Document:

Exhibit 10.2

    

    

    SEPARATION AGREEMENT

    

    

    THIS SEPARATION AGREEMENT (the “Agreement”) is made and entered into effective as of July 1, 2019 (the “Effective Date”), by and between El
      Paso Electric Company, a Texas corporation (the “Company”), and Mary E. Kipp (the “Executive”).

    

    

    W I T N E S S E T H:

    

    

    WHEREAS, the Executive and the Company are parties to that certain Employment Agreement effective as of December 15, 2015 (the “Employment Agreement”)
      and that certain Change of Control Agreement for Executive Officers effective as of May 31, 2019 (the “Change of Control Agreement” and, together with the Employment Agreement, the “Existing Agreements”); and

    

    

    WHEREAS, the Executive intends to resign from the Company, and the parties mutually desire to arrange for a separation from the Company under certain
      terms, including the resolution of the parties’ rights under the Existing Agreements.

    

    

    NOW, THEREFORE, in consideration of the premises, the terms and provisions set forth herein, the mutual benefits to be gained by the performance thereof
      and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

    

    

    
      	
              1.

            	
              Employment Until Resignation Date; Resignation.

            

    

    

    

    A.          Resignation.  Effective as of August 1, 2019 (the “Resignation Date”), the Executive will be deemed to have
          resigned from her position as an officer and employee of the Company, as well as from the Company’s Board of Directors (the “Board”) and from any other office or
          position with the Company or any of its affiliates, and the Executive agrees to execute any documents the Company may reasonably request to memorialize such resignation.  From the Effective Date until the Resignation Date, the Executive shall
          continue in her current roles with the Company, subject to the supervision of the Board, and will continue to receive the same salary and benefits as she is entitled to immediately preceding the Effective Date pursuant to the terms of the
          Employment Agreement; provided, however, that the Executive shall not be eligible to receive any additional incentive compensation awards from the Company, except as expressly provided below.

    

    

    B.          2019 Annual Bonus.  Executive agrees that she is not entitled to any payment in respect of her 2019 annual bonus, and that any and all prior entitlements to cash bonuses have previously been
          paid in full.

    

    

    C.          Outstanding Equity Awards.  As of the Resignation Date, all outstanding equity awards held by Executive, including restricted stock and performance shares, will be forfeited for no
          consideration pursuant to their terms.

    

    

    D.          Reimbursements.  The Executive shall be entitled to receive reimbursement for all reasonable and documented expenses incurred by the Executive prior to the Resignation Date in accordance with
          the policies, practices and procedures of the Company in effect for similarly situated senior executives of the Company. All reimbursable expenses shall be appropriately documented in reasonable detail by the Executive upon submission of any
          request for reimbursement and in a format and manner consistent with the Company’s expense reporting policy.

    

    

    
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    E.          Waiver of Severance Benefits.  The Executive acknowledges that she is not entitled to any payments or benefits, including any severance benefits, under the Existing Agreements as a result of
          the changes in her employment relationship with the Company described in this Section 1, and hereby irrevocably waives any potential entitlement to benefits of any kind related to the changes to the Executive’s employment relationship with the
          Company as described in this Section 1, other than vested benefits under the Company’s retirement plans, payment of accrued but unused paid time off (including amounts rolled over from prior years as sick leave bank) and her entitlement to elect
          continuation coverage under the Company’s group health plans under applicable law.

    

    

    2.          Special
            Restricted Stock Award. As of immediately prior to the Resignation Date, in consideration of Executive’s agreement to perform her duties set forth in this Agreement and contingent on Executive’s
          execution (without revocation) of the Waiver and Release as described in Section 5, Executive will be awarded 27,624 shares of restricted common stock (the “Restricted Stock Award”) pursuant to the Company’s Amended and Restated 2007 Long-Term Incentive Plan (the “Plan”).  The Restricted Stock Award will vest
          immediately prior to the closing of the merger (the “Merger”) contemplated by that certain Agreement and Plan of Merger, by and among Sun Jupiter Holdings LLC (“Jupiter”), the Company and Sun Merger Sub Inc., a wholly-owned subsidiary of Jupiter, entered into on June 1, 2019 (as it may be amended from time to time, the “Merger Agreement”).  In the event the Merger Agreement is terminated without the closing of the Merger, the Restricted Stock Award will be forfeited.  Other than the vesting
          conditions described above, the Restricted Stock Award will contain the Company’s standard terms and conditions for such awards, and will be embodied in an award agreement subject to the Plan.

