Document:

nfx10q_06302011ex105.htm

Exhibit 10.5

 

NEWFIELD EXPLORATION COMPANY

2011 OMNIBUS STOCK PLAN

 

RESTRICTED STOCK AGREEMENT

 

This Restricted Stock Agreement (this “Agreement”) is made this ___ day of _________ (the “Effective Date”), by and between Newfield Exploration Company (the “Company”) and [___________] (“Director”).

 

1.           GRANT.

 

	
  

	
(a)

	
Shares.  Pursuant to the Company’s 2011 Omnibus Stock Plan and this Agreement, __________ shares (the “Restricted Stock”) of the Company’s common stock, par value $.01 (the “Common Stock”), are granted as of the Effective Date as hereinafter provided in Director’s name subject to certain restrictions described herein.  The Restricted Stock granted hereunder shall be calculated by dividing (i) $150,000 (One Hundred Fifty Thousand Dollars) by (ii) the Fair Market Value on the Effective Date, rounded down to the nearest whole number, subject to the terms set forth below.  “Fair Market Value” means as of the specified date, the closing price of the Stock on the New York Stock Exchange (or, if the Stock is not then listed on such exchange, such other national securities exchange on which the Stock is then listed) on that date, or if no prices are reported on that date, on the last preceding date on which such prices of the Stock are reported.

 

	
  

	
(b)

	
Issuance of Restricted Stock.  The Restricted Shares will be issued upon acceptance hereof by Director.

 

	
  

	
(c)

	
Plan Incorporated.  Director acknowledges receipt of a copy of the Plan, and agrees that this grant of Restricted Stock shall be subject to all of the terms and provisions of the Plan, including future amendments thereto, if any, pursuant to Article XI thereof.

 

	
2.

	
RESTRICTED STOCK.  Director hereby accepts the Restricted Stock when issued and agrees with respect thereto as follows:

 

	
  

	
(a)

	
Forfeiture Restrictions.  Except as may be otherwise provided in Article VI of the Plan, (i) the Restricted Stock may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred or disposed of to the extent then subject to the Forfeiture Restrictions; and (ii) in the event of termination of Director (as defined in the Plan) for any reason other than death or Disability (as defined in the Plan), Director shall, for no consideration, forfeit to the Company all Restricted Stock to the extent then subject to the Forfeiture Restrictions.  The prohibition against transfer and the obligation to forfeit and surrender shares to the Company upon termination as a Director are herein referred to as “Forfeiture Restrictions.”  The Forfeiture Restrictions shall be binding upon and enforceable against any transferee of Restricted Stock.

 

 

  

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(b)

	
Lapse of Forfeiture Restrictions.  The Forfeiture Restrictions shall lapse as to the Restricted Stock on the day before the date of the first annual meeting of stockholders following the date of issuance of the Restricted Stock, provided that the lapse conditions described below have been satisfied (the “Annual Meeting Lapse Date”).  The Forfeiture Restrictions shall lapse as provided above only if Director has remained a director of the Company continuously from the Effective Date through the Annual Meeting Lapse Date; provided, however, that, if Director terminates as a director by reason of death or Disability (as defined in the Plan), the Forfeiture Restrictions on all Restricted Stock issued to Director shall lapse as of the date of his or her termination as a director.  To the extent that the lapse conditions are not satisfied as of a given lapse date, Director shall for no consideration forfeit and surrender to the Company all of the Restricted Stock that are then subject to Forfeiture Restrictions.

 

	
  

	
(c)

	
Certificates.  Restricted Shares may be evidenced by the issuance of a stock certificate, pursuant to which Director shall have voting rights and receive dividends, and which shall be registered in the name of the Director and shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to the Restricted Stock.  The Company shall retain custody of any stock certificate until the Forfeiture Restrictions lapse. The Company may require Director to execute and deliver a stock power, in blank, with respect to the Restricted Stock, and the Company may exercise such stock power in the event of forfeiture.  Promptly upon the lapse of the Forfeiture Restrictions without forfeiture, the Company shall cause a new certificate or certificates to be issued without legend in the name of Director and deliver such stock certificate to the Director.

 

	
3.

	
SECURITIES LAWS.  Director agrees to be bound by such provisions as the Company may require to the end that the issuance by the Company or the sale by Director of any shares that are the subject of this Agreement shall be in compliance with the applicable securities laws.

