Document:

Amendment No. 1 to Second Amended and Restated Credit Agreement

 Exhibit 10.3 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT 
 THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (this
“Amendment”), dated as of March 26, 2008, is made by and among WORLD FUEL SERVICES CORPORATION, a Florida corporation (“WFS”), WORLD FUEL SERVICES EUROPE, LTD., a corporation organized and
existing under the laws of the United Kingdom (“WFS Europe”), and WORLD FUEL SERVICES (SINGAPORE) PTE. LTD., a corporation organized and existing under the laws of Singapore (“WFS Singapore”, and together
with WFS and WFS Europe, each a “Borrower” and collectively the “Borrowers”), BANK OF AMERICA, N.A., a national banking association organized and existing under the laws of the United States (“Bank of
America”), in its capacity as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), and each of the Lenders signatory hereto. Capitalized terms used but not otherwise defined herein have the
respective meanings ascribed to them in the Credit Agreement as defined below. 
 WITNESSETH: 
 WHEREAS, the Borrowers, Bank of America, as Administrative Agent, Swing Line Lender and L/C Issuer, and the Lenders have entered into that Second
Amended and Restated Credit Agreement, dated as of December 21, 2007 (as hereby amended and as from time to time hereafter further amended, modified, supplemented, restated, or amended and restated, the “Credit Agreement”),
pursuant to which the Lenders have made available to Borrowers a revolving credit facility with a swing line sublimit and a letter of credit sublimit; 
 WHEREAS, as a condition to making the revolving credit facility available to the Borrowers the Lenders have required that WFS and certain of its Subsidiaries guarantee payment of the Obligations; 
 WHEREAS, the Borrowers have requested that the Required Lenders consent to amend certain provisions of the Credit Agreement, as more particularly
set forth below, and the Administrative Agent and the Lenders signatory hereto are willing to effect such amendment on the terms and conditions contained in this Amendment; 
 NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows: 
 1. Amendments to Credit Agreement. Subject to the terms and conditions set forth herein, the
Credit Agreement is hereby amended as follows: 
  

	 	(a)	Section 7.05(a) is amended by deleting “ninety (90)” in the seventh line and inserting “one hundred twenty (120)”in lieu thereof.

 2. Effectiveness; Conditions Precedent. The effectiveness of this Amendment and the amendments to
the Credit Agreement herein provided are subject to the satisfaction of the following conditions precedent: 
  

	 	(a)	the Administrative Agent shall have received one or more counterparts of this Amendment, duly executed by each of the Borrowers, each of the Guarantors, the Administrative Agent,
and each of the Lenders; and 

  

	 	(b)	such other certificates, instruments and documents as the Administrative Agent shall reasonably request. 

 3. Consent and Confirmation of the Guarantors. Each of the Guarantors hereby consents, acknowledges and agrees to the amendments set forth herein
and hereby confirms and ratifies in all respects the Guaranty (including without limitation the continuation of each such Guarantor’s payment and performance obligations thereunder upon and after the effectiveness of this Amendment and the
amendments contemplated hereby) and the enforceability of the Guaranty against each Guarantor in accordance with its terms. 
 4.
Representations and Warranties. In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the Borrowers represent and warrant to the Administrative Agent and the Lenders as follows: 
  

	 	(a)	The representations and warranties contained in Article V of the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the
date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date; 

  

	 	(b)	The Persons appearing as Guarantors on the signature pages to this Agreement constitute all Persons who are required to be Guarantors pursuant to the terms of the Credit Agreement
and the other Loan Documents, including without limitation all Persons who became Material Subsidiaries or were otherwise required to become Guarantors after the Closing Date, and each of such Persons has become and remains a party to a Guaranty as
a Guarantor; 

  

	 	(c)	This Agreement has been duly authorized, executed and delivered by the Borrowers and the Guarantors party hereto and constitutes a legal, valid and binding obligation of such
parties, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally; and 

  

	 	(d)	No Default or Event of Default has occurred and is continuing. 

 5. Entire Agreement. This Amendment, together with the Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject
matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, 

  

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representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such
promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any
party to the other in relation to the subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with
Section 10.01 of the Credit Agreement. 
 6. Full Force and Effect of Amendment. Except as hereby specifically amended,
modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to their respective terms. 
 7. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against any party
whose signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, facsimile or other electronic transmission (including
..PDF) shall be effective as delivery of a manually executed counterpart of this Amendment. 
 8. Governing Law. This Amendment shall
in all respects be governed by, and construed in accordance with, the laws of the State of New York. 
 9. Enforceability. Should any
one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto. 
 10. References. All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit Agreement, as amended
hereby. 
 11. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of Borrowers, the Administrative
Agent, the Guarantors, the Lenders and their respective successors and assignees to the extent such assignees are permitted assignees as provided in Section 10.06 of the Credit Agreement. 
 [Signature pages follow.] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made, executed and
delivered by their duly authorized officers as of the day and year first above written. 
  

