Document:

EX-10.120

ITC Holdings Corp.

Recoupment Policy

Adopted November 26, 2013

It is the policy of the Board of Directors (the “Board”) of ITC Holdings Corp.(the “Company”)
that the Board, or the Compensation Committee (the “Committee”) at the Board’s direction, will, as
provided below and to the extent permitted by applicable law, recoup bonus or other incentive-based
or equity-based compensation paid to, and profits recognized in Company stock sales by, a Company
officer who is subject to Section 16(b) of the Securities Exchange Act of 1934, as amended
(“Officer”), where the payment was predicated upon the achievement of certain financial results
that were subsequently the subject of a restatement and where such restatement was due to the
material non-compliance by the Company, as a result of misconduct, with any financial reporting
requirement under securities laws.

Where applicable, each such Officer shall be required to reimburse the Company for an amount equal
to the sum of:

	 	•	 	any bonus or other incentive-based or equity-based compensation received, earned or
recognized by the Officer from the Company during the 12-month period following the first
public issuance or filing with the Securities and Exchange Commission (the “SEC”)
(whichever occurs first) of the financial document embodying such financial reporting
requirement in excess of the amount that would have been received, earned or recognized if
the restated financial results had been released instead; and

	 	•	 	any profits realized by the Officer from the sale of securities of the Company during
that 12-month period.

The Board or Committee will determine, in its reasonable discretion and based on all circumstances
and factors it deems relevant, the amount, form and timing of recovery from each Officer (which
shall be net of any recovery on behalf of the Company as a result of an SEC action pursuant to
Section 304 of the Sarbanes-Oxley Act of 2002 (15 USC 7243) occurring before or after the Board’s
or Committee’s determination). The Board’s or Committee’s determination on all such matters in
this policy shall be final and binding.

This policy shall apply to equity-based grants made after the date of adoption of this policy and
to incentive cash compensation awards made for performance in years beginning with fiscal 2014.
Nothing in this policy is intended to supersede or otherwise limit any right of the SEC to enforce
Section 304 of the Sarbanes-Oxley Act of 2002 (15 USC 7243) against any person subject to this
policy.

In adopting this policy, the Board acknowledges that the New York Stock Exchange has yet to adopt a
listing standard regarding this subject as required by the Dodd-Frank Wall Street Reform and
Consumer Protection Act. At such time as such listing standard is adopted, the Board will amend or
revise this policy to conform to such guidance as necessary.

Consent to the Recoupment Policy of

ITC Holdings Corp.

This agreement (“Agreement”) is made as of      , 2013 by and between ITC Holdings Corp., a
Michigan corporation (the “Company”), and        (the “Executive”).

In exchange for any incentive compensation paid to the Executive and other good and valuable
consideration, receipt of which is acknowledged, the parties hereby agree as follows:

1. The Executive agrees to be bound fully by the terms of the Company’s Recoupment Policy as in
effect from time to time, a copy of the present form of which is attached hereto.

2. In the event it is determined by the Board of Directors of the Company (or a committee thereof)
that compensation or stock sale proceeds must be reimbursed by the Executive to the Company in
accordance with the Recoupment Policy, the Executive will promptly take any action necessary to
effectuate such reimbursement.

3. The Recoupment Policy applies notwithstanding the terms of any plan, policy or agreement under
which compensation is granted or the terms of any agreement to which the Executive is a party. This
Agreement shall be deemed an amendment to any such agreement now in existence or executed in the
future, in each case to the extent necessary to give full effect to the Recoupment Policy.

4. Any amendments to the Recoupment Policy after the date hereof, including any amendments to
comply with applicable law or stock exchange requirement, will be applicable to the Executive. If
the terms of the Recoupment Policy and this Agreement conflict, the terms of the Recoupment Policy
shall prevail.

