Document:

payc-ex411_704.htm

Exhibit 4.11

AMENDMENT NO. 3

TO

Registration rights agreement

 

This Amendment No. 3 (this “Amendment”) to the Registration Rights Agreement, dated as of December 30, 2013 (as amended from time to time, the “Registration Rights Agreement”), by and among Paycom Software, Inc., Paycom Payroll, LLC, Welsh, Carson, Anderson & Stowe X, L.P., WCAS Management Corporation, WCAS Capital Partners IV, L.P., WCAS Paycom Holdings, Inc., each of the Persons listed on the signature pages attached to the Registration Rights Agreement and each other Person who executed a joinder thereto, is made and entered into as of May 12, 2020. Capitalized terms used in this Amendment but not otherwise defined herein shall have the respective meanings assigned to them in the Registration Rights Agreement.

WHEREAS, pursuant to Section 11(c) of the Registration Rights Agreement, except as otherwise provided therein, no modification, amendment or waiver to or of the Registration Rights Agreement or any provision thereof shall be effective against the Company or the other Persons party thereto unless such modification, amendment or waiver is approved in writing by the Company and the Holders of not less than a majority of the Registrable Securities.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the undersigned, being the Holders of not less than a majority of the Registrable Securities, give their written consent to amend the Registration Rights Agreement as follows:

 

1.New Section 11(k). Section 11 of the Registration Rights Agreement is hereby amended by adding the following provision as Section 11(k):

 

“(k) Termination.  This Agreement shall terminate in its entirety and be of no further force or effect on the effective date of a written agreement providing for the termination of this Agreement, signed by the Company and the Holders of not less than a majority of the Registrable Securities; provided, that the provisions of Section 7 shall survive any such termination.” 

 

2.Miscellaneous.

 

a.Effect of Amendment. In the event of any inconsistency or conflict between the Registration Rights Agreement and this Amendment, the terms, conditions and provisions of this Amendment shall govern and control. Except as modified by this Amendment, the Registration Rights Agreement shall continue in full force and effect. Nothing in this Amendment shall be construed to modify any provision of the Registration Rights Agreement or in any other document or instrument delivered in connection therewith, other than those provisions of the Registration Rights Agreement specifically amended as set forth in this Amendment.

 

b.Entire Agreement. This Amendment and the Registration Rights Agreement contain the entire understanding of the parties hereto with respect to the subject matter contained herein and therein, and supersede all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. Any reference to the Registration Rights Agreement after this Amendment is first effective shall be deemed to be a reference to the Registration Rights Agreement as amended hereby.

 

c.Successors and Assigns. All covenants and agreements in this Amendment by or on behalf of any of the parties hereto will bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not. In addition, whether or not any express assignment has been made, the provisions of this Amendment which are for the benefit of Holders are also for the benefit of, and enforceable by, any subsequent Holder.

 

 

 

d.Severability. Whenever possible, each provision of this Amendment will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Amendment.

 

e.Counterparts. This Amendment may be executed in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same Amendment.

 

f.GOVERNING LAW. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAWS OR CONFLICT OF LAWS PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

 

g.Descriptive Headings. The descriptive headings of this Amendment are included for convenience only and do not constitute a part of this Amendment.

 

 

[Remainder of page intentionally left blank; signature pages follow]

 

 

 

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 3 to the Registration Rights Agreement as of the date first above written.

 

Paycom Software, Inc.

 

 

By: /s/ Chad Richison

Name: Chad Richison

Title: Chief Executive Officer

 

Paycom Payroll, LLC 

 

 

By: /s/ Chad Richison

Name: Chad Richison

Title: Chief Executive Officer

 

Ernest Group, Inc.

 

 

By: /s/ Chad Richison

Name: Chad Richison

Title: President

 

The Ruby Group, Inc.