 

	
4.

	
COMMUNITY INTEREST OF SPOUSE.  The community interest, if any, of any spouse of Director in any of the Restricted Stock shall be subject to all the terms, conditions and restrictions of this Agreement, and shall be forfeited and surrendered to the Company upon the occurrence of any of the events requiring Director’s interest in such Restricted Stock to be so forfeited and surrendered pursuant to this Agreement.

 

 

  

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5.

	
TAX WITHHOLDING AND TAX ELECTION.  To the extent the issuance of the Restricted Stock or the lapse of Forfeiture Restrictions results in the receipt of compensation by Director, the Company is authorized to withhold from any other cash compensation then or thereafter payable to Director any tax required to be withheld by reason of the receipt of compensation resulting from the issuance of shares or the lapse of Forfeiture Restrictions. Alternatively, Director may authorize the Company to retain or withhold sufficient shares of Restricted Stock otherwise receivable by Director from the Company with respect to Restricted Stock or may deliver to the Company sufficient shares of Restricted Stock to enable the Company to satisfy any such withholding requirement.  If Director makes the election authorized by section 83(b) of the Internal Revenue Code of 1986, as amended, Director shall submit to the Company a copy of the statement filed by Director to make such election.

 

	
6.

	
BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successors to the Company and all persons lawfully claiming under Director.

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunder duly authorized, and Director has executed this Agreement, all as of the date first above written.

NEWFIELD EXPLORATION COMPANY

By:  ____________________________________                                                                 

       John D. Marziotti

    Vice President, General Counsel and Secretary

 _______________________________

 [                 ]

 Director

3ex101to8k05380_07202011.htm

Exhibit 10.1

 

 

FOURTH AMENDMENT TO CREDIT AGREEMENT

 

 

This FOURTH AMENDMENT TO CREDIT AGREEMENT (the “Amendment”), dated this 20 day of July, 2011, is by and among SL INDUSTRIES, INC., a New Jersey corporation (“Parent Borrower”), the Subsidiaries of the Parent Borrower party hereto (each a “Subsidiary Borrower” and collectively, the “Subsidiary Borrowers” and together with the Parent Borrower, each a “Borrower” and collectively, the “Borrowers”), the lenders party hereto (the “Lenders”), and BANK OF AMERICA, N.A., a national banking association (acting in its capacity as administrative agent for the Lenders, the “Agent”).

 

BACKGROUND

 

A.           Pursuant to that certain Amended and Restated Revolving Credit Agreement entered into as of October 23, 2008, by and among the Borrowers, the Lenders, and the Administrative Agent, as amended by a First Amendment and Waiver under Credit Agreement, dated August 12, 2009, a Second Amendment to Credit Agreement, dated November 19, 2010, and a Third Amendment to Credit Agreement, dated March 28, 2011 (as amended, modified, restated or otherwise supplemented from time to time, the “Credit Agreement”), the Lenders agreed, inter alia, to extend to the Borrowers a revolving credit facility of Forty Million Dollars ($40,000,000).

 

B.           The Borrowers have requested, and the Lenders have agreed, upon the terms and subject to the conditions set forth herein, to: (i) extend the Maturity Date of the Credit Agreement to July 1, 2012; and (ii) make certain amendments to the Applicable Margin and the Commitment Fee Margin.

 

NOW, THEREFORE, for value received, and in consideration of Loans made or to be made, and other credit accommodations given or to be given, to the Borrowers by the Lenders from time to time, each Borrower, each Lender and the Agent hereby agree as follows:  

 

1.            Definitions.  Except as expressly set forth herein, all capitalized terms used and not defined herein shall have the respective meanings ascribed thereto in the Credit Agreement.

 

2.            Amendment to Section 11.1 of the Credit Agreement. The definition of “Maturity Date” in Section 11.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“Maturity Date” means July 1, 2012.