5. The laws of the State of Michigan, without regard to its conflict of law provisions, shall
govern the interpretation and validity of the provisions of this Agreement and all questions
relating to this Agreement. This Agreement shall be binding on the Executive and his or her heirs,
successors and legal representatives, and on the Company and its successors. In the event that any
provision of this Agreement, or the application thereof, becomes or is declared by a court of
competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement shall
continue in full force and effect and shall be interpreted so as reasonably to effect the intent of
the parties hereto.

6. This Agreement sets forth the entire understanding of the parties and supersedes all prior
agreements, arrangements, and other communications, whether oral or written, pertaining to the
subject matter hereof; and, except as provided in paragraph 4 above, this Agreement shall not be
modified or amended except by written agreement of the Company and the Executive.

IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement effective as of the
day and year first above written.

	 	 	 
	     

[Name of Executive]
	 	ITC Holdings Corp.

     

By:

	 	 	Its:exhibit_10-1.htm

EXHIBIT 10.1

 

AMENDMENT NO. 4

TO CREDIT AGREEMENT

 

This Amendment No. 4 to Credit Agreement is dated as of December 2, 2013 (the “Agreement”), and is among the Lenders identified on the signature pages hereof as Lenders (which Lenders constitute the Required Lenders and, as applicable, all of the Lenders directly affected by the applicable amendments to be effected by this Agreement), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), as agent for the Lenders (Wells Fargo, in that capacity, “Agent”), and PAC-VAN, INC., an Indiana corporation (“Borrower”).

 

The Lenders, Agent, and Borrower are party to a Credit Agreement dated as of September 7, 2012 (as amended, restated, supplemented, or otherwise modified before the date of this Agreement, the “Credit Agreement”).

 

The parties also desire to modify the Credit Agreement in certain respects.

 

The parties therefore agree as follows:

 

1. Definitions. Defined terms used but not defined in this Agreement are as defined in the Credit Agreement.

 

2. Amendments to Credit Agreement.

 

(a) To correct a scrivener’s error, clause (e) of the definition of “Borrowing Base” in Schedule 1.1 to the Credit Agreement is hereby amended to read in its entirety as follows, effective as of the effective date of Amendment No. 3 to Credit Agreement dated as of June 30, 2013, between Agent, Borrower, and the Lenders party thereto:

 

“           (e)           [reserved]; minus”

 

(b) Clause (k) of the definition of “Permitted Acquisition” in Schedule 1.1 to the Credit Agreement is hereby amended to read in its entirety as follows:

 

“           (k)           the Purchase Price in respect of all Permitted Acquisitions (including the proposed Acquisition) shall not exceed $30,000,000 in the aggregate during the term of the Agreement.”

 

3. Representations. To induce Agent and the Lenders to enter into this Agreement, Borrower hereby represents to Agent and the Lenders as follows:

 

	
(1)  

	
that Borrower is duly authorized to execute and deliver this Agreement and is and will continue to be duly authorized to borrow monies under the Credit Agreement, as amended by this Agreement, and to perform its obligations under the Credit Agreement, as amended by this Agreement;

 

	
(2)  

	
that the execution and delivery of this Agreement and the performance by Borrower of its obligations under the Credit Agreement, as amended by this Agreement, do not and will not conflict with any provision of law or of the articles of incorporation or bylaws of Borrower or of any agreement binding upon Borrower;

 

  

1

  

	
(3)  

	
that the Credit Agreement, as amended by this Agreement, is a legal, valid, and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as enforceability is limited by bankruptcy, insolvency, or other similar laws of general application affecting the enforcement of creditors’ rights or by general principles of equity limiting the availability of equitable remedies;

 

	
(4)  

	
that the representations and warranties set forth in Section 4 of the Credit Agreement, as amended by this Agreement, are true and correct in all material respects (but if any representation or warranty is by its terms qualified by concepts of materiality, that representation or warranty is true and correct in all respects), in each case with the same effect as if such representations and warranties had been made on the date of this Agreement, with the exception that all references to the financial statements mean the financial statements most recently delivered to Agent except for such changes as are specifically permitted under the Credit Agreement and except to the extent that any such representation or warranty expressly relates to an earlier date;

 

	
(5)  

	
that Borrower has complied with and is in compliance with all of the covenants set forth in the Credit Agreement, as amended by this Agreement, including those set forth in Section 5, Section 6, and Section 7 of the Credit Agreement; and

 

	
(6)  

	
that as of the date of this Agreement, no Default or Event of Default has occurred and is continuing.

