Document:

Employment Offer Letter Agreement

 Exhibit 10.1 

 

			
	
 

  
  
 May 31, 2011
  
 Rishi A.
Varma
 4144 Cason Street
 Houston,
Texas 77005
  
 Dear Rishi:

 
 Subject to the provisions of this letter, we would like to offer you the opportunity
to participate in the growth of TPC Group (the “Company”) as a member of our Senior Leadership Team. You will report to Michael T. McDonnell, President and Chief Executive Officer, in the position of Vice President and General Counsel, on
or before June 6, 2011.
  
 Base Salary and Target
Bonus
  
 Your base salary will be $25,000 per month paid as earned in
accordance with the Company’s payroll practices and subject to federal and state withholding taxes. You will also participate in the Company’s Senior Management Incentive Plan, which provides you with eligibility for a target bonus of 50%
of your base salary based upon the achievement of Company targets and, to the extent deemed appropriate by the Compensation Committee, individual goals set by the Compensation Committee of the Board of Directors. For calendar year 2011, any payment
under the Senior Management Incentive Plan will be prorated based upon your start date.
  
 Long Term Incentive Compensation
  
 You will also be a participant in the Company’s Long Term Incentive Plan (“LTIP”) as follows:
  

•      Initial Award: As soon as reasonably practicable after
June 6, 2011, you will receive a restricted stock unit award with a grant date value of $75,000, which shall vest in its entirety on January 1, 2014, provided that you are employed by the Company on such date.

 

•      Subsequent Awards: In addition to the foregoing Initial Award,
you will be eligible to receive an award under the LTIP for calendar year 2011 with a grant date target value of 50% of your base salary on the date of grant. Such award may come in the form of any of the award vehicles allowed pursuant to the LTIP,
with such form to be determined by the Compensation Committee of the Board of Directors.
  
 Each of these awards is anticipated to be documented through the Company’s standard award agreements approved by the Compensation Committee of the Board of Directors and provided to other senior
executives of the Company.
  
 Benefits

 
 The Company offers a Discretionary Contribution Plan/401K Plan that provides the
opportunity for wealth accumulation on a tax-advantaged basis. The Company also has
  
 Quality Products. Dependable Services.
	    	 Corporate Offices
  

5151 San Felipe, Suite 800
 Houston, Texas
77056
 713.627.7474
  

Baytown Operations
  
 4604 West Baker Road
 Baytown, Texas 77523
 281.424.2551
  
 Houston
Operations
  
 8600 Park Place Boulevard

Houston, Texas 77017
 713.477.9211

 
 Port Neches Operations

 
 2102 Spur 136
 Port Neches, Texas 77651
 409.724.4977

 

www.tpcgrp.com

			
	
 

	    	 Corporate Offices
  

5151 San Felipe, Suite 800
 Houston, Texas
77056
 713.627.7474
  

Baytown Operations
  
 4604 West Baker Road
 Baytown, Texas 77523
 281.424.2551
  
 Houston
Operations
  
 8600 Park Place Boulevard

Houston, Texas 77017
 713.477.9211

 
 Port Neches Operations

 
 2102 Spur 136
 Port Neches, Texas 77651
 409.724.4977

 
 www.tpcgrp.com

	  
  
 a full range of insurance benefits, which includes Medical Insurance, Dental Insurance, Life Insurance, LTD Insurance and Medical Spending Account. TPC Group also has salary continuation for short-term
illness and a vacation program, which for you will be set at four (4) weeks per calendar year, to be prorated for calendar year 2011 based upon your start date.
  

Executive Severance Plan
  

As soon as reasonably practicable, the Compensation Committee shall make you a Tier 1 participant in the Company’s Executive Severance Plan. The
terms and conditions of your participation in the Executive Severance Plan are set forth more fully in the plan document as in effect from time to time and will be made available to you on your request.

 
 Contingencies of Offer

 
 This offer is contingent upon your cooperation with the completion of the necessary
pre-hire paperwork, satisfactorily completion of a background check as required by the Company and the Transportation Workers Identification Credential (TWIC) Program along with passing a pre-employment drug/alcohol test and physical.

 
 Rishi, as you are aware, the position we have discussed will play an important role
in our future plans. We are excited about the opportunities and growth the Company will experience with this position, and we believe your knowledge, experience, and demonstrated skills will fit in well with our plan to grow and add value to TPC
Group.
  