 

3.            Amendment to Section 11.1 of the Credit Agreement. The table set forth in the definition of “Applicable Margin” in Section 11.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

  

  

  

 

	
Tier

	
If the Total Leverage Ratio is:

	
Then the Applicable Margin is

	
LIBOR Rate+

	
Base Rate+

	
1

	
Less than or equal to 1.50 to 1.00

	
1.50%

	
0.00%

	
2

	
Greater than 1.50 to 1.00, but less than or equal to 2.50 to 1.00

	
2.00%

	
0.25%

	
3

	
Greater than 2.50 to 1.00, but less than or equal to 3.00 to 1.00

	
2.50%

	
0.50%

	
4

	
Greater than 3.00 to 1.00

	
3.00%

	
0.75%

 

4.           Amendment to Section 11.1 of the Credit Agreement. The table set forth in the definition of “Commitment Fee Margin” in Section 11.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

	
Tier

	
If the Total Leverage Ratio is:

	
Then the Commitment Fee Margin is

	
1

	
Less than or equal to 1.50 to 1.00

	
0.35%

	
2

	
Greater than 1.50 to 1.00, but less than or equal to 2.50 to 1.00

	
0.40%

	
3

	
Greater than 2.50 to 1.00, but less than or equal to 3.00 to 1.00

	
0.45%

	
4

	
Greater than 3.00 to 1.00

	
0.50%

 

5.            Restatement of Schedule A of the Credit Agreement.  Schedule A of the Credit Agreement is amended and restated in its entirety by Schedule A attached hereto.

 

6.            No Waiver.  No Default or Event of Default exists immediately before or immediately after the date hereof.  Nothing in this Amendment nor any communication between the Agent, any Lender, the Loan Parties or any of their respective officers, agents, employees or representatives shall be deemed to constitute a waiver of:  (i) any Default or Event of Default arising as a result of the foregoing representation proving to be false or incorrect in any material respect; or (ii) any rights or remedies which the Agent or any Lender has against the Loan Parties under the Credit Agreement or any other Loan Document and/or applicable law, with respect to any such Default or Event of Default arising as a result of the foregoing representation proving to be false or incorrect in any material respect.

 

7.            Representations and Warranties.  Each of the Borrowers hereby represents and warrants to the Agent and the Lenders that:  (i) the representations and warranties set forth in the Credit Agreement are true and correct in all material respects as of the date hereof; (ii) there is no Default or Event of Default under the Credit Agreement; (iii) each Borrower has the corporate or limited liability company power necessary to execute, deliver this Amendment, to the extent each is a party thereto; and (iv) the execution, delivery and performance of this Amendment have been duly authorized by the applicable governing body of each Borrower, and when executed, this Amendment will constitute the valid, binding and enforceable obligations of each Borrowers.

 

  

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8.            Further Agreements and Representations.  Each of the Borrowers hereby, jointly and severally:

 

(a)           ratifies, confirms and acknowledges that the Credit Agreement, as amended hereby, and all other Loan Documents continue to be valid, binding and in full force and effect as of the date hereof, and enforceable in accordance with their terms;

 

(b)           covenants and agrees to perform all of their respective obligations under the Credit Agreement, as amended hereby, and all other Loan Documents;

 

(c)           acknowledges and agrees that as of the date hereof, no Borrower has any defense, set-off, counterclaim or challenge against the payment of any sums owing to the Agent or the Lenders or the enforcement of any of the terms of the Credit Agreement, as amended hereby, or any of the other Loan Documents;

 

(d)           acknowledges and agrees that all Loans presently or hereafter outstanding under the Loan Documents shall continue to be secured by the Collateral;

 

(e)           acknowledges and agrees that this Amendment does not constitute a novation of the Loans;

 

(f)            ratifies, confirms and continues all rights and remedies granted to the Agent and the Lenders in the Loan Documents; and

 

(g)           ratifies and confirms all waivers made by the Borrowers in the Loan Documents.

 

9.           Conditions to Effectiveness of this Amendment.  The Agent’s and the Lenders’ obligations hereunder are conditioned upon the satisfaction by the Borrowers of the following conditions precedent:

 

(a)           receipt by the Agent of this Amendment, duly executed by each of the Borrowers and Lenders;

 

(b)           receipt by each Lender of an amendment fee equal to ten basis points (0.10%) multiplied by such Lender’s Commitment;

 

(c)           receipt by the Agent of such additional agreements, instruments, documents, writings and actions as the Agent and the Lenders may reasonably request; and

 

  

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(d)           receipt by the Agent of all fees, costs and expenses, including reasonable fees of counsel to Agent.