 

 

By: /s/ Chad Richison

Name: Chad Richison

Title: President

 

 

/s/ Jeffrey D. York

Jeffrey D. Yorkpayc-ex412_703.htm

Exhibit 4.12

TERMINATION AGREEMENT

 

May 12, 2020

 

Reference is hereby made to that certain Registration Rights Agreement, dated as of December 30, 2013 (as amended from time to time, the “Registration Rights Agreement”), by and among Paycom Software, Inc., Paycom Payroll, LLC, Welsh, Carson, Anderson & Stowe X, L.P., WCAS Management Corporation, WCAS Capital Partners IV, L.P., WCAS Paycom Holdings, Inc., each of the Persons listed on the signature pages attached to the Registration Rights Agreement and each other Person who executed a joinder thereto. Capitalized terms used but not otherwise defined herein shall have the respective meanings given to such terms in the Registration Rights Agreement. 

WHEREAS, pursuant to Section 11(k) of the Registration Rights Agreement, the Registration Rights Agreement may be terminated by a written agreement signed by the Company and the Holders of not less than a majority of the Registrable Securities; and

WHEREAS, the Company and the undersigned Holders desire to terminate the Registration Rights Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the undersigned, being the Holders of not less than a majority of the Registrable Securities, agree as follows:

 

1.Termination. Pursuant to Section 11(k) of the Registration Rights Agreement, the Registration Rights Agreement and all obligations, duties and rights thereunder of all parties thereto are hereby terminated, effective as of the date first written above; provided, that the provisions of Section 7 of the Registration Rights Agreement shall survive this termination.

 

2.Miscellaneous.

 

a.Entire Agreement. This Termination Agreement contains the entire understanding of the parties hereto with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. 

 

b.Successors and Assigns. All covenants and agreements in this Termination Agreement by or on behalf of any of the parties hereto will bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not. 

 

c.Severability. Whenever possible, each provision of this Termination Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Termination Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Termination Agreement.

 

d.Counterparts. This Termination Agreement may be executed in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same Termination Agreement.

 

e.GOVERNING LAW. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS TERMINATION AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE 

 

 

STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAWS OR CONFLICT OF LAWS PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

  

 

[Remainder of page intentionally left blank; signature page follows]

 

 

 

 

IN WITNESS WHEREOF, the undersigned have executed this Termination Agreement as of the date first above written.

 

Paycom Software, Inc.

 

 

By: /s/ Chad Richison

Name: Chad Richison 

Title: Chief Executive Officer

 

Ernest Group, Inc.

 

 

By: /s/ Chad Richison

Name: Chad Richison

Title: President

 

The Ruby Group, Inc.

 

 

By: /s/ Chad Richison

Name: Chad Richison

Title: President

 

 

/s/ Jeffrey D. York

Jeffrey D. YorkExhibit 10.1

      

       

      

      Execution Version

      

      

      LIMITED WAIVER AND SECOND AMENDMENT TO SECOND

      AMENDED AND RESTATED CREDIT AGREEMENT

      

      

      This LIMITED WAIVER AND SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of July 28, 2020 and is by and among SENSIENT TECHNOLOGIES CORPORATION, a Wisconsin corporation (the “Company”),
        the financial institutions signatory hereto as lenders, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent (in such capacity, the “Administrative
            Agent”).

       

      Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective
        meanings provided such terms in the Credit Agreement referred to below.

       

      W I T N E S S E T H :

       

      WHEREAS, the Company, the financial institutions party thereto (the “Lenders”) and the Administrative Agent are parties to a certain Second Amended and Restated Credit Agreement dated as of May 3, 2017 (as amended by the First Amendment to Second Amended and Restated Credit Agreement
        dated as of June 22, 2018, and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

       