 Please feel free to contact me should you have any questions. If
you agree to the terms stated herein, please sign below and either return a copy of the executed letter to me or fax a copy to (713) 475-5208.
  

Sincerely,
  
 /s/ Michael T. McDonnell
 President and Chief Executive Officer

 
 ACCEPTED AND AGREED BY:
	    

  

	
	/s/ Rishi Varma
	Rishi Varma

  

	
	 May 31, 2011

	Date

 Quality Products. Dependable Services.Fifth Amendment to the Second Amended and Restated Loan and Security Agreement

 Exhibit 10.1 
 FIFTH AMENDMENT TO SECOND AMENDED AND 
 RESTATED LOAN AND
SECURITY AGREEMENT 
 THIS FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this
“Amendment”) is made and entered into this 31st day of May, 2011, by and among MASTEC, INC., a Florida corporation (“MasTec”), the Subsidiaries of MasTec identified on the signature pages hereto (together
with MasTec, collectively the “Borrowers” and each individually a “Borrower”), and BANK OF AMERICA, N.A., a national banking association, in its capacity as collateral and administrative agent (together with
its successors in such capacity, “Agent”) for the financial institutions party from time to time to the Loan Agreement (as hereinafter defined) (collectively, the “Lenders”). 

Recitals: 
 Agent, Lenders and Borrowers are parties to a certain Second Amended and Restated Loan and Security Agreement dated July 29, 2008, as amended by a letter amendment dated December 16, 2008, a
letter amendment dated June 1, 2009, a letter amendment dated November 3, 2009, and a letter amendment dated November 24, 2010 (as so amended and at any other time amended, restated, supplemented or otherwise modified, the
“Loan Agreement”), pursuant to which Agent and Lenders have made certain revolving credit loans and letter of credit accommodations to or for the benefit of Borrowers. 

Subject to the terms and conditions of the Loan Agreement, Borrowers have requested a Revolver Commitment increase in an amount of
$50,000,000 pursuant to Section 2.1.6 of the Loan Agreement. In response to Borrowers’ request, the existing Lenders have elected not to exercise their first options to fund their Pro Rata shares of the requested increase in the
Revolver Commitments, and Agent and Borrowers have instead solicited new Lenders to provide the requested Revolver Commitments. 

A condition to the effectiveness of such Revolver Commitment increase is the execution of this Amendment by Borrowers and Agent pursuant
to the terms of Section 2.1.6 of the Loan Agreement, in order to reflect the updated Revolver Commitments of each Lender after giving effect to the requested Revolver Commitment increase. 

NOW, THEREFORE, for TEN DOLLARS ($10.00) in hand paid and other good and valuable consideration, the receipt and sufficiency of which are
hereby severally acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 1.
Definitions. Each capitalized term used in this Amendment, unless otherwise defined herein, shall have the meaning ascribed to such term in the Loan Agreement. 
 2. Amendments to Loan Agreement. Effective as of May 31, 2011 (the “Increase Effective Date”), the Loan Agreement is hereby amended as follows:

 (a) By deleting the Revolver Commitment amounts set forth opposite each Lender’s name on the
signature pages to the Loan Agreement, and by substituting in lieu thereof the Revolver Commitment amounts set forth on Schedule 1 to this Amendment, including the Revolver Commitment amounts of the new Lenders providing the requested
Revolver Commitment Increase. 

 (b) By deleting the introductory paragraph of Section 2 of the
Loan Agreement, and by substituting in lieu thereof the following new introductory paragraph: 
 Subject to the
terms and conditions of, and in reliance upon the representations and warranties made in, this Agreement and the other Loan Documents, Lenders severally agree to the extent and in the manner hereinafter set forth to make their respective shares of
the Commitments available to Borrowers in the aggregate amount up to $210,000,000, or after giving effect to the provisions of Section 2.1.6 of this Agreement, $260,000,000, as set forth herein below: 

3. Ratification and Reaffirmation. To induce Agent to enter into this Amendment and grant the accommodations set forth
herein, each Borrower hereby ratifies and reaffirms the Obligations, each of the Loan Documents and all of such Borrower’s covenants, duties, indebtedness and liabilities under the Loan Documents, as herein modified. 