 

10.           Miscellaneous.

 

(a)           No reference to this Amendment need be made in the Credit Agreement or in any other Loan Document.

 

(b)           This Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, that no Loan Party shall assign its rights or obligations under this Amendment.

 

(c)           This Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to the choice of law doctrine of the Commonwealth of Pennsylvania.

 

(d)           This Amendment may be executed in any number of counterparts with the same effect as if all the signatures on such counterparts appeared on one document and each such counterpart shall be deemed an original.  Any signature on this Amendment, delivered by any party by facsimile transmission shall be deemed to be an original signature thereto.

 

(e)           To the extent of any inconsistency between the terms and conditions of this Amendment and the terms and conditions of the Loan Documents, the terms and conditions of this Amendment shall prevail.  All terms and conditions of the Credit Agreement and any other Loan Documents not inconsistent herewith shall remain in full force and effect.

 

(f)           This Amendment is the entire agreement between the parties relating to the subject matter hereof, incorporates or rescinds all prior agreements and understandings between the parties hereto relating to the subject matter hereof, cannot be changed or terminated orally or by course of conduct, and shall be deemed effective as of the date it is accepted by the Agent.

 

(g)           Except as expressly set forth herein, neither the execution, delivery or performance of this Amendment, nor anything contained herein, shall be construed as or shall operate as a course of conduct, course of dealing or a consent to or waiver of any provision of, or any right, power or remedy of the Agent or any Lender under, the Credit Agreement and the agreements and documents executed in connection therewith.

 

[remainder of page intentionally left blank]

 

  

4

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to Credit Agreement to be duly executed as of the date first above written.

 

 

	
Parent Borrower:

	  
	
SL INDUSTRIES, INC.

	  
	  
	
By:

	
/s/ Louis J. Belardi

	
Name:

	
Louis J. Belardi

	
Title

	
Chief Financial Officer

	  
	  
	
Subsidiary Borrowers:

	  
	
SL DELAWARE, INC.

	
SL DELAWARE HOLDINGS, INC.

	
MTE CORPORATION

	
RFL ELECTRONICS INC.

	
SL MONTEVIDEO TECHNOLOGY, INC.

	
CEDAR CORPORATION

	
TEAL ELECTRONICS CORPORATION

	
MEX HOLDINGS LLC

	
SL POWER ELECTRONICS CORPORATION

	
SLGC HOLDINGS, INC.

	
SL AUBURN, INC.

	
SL SURFACE TECHNOLOGIES, INC.

	  
	  
	
By:

	
/s/ Louis J. Belardi

	
Name:

	
Louis J. Belardi

	
Title

	
Authorized Officer

 

 

[Signature page to Fourth Amendment to Credit Agreement]

 

  

 

  

 

	
BANK OF AMERICA, N.A., in its capacity as Agent

	  
	  
	
By:

	
/s/ Andrew Richards

	
Name:

	
Andrew Richards

	
Title

	
SVP

 

 

[Signature page to Fourth Amendment to Credit Agreement]

 

  

 

  

 

	
BANK OF AMERICA, N.A., in its capacity as a Lender

	  
	  
	
By:

	
/s/ Andrew Richards

	
Name:

	
Andrew Richards

	
Title

	
SVP

 

[Signature page to Fourth Amendment to Credit Agreement]

 

  

 

  

	
PNC BANK, NATIONAL ASSOCIATION

	  
	  
	
By:

	
/s/ Denise V. Monahan

	
Name:

	
Denise V. Monahan

	
Title

	
Senior Vice President

 

[Signature page to Fourth Amendment to Credit Agreement]

 

  

 

  

	
WELLS FARGO BANK, NATIONAL ASSOCIATION

	  
	  
	
By:

	
/s/ Barbara Martinelli

	
Name:

	
Barbara Martinelli

	
Title:

	
Senior Vice President

 

[Signature page to Fourth Amendment to Credit Agreement]

 

  

 

  

 

Schedule A

 

Lenders and Commitments

 

	
Lender

	
Commitment

	
Bank of America, N.A.

	
$20,000,000

	
PNC Bank, National Association

	
$10,000,000

	
Wells Fargo Bank, National Association

	
$10,000,000

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