 

4. Conditions. The effectiveness of this Agreement is subject to satisfaction of the following conditions:

 

	
(1)  

	
that Agent has received this Agreement executed by Agent, the Lenders, and Borrower;

 

	
(2)  

	
that Agent has received copies (executed or certified, as appropriate) of all other legal documents or minutes of proceedings taken in connection with the execution and delivery of this Agreement to the extent Agent or its counsel reasonably requests;

 

	
(3)  

	
that Borrower has paid all fees and expenses required to be paid by Borrower on the date of this Agreement under this Agreement, the Credit Agreement, or the other Loan Documents; and

 

	
(4)  

	
that all legal matters incident to the execution and delivery of this Agreement are satisfactory to Agent and its counsel.

 

5. Release. Borrower hereby waives and releases any and all current existing claims, counterclaims, defenses, or set-offs of every kind and nature which it has or might have against Agent or any Lender arising out of, pursuant to, or pertaining in any way to the Credit Agreement, any and all documents and instruments delivered in connection with or relating to the foregoing, or this Agreement. Borrower hereby further covenants and agrees not to sue Agent or any Lender or assert any claims, defenses, demands, actions, or liabilities against Agent or any Lender which occurred prior to or as of the date of this Agreement arising out of, pursuant to, or pertaining in any way to the Credit Agreement, any and all documents and instruments delivered in connection with or relating to the foregoing, or this Agreement.

 

  

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6. Miscellaneous.

 

(a) This Agreement is governed by, and is to be construed in accordance with, the laws of the State of Illinois. Each provision of this Agreement is severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision.

 

(b) This Agreement binds Agent, the Lenders and Borrower and their respective successors and assigns, and will inure to the benefit of Agent, the Lenders and Borrower and the successors and assigns of Agent and each Lender.

 

(c) Except as specifically modified or amended by the terms of this Agreement, all other terms and provisions of the Credit Agreement and the other Loan Documents are incorporated by reference in this Agreement and in all respects continue in full force and effect.  Borrower, by execution of this Agreement, hereby reaffirms, assumes, and binds itself to all of the obligations, duties, rights, covenants, terms, and conditions that are contained in the Credit Agreement and the other Loan Documents.

 

(d) Each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” or words of like import, and each reference to the Credit Agreement in any and all instruments or documents delivered in connection therewith, will be deemed to refer to the Credit Agreement, as amended by this Agreement.

 

(e) This Agreement is a Loan Document.  Borrower acknowledges that Agent’s reasonable costs and out-of-pocket expenses (including reasonable attorneys’ fees) incurred in drafting this Agreement and in amending the Loan Documents as provided in this Agreement constitute Lender Group Expenses.

 

(f) The parties may sign this Agreement in several counterparts, each of which will be deemed to be an original but all of which together will constitute one instrument.

 

[Signature pages to follow]

 

 

  

3

  

The parties are signing this Amendment No. 4 to Credit Agreement as of the date stated in the introductory clause.

	  	  	  	  
	  	
PAC-VAN, INC.,

as a Borrower  

 

	  	
By:  

	
/s/ Christopher A. Wilson

	  	
Name: 

	
Christopher A. Wilson

	  	
Title

	
Secretary

  

  

  

 

	  	  	  	  
	  	
WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Agent and as a Lender

 

	  	
By:  

	
/s/ Brian Hynds

	  	
Name: 

	
Brian Hynds

	  	  	
Its Authorized Signatory

 

 

  

  

  

 

 

	  	  	  	  
	  	
HSBC BANK USA, N.A.,

as a Lender

 

	  	
By:  

	
/s/ Thomas Kainamura

	  	
Name: 

	
Thomas Kainamura

	  	  	
Its Authorized Signatory

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