4. Acknowledgments and Stipulations. To induce Agent to enter into this Amendment and grant the accommodations set forth
herein, each Borrower hereby acknowledges and stipulates that (a) the Loan Agreement and the other Loan Documents executed by such Borrower, as herein modified, are legal, valid and binding obligations of such Borrower that are enforceable
against such Borrower in accordance with the terms thereof; (b) all of the Obligations are owing and payable without defense, offset or counterclaim (and, to the extent there exists any such defense, offset or counterclaim on the date hereof,
the same is hereby waived by such Borrower); (c) the security interests and Liens granted by such Borrower in favor of Agent are duly perfected, first priority security interests and Liens, subject only to Permitted Liens; and (d) as of
the open of business on April 6, 2011, the unpaid principal amount of the Revolver Loans totaled $0, and the face amount of outstanding Letters of Credit totaled $97,493,011.26. 

5. Representations and Warranties. To induce Agent to enter into this Amendment and grant the accommodations set forth
herein, each Borrower hereby represents and warrants to Agent and Lenders that (a) no Default or Event of Default exists on the date hereof; (b) the execution, delivery and performance of this Amendment have been duly authorized by all
requisite entity action on the part of such Borrower and this Amendment has been duly executed and delivered by such Borrower; and (c) each representation and warranty made by such Borrower in the Loan Agreement, and each of Borrowers’
certifications pursuant to Section 15.18 of the Loan Agreement, is true and correct in all material respects on and as of the date hereof after giving effect to this Amendment. 

6. Reference to Loan Agreement. Upon the effectiveness of the amendments set forth in Section 2 of this
Amendment, each reference in the Loan Agreement to “this Agreement,” “hereunder,” or words of like import shall mean and be a reference to the Loan Agreement, as amended by this Amendment. 

7. Breach of Amendment. This Amendment shall be part of the Loan Agreement and any breach of any
representation, warranty or covenant contained herein shall constitute an Event of Default. 
 8. Conditions
Precedent. The amendments set forth in Section 2 of this Amendment shall become effective on the Increase Effective Date, upon the satisfaction of each of the following conditions precedent, in form and substance satisfactory to
Agent: 
 (a) Agent shall have received, in sufficient copies for each Lender, duly executed and delivered
counterparts of this Amendment from each Borrower; 
 (b) Agent shall have received, in sufficient copies for
each Lender, duly executed and delivered counterparts of the Consent and Reaffirmation from each Guarantor; 

  
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 (c) Agent shall have received duly executed Revolver Notes in favor of each
new Lender in the amount of such new Lender’s Revolver Commitment, in each case to the extent requested by such new Lender; 
 (d) Agent shall have received, in sufficient copies for each Lender, a duly executed and delivered certificate of the secretary or assistant secretary of each Obligor, which certificate shall
(i) have attached thereto the articles or certificate of incorporation and bylaws of such Obligor (or contain the certification of such secretary or assistant secretary that no amendment or modification of such articles or certificate of
incorporation or bylaws has become effective since July 29, 2008); (ii) certify that all necessary entity action (including, without limitation, shareholders’ or members’ approval, if necessary) to authorize the execution,
delivery and performance of this Amendment has been taken by such Obligor and/or its shareholders or members; and (iii) certify as to the incumbency of the officers of such Obligor executing this Amendment and any other documents in connection
herewith; 
 (e) No Default or Event of Default occurs or exists on the date hereof; 

(f) Agent shall have received, in sufficient copies for each Lender, a duly executed and delivered certificate dated as of
the Increase Effective Date signed by the Chief Financial Officer of Borrower Agent on behalf of Borrowers, including a Compliance Certificate demonstrating compliance with the terms of this Agreement and certification that, both before and after
giving effect to such increase, each representation and warranty contained in Section 9 of the Loan Agreement and each certification in Section 15.18 of the Loan Agreement is true and correct in all material respects on and
as of the Increase Effective Date (except to the extent that any such representation or warranty is stated to relate solely to an earlier date), that the requested increase is permitted under and will not violate the Indenture, and that no Default
or Event of Default exists; and 
 (g) Agent shall have received, in sufficient copies for each Lender, legal
opinions from counsel to the Borrowers in form and substance acceptable to Agent that the Loan Agreement and the requested increase in the Revolver Commitments provided for herein is permitted under and does not violate the Indenture. 

