess of $25,000,000 in any fiscal year of the Company; or
		

		
			any sale, transfer or lease of assets, other than those specifically excepted pursuant to clauses (i) through (iv) above, which is approved by the Required Lenders.”
		

		
			 
		

		
			            Representations.  Each Borrower hereby represents and warrants that it has the corporate power and has been duly authorized by all requisite corporate action to execute and deliver this Amendment and to perform its obligations hereunder.  Each Borrower hereby represents and warrants that no Event of Default or Potential Default exists under the Agreement or shall result from the execution and delivery of this Amendment.
		

		
			Force and Effect.  Each Lender and each Borrower reconfirms and ratifies the Agreement and all other Loan Documents executed in connection therewith except to the extent any such documents are expressly modified by this Amendment, and each Borrower confirms that all such documents have remained in full force and effect since the date of their execution.
		

		
			Governing Law.  This Amendment shall be deemed to be a contract under the laws of the Commonwealth of Pennsylvania and for all purposes shall be governed by and construed and enforced in accordance with the internal laws of the Commonwealth of Pennsylvania without regard to its conflict of laws principles.
		

		
			Counterparts.  This Amendment may be signed by telecopy or original in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
		

		
			Effective Date.  This Amendment shall be effective upon the execution and delivery to the Administrative Agent of this Amendment by the Loan Parties and the Required Lenders.
		

		
			 
		

		
			 [SIGNATURE PAGES FOLLOW]
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		[SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT]
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed this Agreement as of the day and year first above written.
		

		
			 
		

		
			BORROWERS:
		

		
			 
		

		
			                                                                        L.B. Foster Company 
		

		
			 
		

		
			 
		

		
			By: /s/ David J. Russo
		

		
			Name: David J. Russo
		

		
			Title: Sr VP, CFO, CAO and Treasurer
		

		
			 
		

		
			CXT Incorporated
		

		
			 
		

		
			 
		

		
			By: /s/ David J. Russo
		

		
			Name: David J. Russo
		

		
			Title: Sr VP, CFO and Treasurer
		

		
			 
		

		
			Salient Systems, Inc.
		

		
			 
		

		
			 
		

		
			By: /s/ David J. Russo
		

		
			Name: David J. Russo
		

		
			Title: Sr VP, CFO and Treasurer
		

		

		

		 

		

			 

		

 

		

			 

		

		
		

		
			[SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT]
		

		
			 
		

		
			 
		

		
			 
		

		
			L.B. FOSTER RAIL TECHNOLOGIES, INC.
		

		
			 
		

		
			 
		

		
			By: /s/ David J. Russo
		

		
			Name: David J. Russo
		

		
			Title: Sr VP, CFO and Treasurer
		

		
			 
		

		
			 
		

		
			 
		

		
			PORTEC RAIL PRODUCTS LTD.
		

		
			 
		

		
			 
		

		
			By: /s/ David J. Russo
		

		
			Name: David J. Russo
		

		
			Title: Sr VP, CFO and Treasurer
		

		
			 
		

		
			 
		

		
			 
		

		
			KELSAN TECHNOLOGIES CORP.
		

		
			 
		

		
			By: /s/ David J. Russo
		

		
			Name: David J. Russo
		

		
			Title: Sr VP, CFO and Treasurer
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		
		

		
			[SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT]
		

		
			 
		

		
			 
		

		
			 
		

		
			PNC BANK, NATIONAL ASSOCIATION, individually and as Administrative Agent 
		

		
			By: /s/ Brett R. Schweikle
		

		
			Name: Brett R. Schweikle
		

		
			Title: Senior Vice President
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		
		

		
			[SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT]
		

		
			 
		

		
			 
		

		
			 
		

		
			BANK OF AMERICA, N.A.
		

		
			By: /s/ Andrew Richards
		

		
			Name: Andrew Richards
		

		
			Title: SVP
		

		

		

		 

		

			 

		

 

		

			 

		

		
		

		
			[SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT]
		

		
			 
		

		
			 
		

		
			 
		

		
			WELLS FARGO BANK, NATIONAL ASSOCIATION
		

		
			By: /s/ J. Barrett Donovan
		

		
			Name: J. Barrett Donovan
		

		
			Title: Senior Vice President
		

		

		

		 

		

			 

		

 

		

			 

		

		
		

		
			[SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT]
		

		
			 
		

		
			 
		

		
			 
		

		
			CITIZENS BANK OF PENNSYLVANIA
		

		
			By: /s/ A. Paul Dawley
		

		
			Name: A. Paul Dawley
		

		
			Title: Vice President

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