			
	BORROWERS:
	
	WORLD FUEL SERVICES CORPORATION
		
	By:	 	 /s/ Ira M. Birns

	Name:	 	Ira M. Birns
	Title:	 	Executive Vice President/Chief Financial Officer
	
	WORLD FUEL SERVICES EUROPE, LTD.
		
	By:	 	 /s/ Ira M. Birns

	Name:	 	Ira M. Birns
	Title:	 	Vice President
	
	WORLD FUEL SERVICES (SINGAPORE) PTE. LTD.
		
	By:	 	 /s/ Francis Lee Boon Meng

	Name:	 	Francis Lee Boon Meng
	Title:	 	Managing Director

  

			
	PARENT GUARANTOR:
	
	WORLD FUEL SERVICES CORPORATION
		
	By:	 	 /s/ Ira M. Birns

	Name:	 	Ira M. Birns
	Title:	 	Executive Vice President/Chief Financial Officer

  

			
	DOMESTIC GUARANTORS:
	
	 WORLD FUEL SERVICES CORPORATE AVIATION SUPPORT SERVICES, INC.

	WORLD FUEL SERVICES CANADA, INC.
	ADVANCE PETROLEUM, INC.
	BASEOPS INTERNATIONAL, INC.
	WORLD FUEL SERVICES, INC.
	WORLD FUEL SERVICES COMPANY, INC.
	KROPP HOLDINGS, INC.
		
	By:	 	 /s/ Ira M. Birns

	Name:	 	Ira M. Birns
	Title:	 	Vice President

  

			
	LIMITED GUARANTOR:
	
	WORLD FUEL SERVICES EUROPE, LTD.
		
	By:	 	 /s/ Ira M. Birns

	Name:	 	Ira M. Birns
	Title:	 	Vice President

  

			
	LIMITED GUARANTORS:
	
	 WORLD FUEL SERVICES (SINGAPORE) PTE, LTD.

	 WORLD FUEL SINGAPORE HOLDING COMPANY I PTE. LTD.

		
	By:	 	 /s/ Francis Lee Boon Meng

	Name:	 	Francis Lee Boon Meng
	Title:	 	Managing Director

  

			
	LIMITED GUARANTORS:
	
	 WORLD FUEL SERVICES FINANCE COMPANY, S.A.R.L.

	TRAMP OIL & MARINE LTD.
		
	By:	 	 /s/ Peter D. Tonyan

	Name:	 	Peter D. Tonyan
	Title:	 	Director
	
	 WORLD FUEL CAYMAN HOLDING COMPANY I, LTD.

	 WORLD FUEL CAYMAN HOLDING COMPANY III

		
	By:	 	 /s/ Peter D. Tonyan

	Name:	 	Peter D. Tonyan
	Title:	 	Vice President of Finance

  

			
	 LIMITED GUARANTOR:

	
	 WORLD FUEL SERVICES EUROPEAN HOLDING COMPANY I, LTD.

		
	 By:
	 	 /s/ Steven A. Scoppetuolo

	 Name:
	 	Steven A. Scoppetuolo
	 Title:
	 	Director

  

			
	 LIMITED GUARANTOR:

	
	 TRANS-TEC SERVICES (UK) LTD.

		
	 By:
	 	 /s/ Richard Williams

	 Name:
	 	Richard Williams
	 Title:
	 	Sole Director

  

			
	 LIMITED GUARANTORS:

	
	 TRAMP OIL (BRASIL) LTDA.

		
	 By:
	 	 /s/ Ricardo Gomara

	 Name:
	 	Ricardo Gomara
	 Title:
	 	Officer
	
	 TOBRAS DISTRIBUIDORA DE COMBUSTIVEIS, LTDA.

		
	 By:
	 	 /s/ Ricardo Gomara

	 Name:
	 	Ricardo Gomara
	 Title:
	 	Manager

  

			
	 LIMITED GUARANTOR:

	
	 MARINE ENERGY ARABIA CO. (L.L.C.)

		
	 By:
	 	 /s/ Malcolm Neil McLean

	 Name:
	 	Malcolm Neil McLean
	 Title:
	 	Managing Director

  

			
	 BANK OF AMERICA, N.A., as
 Administrative Agent

		
	 By:
	 	 /s/ Anne Zeschke

	 Name:
	 	Anne Zeschke
	 Title:
	 	Assistant Vice President

  

			
	 BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender

		
	 By:
	 	 /s/ Jamie Freeman

	 Name:
	 	Jamie Freeman
	 Title:
	 	Senior Vice President

  

			
	 HSBC BANK USA, NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ Jose V. Mazariegos

	 Name:
	 	Jose V. Mazariegos
	 Title:
	 	Senior Vice President

  

			
	 REGIONS BANK

		
	 By:
	 	 /s/ Stephen Hanas

	 Name:
	 	Stephen Hanas
	 Title:
	 	Senior Vice President

  

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ John Costa

	 Name:
	 	John Costa
	 Title:
	 	Senior Vice President

  

			
	 COMMERCE BANK, N.A.