9. Additional Covenants. To induce Agent and Lenders to enter into this Amendment, Borrower covenants and agrees that,
within sixty (60) days after Agent’s request therefor, Borrowers shall execute and deliver to Agent (i) duly executed amendments to the existing Mortgages in favor of Agent, and in form and substance satisfactory to Agent, with
respect to the Real Estate located at 2801 SW 46th Avenue, Davie, Florida, SR540 Lakeland, Florida, 7221 Dr. Martin Luther King Boulevard East, Tampa, Florida, 209 Art Bryant Drive, Asheboro, North Carolina, Highway #2 East, Shevlin, Minnesota,
and 2700, 2701 and 2716 E. 5th Street and 2808 Industrial Terrace, Austin, Texas, in each case providing for the increase in the Indebtedness secured by the Mortgages and such other amendments as Agent may require, and (ii) fully paid
endorsements to Agent’s existing title insurance policies (or binding commitments to issue such endorsements), in standard ALTA form, issued by the applicable title insurance companies, and insuring the Mortgages as amended by the foregoing
amendments, as of the dates of the recording of such amendments, with no exceptions which Agent shall not have approved in writing; Borrowers shall take such action as may be required to cause Agent and Lenders to be in compliance with Regulation H
of the Board of Governors and the National Flood Insurance Act of 1968 in connection with any such mortgage amendments described in clause (i); and Borrowers shall reimburse Agent for the payment of all applicable documentary stamp, intangibles,
recording, note or other similar taxes payable with respect to the mortgage amendments described in clause (i). 

  
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 10. Expenses of Agent. To induce Agent to enter into this Amendment and grant
the accommodations set forth herein, Borrowers hereby jointly and severally agree to pay, on demand, all costs and expenses incurred by Agent in connection with the preparation, negotiation and execution of this Amendment and any other Loan
Documents executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including, without limitation, the costs and fees of Agent’s legal counsel and any taxes or expenses associated with or incurred in
connection with any instrument or agreement referred to herein or contemplated hereby. 
 11. Governing Law. This
Amendment shall be governed by and construed in accordance with the internal laws of the State of Georgia. This Amendment is intended to take effect as a document executed under seal. 

12. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. 
 13. No Novation, etc. Except as otherwise expressly provided in this
Amendment, nothing contained herein shall be deemed to amend or modify any provision of the Loan Agreement or any of the other Loan Documents, each of which shall remain in full force and effect. This Amendment is not intended to be, nor shall it be
construed to create, a novation or accord and satisfaction, and the Loan Agreement as herein modified shall continue in full force and effect. 
 14. Counterparts; Electronic Delivery. This Amendment may be executed in any number of counterparts and by different parties to this Amendment on separate counterparts, each of which, when
so executed and delivered, shall be deemed an original, but all of which shall together constitute one and the same agreement. Delivery of a manually executed counterpart of this Amendment by telefacsimile or electronic mail transmission shall be
equally effective as delivery of an original executed counterpart of this Amendment. Any party delivering a manually executed counterpart of this Amendment by telefacsimile or electronic mail transmission shall also deliver an original executed
counterpart of this Amendment, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability and binding effect of this Amendment. 
 15. Further Assurances. To induce Agent and Lenders to enter into this Amendment and grant the accommodations set forth herein, each Borrower hereby agrees to take such further actions as
Agent reasonably requests from time to time in connection herewith to evidence or give effect to the amendments set forth herein or any of the transactions contemplated hereby. 

16. Section Titles. Section titles and references used in this Amendment shall be without substantive meaning or content of
any kind whatsoever and are not a part of the agreements among the parties hereto. 
 17. Release of Claims. To induce
Agent to enter into this Amendment, each Borrower hereby releases, acquits and forever discharges Agent, and all officers, directors, agents, employees, successors and assigns of Agent, from any and all liabilities, claims, demands, actions or
causes of action of any kind or nature (if there be any), whether absolute or contingent, disputed or undisputed, at law or in equity, or known or unknown, that such Borrower now has or ever had against Agent arising under or in connection with any
of the Loan Documents or otherwise. Each Borrower represents and warrants to Agent that such Borrower has not transferred or assigned to any Person any claim that such Borrower ever had or claimed to have against Agent. 