      WHEREAS, the Company has notified the Administrative Agent that (a) a liquidation proceeding was instituted on April
        8, 2020 against Sensient European Shared Services Center S.R.O., a Subsidiary of the Company incorporated in the Czech Republic (the “Czech Subsidiary”), upon finding that the
        Czech Subsidiary appeared inactive after no tax returns for the years 2015-2019 or other required corporate documents were filed on its behalf, and such proceeding has continued undischarged for more than 60 days and (b) a liquidator was appointed
        for the Czech Subsidiary on April 8, 2020 and such appointment has continued undischarged for more than 60 days, in each case, resulting in an Event of Default under Section 7.1(h) of the Credit Agreement (the events described in (a) and (b),
        collectively, together with any Defaults or Events of Default, including with respect to breaches of representations in any certification or other Loan Document, resulting directly and solely therefrom, the “Specified Events of Default”);

       

      WHEREAS, the Company has requested that the Administrative Agent and the Required Lenders waive the Specified Events
        of Default; and

       

      WHEREAS, the Company, the Administrative Agent and the Lenders wish to amend the Credit Agreement 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 parties hereto hereby agree as follows:

       

      1.          Waiver.  Subject to the terms and conditions set forth herein, on the Second Amendment Effective Date, the Administrative Agent and the
            Required Lenders hereby waive the Specified Events of Default.

       

      
        
          

      

      
      2.           Amendments to Credit Agreement.  Upon the Second Amendment Effective Date (as defined below), the Credit Agreement is hereby amended as
            follows:

       

      (a)          The following new defined term is hereby added to Section 1.1 of the Credit Agreement in the appropriate alphabetical order:

       

      “Material Subsidiary” means
        any Subsidiary of the Company accounting for (a) at least 2.5% of the EBITDA of the Company and its Subsidiaries on a consolidated basis during any period in either one of the two fiscal years immediately preceding the date of any determination or
        (b) at least 2.5% of Consolidated Total Assets of the Company during either one of the two fiscal years immediately preceding the date of determination hereof; provided, that
        each Designated Subsidiary and Company Guarantor Subsidiary shall be deemed a Material Subsidiary.

       

      (b)          The first sentence in Section 4.10 of the Credit Agreement is hereby amended and restated in its entirety as follows:

       

      The Company and its Subsidiaries have each paid or caused to be paid to the proper authorities
        when due all material federal and all material state and local Taxes required to be withheld and paid by them.

       

      (c)          Section 7.1(h) of the Credit Agreement is hereby amended and restated in its entirety as follows:

       

      (h)          The Company or any Material Subsidiary shall be adjudicated a bankrupt or insolvent, or admit in writing its
            inability to pay its debts as they mature, or make an assignment for the benefit of creditors; or the Company or any Material Subsidiary shall apply for or
            consent to the appointment of any receiver, trustee, or similar officer for it or for all or any substantial part of its property; or such receiver, trustee or similar officer shall be appointed without the application or consent of the Company
            or such Material Subsidiary, and such appointment shall continue undischarged for a period of 60 days; or the Company or any Material Subsidiary shall institute (by petition, application, answer, consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution,
            liquidation or similar proceeding relating to it under the laws of any jurisdiction; or any such proceeding shall be instituted (by petition, application or otherwise) against the Company or any Material Subsidiary and shall continue undischarged for 60 days; or any judgment, writ, warrant of attachment or execution or similar process shall be issued or levied against a substantial part of the
            property of the Company or any Material Subsidiary and such judgment, writ, or similar process shall not be released, vacated, stayed or fully bonded within 60
            days after its issue or levy.

       

      (d)          Section 7.1(i) of the Credit Agreement is hereby amended and restated in its entirety as follows:

       

      (i)           A petition shall be filed by the Company or any Material Subsidiary under the United States Bankruptcy Code
            naming the Company or that Material Subsidiary as debtor; or an involuntary petition shall be filed against the Company or any Material Subsidiary under the United States Bankruptcy Code, and such petition shall not have been dismissed within 60 days after such filing; or an order for relief shall be entered in
            any case under the United States Bankruptcy Code naming the Company or any Material Subsidiary as debtor.