		
	 By:
	 	 /s/ Peter L. Davis

	 Name:
	 	Peter L. Davis
	 Title:
	 	Senior Vice President

  

			
	 RAYMOND JAMES BANK, FSB

		
	 By:
	 	 /s/ Garrett McKinnon

	 Name:
	 	Garrett McKinnon
	 Title:
	 	Vice President

  

			
	 CAROLINA FIRST BANK

		
	 By:
	 	 /s/ Christian B. Colson

	 Name:
	 	Christian B. Colson
	 Title:
	 	Senior Vice President

  

			
	 CITY NATIONAL BANK OF FLORIDA

		
	 By:
	 	 /s/ Carol F. Fine

	 Name:
	 	Carol F. Fine
	 Title:
	 	Senior Vice President

  

			
	 ISRAEL DISCOUNT BANK OF NEW YORK

		
	 By:
	 	 /s/ Dilian G. Schulz

	 Name:
	 	Dilian G. Schulz
	 Title:
	 	Senior Vice President
		
	 By:
	 	 /s/ Christopher Meade

	 Name:
	 	Christopher Meade
	 Title:
	 	Vice President

  

			
	 MERCANTIL COMMERCEBANK NA

		
	 By:
	 	 /s/ Alan Hills

	 Name:
	 	Alan Hills
	 Title:
	 	Senior Vice PresidentSecond Amendment to the World Fuel Services Corporation 2006 Omnibus Plan

 Exhibit 10.4 
 SECOND AMENDMENT TO THE 
 WORLD FUEL SERVICES CORPORATION 
 2006 OMNIBUS PLAN 
 THIS AMENDMENT (the “Amendment”), made on this 23rd day of June, 2008, to the WORLD FUEL SERVICES CORPORATION 2006 OMNIBUS PLAN (the “Plan”), by World Fuel Services Corporation, a Florida
corporation (the “Company”). 
 WITNESSETH: 
 WHEREAS, the Company did adopt the Plan, effective as of June 20, 2006, for the benefit of its eligible Participants so that the Company
could attract, retain, motivate, and reward participants and further align Participant’s interests with those of the Company’s other shareholders through compensation that is based on the Company’s common stock; and 
 WHEREAS, pursuant to Section VII of the Plan, the Board of Directors of the Company (the “Board”) reserved the right to amend the
Plan; and 
 WHEREAS, the Board amended the Plan on February 26, 2008 pursuant to the First Amendment to the World Fuel Services
Corporation 2006 Omnibus Plan; and 
 WHEREAS, the Board wishes to further amend the Plan to (i) modify the provision relating to
Award adjustments on account of certain corporation transactions involving the Company, (ii) establish that awards that are considered to be “non-qualified deferred compensation plans” for purposes of Section 409A of the Code
will be subject to the applicable requirements of Section 409A of the Code, including rules regarding the timing of payments and any deferral elections; and (iii) modify the provision relating to acceleration of assumed or substituted
equity awards; and has adopted this Amendment and authorized and directed the officers of the Company to execute it on behalf of the Company. 
 NOW, THEREFORE, effective as of June 3, 2008, the Plan shall be and hereby is amended as follows: 
  

	 	1.	Paragraph (f) of Section 4.2 of the Plan is hereby amended to read as follows: 

 “(f) In the event of any transaction that constitutes an “equity restructuring” under the Statement of Financial Accounting Standards 123R, as amended (“FAS123R”), such as a stock
dividend, stock split, spin-off, rights offering, or recapitalization through a large, non-recurring cash dividend, the Committee shall adjust each Award, in such manner as the Committee shall determine, to equalize the fair value of the Award
before and after any such equity restructuring, if and to the extent that such adjustment is required to avoid any incremental compensation cost with respect to the Award under FAS123R or other applicable financial accounting principles. In
addition, in the event of any equity restructuring or any 

 
other corporate action (including any merger, consolidation, combination, or exchange of shares), the Committee may make such other adjustments to
outstanding Awards (and to any limitations on the number or kind of Awards that may be granted under the Plan in the future) to preserve the benefits or potential benefits of the Awards. Action by the Committee may include, to the extent that the
Committee determines to be appropriate: (i) adjustment to the number or kind of shares which may be delivered under the Plan, including but not limited to, increases in the limitations set forth in subsection (b) above and paragraphs
(i) and (v) of subsection (e) above; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment of the Exercise Price of outstanding Options and SARs; and (iv) any other adjustments
that the Committee determines to be equitable.” 
  