  
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 18. Waiver of Jury Trial. To the fullest extent permitted by Applicable Law, each
party hereto hereby waives the right to trial by jury in any action, suit, counterclaim or proceeding arising out of or related to this Amendment. 
 [This space intentionally left blank; 
 signatures on following page] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed under
seal and delivered by their respective duly authorized officers on the date first written above. 
  

					
	BORROWERS:
	
	MASTEC, INC.
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 EVP & CFO

	
	MASTEC CONTRACTING COMPANY, INC.
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 EVP & CFO

	
	MASTEC SERVICES COMPANY, INC.
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 EVP & CFO

	
	MASTEC NORTH AMERICA, INC.
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 EVP & CFO

	
	CHURCH & TOWER, INC.
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 EVP & CFO

[Signatures continue on following page.] 

  
 Fifth Amendment to Second
Amended and Restated Loan and Security Agreement 

 
					
	POWER PARTNERS MASTEC, LLC
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 EVP & CFO

	
	GLOBETEC CONSTRUCTION, LLC
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 EVP & CFO

	
	THREE PHASE LINE CONSTRUCTION, INC.
		
	By:	 	 /s/ Stanley Tedder

		 	Name:	 	 Stanley Tedder 

		 	Title:	 	 President

	
	PUMPCO, INC.
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 Vice President

	
	NSORO MASTEC, LLC
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 Vice President

[Signatures continue on following page.] 

  
 Fifth Amendment to Second
Amended and Restated Loan and Security Agreement 

 
							
	WANZEK CONSTRUCTION, INC.
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 Vice President

	
	MASTEC RESIDENTIAL SERVICES, LLC
				
		 		 	By:	 	 MasTec North America, Inc.,
 its Sole Member

				
		 		 	By:	 	 /s/ C. Robert Campbell

		 		 	Name:	 	 C. Robert Campbell

		 		 	Title:	 	 EVP & CFO

	
	PRECISION PIPELINE LLC
		
	By:	 	 /s/ M. Daniel Murphy

		 	Name:	 	 M. Daniel Murphy

		 	Title:	 	 President

	
	PRECISION TRANSPORT COMPANY, LLC
		
	By:	 	 /s/ M. Daniel Murphy

		 	Name:	 	 M. Daniel Murphy

		 	Title:	 	 President

[Signatures continue on following page.] 

  
 Fifth Amendment to Second
Amended and Restated Loan and Security Agreement 

 
					
	AGENT:
	
	 BANK OF AMERICA, N.A.,
 as Agent

		
	By:	 	 /s/ Dennis S. Losin

		 	Name:	 	 Dennis S. Losin

		 	Title:	 	 Senior Vice President

  
 Fifth Amendment to Second
Amended and Restated Loan and Security Agreement 

 CONSENT AND REAFFIRMATION 

Each of the undersigned, being a guarantor of the Obligations at any time owing to Agent or Lenders, hereby (i) acknowledges receipt
of a copy of the foregoing Fifth Amendment to Second Amended and Restated Loan and Security Agreement (the “Amendment”); (ii) consents to Borrowers’ execution and delivery of the Amendment and of the other documents, instruments
or agreements any Borrower agrees to execute and deliver pursuant to the Amendment; (iii) agrees to be bound thereby; and (iv) affirms that nothing contained therein shall modify in any respect whatsoever its respective guaranty of the
Obligations and reaffirms that such guaranty is and shall remain in full force and effect. 
 IN WITNESS WHEREOF, the
undersigned have executed this Consent and Reaffirmation, as of the date of the Amendment. 
  

					
	GUARANTORS:
	
	PHASECOM SYSTEMS INC.
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 EVP & CFO

	
	INTEGRAL POWER & TELECOMMUNICATIONS CORPORATION, LTD.
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 EVP & CFO

	
	MASTEC WIRELESS SERVICES, LLC
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 EVP & CFO

	
	THREE PHASE ACQUISITION CORP.
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 EVP & CFO

	
	PRECISION ACQUISITION, LLC
		
	By:	 	 /s/ C. Robert Campbell

		 	Name:	 	 C. Robert Campbell

		 	Title:	 	 EVP & CFO of Sole Member, MasTec, Inc.

  
 Fifth Amendment to Second
Amended and Restated Loan and Security Agreement

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