       

      
        2

        
          

      

      3.           Representations and Warranties.  The Company hereby represents and warrants that:

       

      (a)          The execution, delivery and performance by the Company of this Amendment have been duly authorized by all necessary corporate action and do not and will not (a) require any consent or approval of the
            stockholders of the Company, or any authorization, consent, approval, order, filing, registration or qualification by or with any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, (b) violate
            any provision of any law, rule or regulation (including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System and Section 7 of the Exchange Act or any regulation promulgated thereunder) or of any order, writ,
            injunction or decree presently in effect having applicability to the Company or of the Organizational Documents of the Company, (c) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other
            material agreement, lease or instrument to which the Company or any Subsidiary is a party or by which it or its properties may be bound or affected, or (d) result in, or require, the creation or imposition of any Lien or other charge or
            encumbrance of any nature upon or with respect to any of the properties now owned or hereafter acquired by the Company or any Subsidiary.

       

      (b)          This Amendment has been duly executed and delivered by the duly authorized officers of the Company and constitutes the legal, valid and binding obligation of the Company, enforceable in accordance with its
            terms, except to the extent that such enforcement may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by general equitable principles.

       

      (c)         Both immediately before and immediately after giving effect to this Amendment, each of the representations and warranties contained in the Credit Agreement (other than any representations and warranties
            relating to the Specified Events of Default) is correct on and as of the date hereof as if made on such date, except to the extent such representations and warranties related solely to an earlier date.

       

      (d)          Immediately before and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing (other than the Specified Events of Default waived hereby).

       

      4.           Effectiveness.  This Amendment shall become effective, and the “Second Amendment
                Effective Date” shall be deemed to have occurred, upon the occurrence or satisfaction of each of the events and conditions below:

       

      (a)          the execution and delivery of counterparts hereof by the Company, the Administrative Agent and the Required Lenders; and

       

      
        3

        
          

      

      (b)          the Administrative Agent shall have received evidence that the holders of notes under the Company’s note purchase agreements dated as of April 5, 2013, November 6, 2015, May 3, 2017, and November 1, 2018 (each
            a “Note Purchase Agreement”) have, to the extent necessary to effect a waiver of any default or event of default under each applicable Note Purchase Agreement arising as a
            result of the Specified Events of Default, waived or shall, substantially concurrently with the effectiveness of this Amendment, waive any such default or event of default thereunder, in a manner substantially consistent with the terms of this
            Amendment (or as otherwise agreed by the Administrative Agent).

       

      5.           References, Effect, Etc. Upon the effectiveness of this Amendment, each reference to the Credit Agreement in the Credit Agreement or any
            other Loan Document shall mean and be a reference to the Credit Agreement as modified by this Amendment.  Except as expressly amended hereby, the Credit Agreement and other Loan Documents, including all Guaranties and Liens granted thereunder,
            shall remain in full force and effect and are hereby ratified and confirmed.  For the avoidance of doubt, this Amendment constitutes a Loan Document.

       

      6.           No Waiver.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver
            of any right, power or remedy of the Administrative Agent or the Lenders (except to the extent such right or remedy was based upon the Specified Events of Default that will cease to exist after giving effect to this Amendment), nor constitute a
            waiver of or consent to any provision of the Credit Agreement or any other Loan Documents executed and/or delivered in connection therewith.

       

      7.          Severability.  Wherever possible, each provision of this Amendment shall be interpreted in such a manner as to be effective and valid under
            applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
            provision or the remaining provisions of this Agreement.

       

      8.          Counterparts.  This Amendment may be executed in any number of counterparts (and by the different parties hereto on separate counterparts),
            each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed signature page of this Amendment by facsimile or electronic transmission shall be effective as
            delivery of a manually executed counterpart hereof.

       

      9.            Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

       

      10.          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.

       

      *        *        *

       

      
        4

        
          

      

      IN WITNESS WHEREOF, the parties hereto have caused their duly authorized signatories to execute and deliver this
        Amendment as of the date first above written.