	 	2.	Section 6.7 of the Plan is hereby amended in its entirety to read as follows: 

 “Code Section 409A 
 (a) If any Award constitutes a “nonqualified deferred
compensation plan” under Section 409A of the Code (a “Section 409A Plan”), then the Award shall be subject to the following additional requirements, if and to the extent required to comply with Section 409A of the Code:

 (i) Payments under the Section 409A Plan may not be made earlier than (u) the Participant’s “separation
from service”, (v) the date the Participant becomes “disabled”, (w) the Participant’s death, (x) a “specified time (or pursuant to a fixed schedule)” specified in the Award agreement at the date of the
deferral of such compensation, (y) a “change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets of the corporation”, or (z) the occurrence of an
“unforeseeable emergency”; 
 (ii) The time or schedule for any payment of the deferred compensation may not be
accelerated, except to the extent provided in applicable Treasury Regulations or other applicable guidance issued by the Internal Revenue Service; 
 (iii) Any elections with respect to the deferral of such compensation or the time and form of distribution of such deferred compensation shall comply with the requirements of Section 409A(a)(4) of the Code; and

 (iv) In the case of any Participant who is “specified employee”, a distribution on account of a “separation
from service” may not be made before the date which is six months after the date of the Participant’s “separation from service” (or, if earlier, the date of the Participant’s death). 
 For purposes of the foregoing, the words and phrases in quotations in this Section 6.7 shall be defined in the same manner as those words and phrases
are defined for purposes of Section 409A of the Code, and the limitations set forth herein 

  

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shall be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of Section 409A of the Code that are
applicable to the Award. 
 (b) Any Award agreement for any Award that the Committee reasonably determines to constitute a
Section 409A Plan, and the provisions of the Plan applicable to that Award, shall be construed in a manner consistent with the applicable requirements of Section 409A, and the Committee, in its sole discretion and without the consent of
any Participant, may amend any Award agreement (and the provisions of the Plan applicable thereto) if and to the extent that the Committee determines that such amendment is necessary or appropriate to comply with the requirements of
Section 409A of the Code. Further, in the event that the Plan, any Award agreement or any Award shall be deemed not to comply with Section 409A of the Code, then neither the Company, the Committee nor its or their designees or agents shall
be liable to any Participant or other person for actions, decisions or determinations made in good faith.” 
  

	 	3.	Paragraph (d) of Section 5.1 of the Plan is hereby amended to read as follows: 

 “(d) Notwithstanding the foregoing, if in the event of a Change in Control the successor company assumes or substitutes for an Option, SAR, Restricted Stock Award, Restricted Stock Unit Award, Other Stock-Based
Award or Performance Share Award, then each outstanding Option, SAR, Restricted Stock Award, Restricted Stock Unit Award, or Other Stock-Based Award or Performance Share Award that is assumed or substituted for shall not be accelerated as described
in Sections 5.1(a) (b), or (c) unless the award agreement relating to such Award or the employment agreement expressly states that such acceleration shall occur notwithstanding any such assumption or substitution. For the purposes of this
Section 5.1(d), an Option, SAR, Restricted Stock Award, Restricted Stock Unit, Other Stock-Based Award or Performance Share Award shall be considered assumed or substituted for if following the Change in Control the Award confers the right to
purchase or receive, for each share of Stock subject to the Option, SAR, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award or Performance Share Award immediately prior to the Change in Control, the consideration (whether
stock, cash or other securities or property) received in the transaction constituting a Change in Control by holders of Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the
type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the transaction constituting a Change in Control is not solely common stock of the successor company or
its parent or subsidiary, the Committee may, with the consent of the successor company or its parent or subsidiary, provide that the consideration to be received upon the exercise or vesting of an Option, SAR, Restricted Stock Award, Restricted
Stock Unit Award, Other Stock-Based Award or Performance Share Award, for each Share subject thereto, will be solely common stock of the successor company or its parent or subsidiary substantially equal in fair market value to the per share
consideration received by holders of 

  

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Shares in the transaction constituting a Change in Control. The determination of such substantial equality of value of consideration shall be made by the
Committee in its sole discretion and its determination shall be conclusive and binding.” 
  

	 	4.	In all other respects, the Plan shall remain unchanged by the Amendment. 

 IN WITNESS WHEREOF, this Amendment has been executed on behalf of the Company on the day and year first above written. 
  

			
	 WORLD FUEL SERVICES CORPORATION,
 a Florida corporation

		
	 By:
	 	 /s/ Paul H. Stebbins

		 	Paul H. Stebbins
		 	Chief Executive Officer

  

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