       

      	 	
              SENSIENT TECHNOLOGIES CORPORATION,

            
	 	
              as Company

            
	 	 
	 	
              By:

            	
              /s/ Amy M. Agallar

            
	 	 	
              Name:  Amy M. Agallar

            
	 	 	
              Title:  Vice President, Treasurer

            

      

      

      [Signature Page to Limited Waiver and Second Amendment to Second Amended and Restated Credit Agreement]

      

      

      
        
          

      

      	 	
              WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and as a Lender

            
	 	 
	 	
              By:

            	
              /s/ Jeanne Zeske

            
	 	 	
              Name:  Jeanne Zeske

            
	 	 	
              Title:  Senior Vice President

            

      

      

      [Signature Page to Limited Waiver and Second Amendment to Second Amended and Restated Credit Agreement]

       

      
        
          

      

      	 	
              KEYBANK NATIONAL ASSOCIATION,

            
	 	 
	 	
              By:

            	
              /s/ Brian P. Fox

            
	 	 	
              Name:  Brian P. Fox

            
	 	 	
              Title:  Senior Vice President

            

      

      

      [Signature Page to Limited Waiver and Second Amendment to Second Amended and Restated Credit Agreement]

      

      

      
        
          

      

      	 	
              BANK OF AMERICA, N.A.

            
	 	 
	 	
              By:

            	
              /s/ Steven K. Kessler

            
	 	 	
              Name:  Steven K. Kessler

            
	 	 	
              Title:  Senior Vice President

            

      

      

      [Signature Page to Limited Waiver and Second Amendment to Second Amended and Restated Credit Agreement]

      

      

      
        
          

      

      	 	
              PNC BANK, NATIONAL ASSOCIATION

            
	 	 
	 	
              By:

            	
              /s/ Matthew Schmaling

            
	 	 	
              Name:  Matthew Schmaling

            
	 	 	
              Title:  Managing Director

            

      

      

      [Signature Page to Limited Waiver and Second Amendment to Second Amended and Restated Credit Agreement]

      

      

      
        
          

      

      	 	
              TD BANK, N.A.

            
	 	 
	 	
              By:

            	
              /s/ Christopher Matheson

            
	 	 	
              Name:  Christopher Matheson

            
	 	 	
              Title:  Senior Vice President

            

      

      

      [Signature Page to Limited Waiver and Second Amendment to Second Amended and Restated Credit Agreement]

      

      

      
        
          

      

      	 	
              TRUIST BANK, formerly known as BRANCH BANKING AND TRUST COMPANY

            
	 	 
	 	
              By:

            	
              /s/ Sarah Salmon

            
	 	 	
              Name:  Sarah Salmon

            
	 	 	
              Title:  Senior Vice President

            
	 	 	 
	 	
              For Lenders requiring an additional signature block:

            
	 	 
	 	
              By:

            	

            
	 	 	
              Name:

            
	 	 	
              Title:

            

      

      

      [Signature Page to Limited Waiver and Second Amendment to Second Amended and Restated Credit Agreement]

      

      

      
        
          

      

      	 	
              HSBC Bank USA, National Association

            
	 	 
	 	
              By:

            	
              /s/ Shaun Kleinman

            
	 	 	
              Name:  Shaun Kleinman

            
	 	 	
              Title:  Senior Vice President

            

      

      

      [Signature Page to Limited Waiver and Second Amendment to Second Amended and Restated Credit Agreement]

      

      

      
        
          

      

      	 	
              SANTANDER BANK, N.A.

            
	 	 
	 	
              By:

            	
              /s/ Andres Barbosa

            
	 	 	
              Name:  Andres Barbosa

            
	 	 	
              Title:  Managing Director

            
	 	 
	 	
              By:

            	
              /s/ Carolina Gutierrez

            
	 	 	
              Name:  Carolina Gutierrez

            
	 	 	
              Title:  Vice President

            

      

      

      [Signature Page to Limited Waiver and Second Amendment to Second Amended and Restated Credit Agreement]

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