    

    

    3.          Agreement
            to Cooperate:  Following the Resignation Date until the earlier of the closing of the Merger or the termination of the Merger Agreement, Executive agrees to make herself reasonably available and to use
          reasonable efforts to cooperate in good faith in connection with the Company’s efforts to complete the Merger, including the process for regulatory approval of the Merger, as such assistance may be reasonably requested by the Company in good
          faith from time to time.  To the extent necessary for the performance of this obligation to cooperate, Executive will be eligible for reimbursements of expenses in a manner consistent with Section 1.D.

    

    

    
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    4.            Restrictive
            Covenants.

    

    

    A.          Confidential Information. As a material inducement to the Company to enter into this Agreement, the Executive agrees that she shall hold in a fiduciary capacity for the benefit of the Company
          all secret or confidential information, knowledge or data relating to the Company, and its businesses, which shall have been obtained by the Executive during the Executive’s employment by the Company and which shall not be or become public
          knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement). The Executive shall not, at any time during her employment with the Company or at any time thereafter, for any reason, in any
          fashion, form or manner, either directly or indirectly, communicate, divulge, copy or permit to be copied (without the prior written consent of the Company or as may otherwise be required by law or legal process or in order to enforce her rights
          under this Agreement or as necessary to defend herself against a claim asserted directly or indirectly by the Company) any secret or confidential information, knowledge or data relating to the Company, and its businesses, in any manner
          whatsoever, to, or for the benefit of, any person, firm, corporation or other entity, other than the Company and those designated by it or in the course of her employment with the Company. As used herein, the term “all secret or confidential
          information, knowledge or data relating to the Company, and its businesses” shall include, without limitation, the Company’s plans, strategies, proposals to potential customers and/or partners, costs, prices, proprietary systems for buying and
          selling, client and customer lists, identity of prospects, proprietary computer programs, policy or procedure-manuals, proprietary training and recruiting procedures, proprietary accounting procedures, and the status and contents of the Company’s
          contracts with its suppliers, clients, customers or prospects. The Executive shall not be required to maintain the confidentiality of information or data that is in the public domain at the time of disclosure; or following disclosure, becomes
          generally known or available through no act or omission on the part of the Executive; or is known, or becomes known, to the Executive from a source other than the Company provided that the disclosure by such source is not in breach of a
          confidentiality agreement with the Company; or is independently developed by the Executive without violating any of the Executive’s obligations under this Agreement. In the event that the Executive is required (by oral question, interrogatories,
          requests for information or documents, subpoena, civil investigative demand or similar process) to disclose any information or data, the Executive shall promptly notify the Company in writing of such requirement so that the Company may seek an
          appropriate protective order or waive in writing the Executive’s compliance with the provisions of this Agreement. In the event that such protection is not obtained or the Company waives in writing the Executive’s compliance, Executive agrees
          that the Executive may furnish only that portion of the information or data which the Executive is advised by counsel is legally required to be disclosed.

    

    

    B.          Nonsolicitation.  Executive agrees that from the Effective Date until the second anniversary of the Resignation Date, she will not, directly or indirectly, recruit or otherwise solicit or
          induce any employee of the Company to terminate his or her employment with the Company.

    

    

    C.          Lock-Up.  Executive agrees that until the earlier of the closing of the Merger or the termination of the Merger Agreement, she will not, directly or indirectly, sell, dispose of, assign,
          pledge or otherwise transfer any of her shares of common stock of the Company.   Notwithstanding the foregoing, Executive may sell up to 10,000 shares of common stock of the Company in her discretion, provided that any such sale shall be made in
          accordance with all applicable laws and Company policies.

    

    

    
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    D.          Protected Disclosures. The foregoing notwithstanding, nothing in this Agreement prohibits the Executive from filing a charge with or participating, testifying or assisting in any
          investigation, hearing, whistleblower action or other proceeding before any federal, state or local government agency (e.g., EEOC, NLRB, SEC, DOJ, etc.), nor does anything herein preclude, prohibit or otherwise limit, in any way, Executive’s
          rights and abilities to contact, communicate with, report matters to or otherwise participate in any whistleblower program administered by any such agencies. The Executive further acknowledges that the Executive does not need the Company’s prior
          authorization to make such reports or disclosures and is not required to notify the Company of such reports or disclosures. Pursuant to the Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any
          federal or state trade secret law for the disclosure of any secret or confidential information that (i) is made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (B) solely
          for the purpose of reporting or investigating a suspected violation of law or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. The Executive further agrees to maintain in
          confidence any confidential information of third parties received as a result of her employment with the Company.

    

    

    E.          Value and Reasonableness. Executive understands and acknowledges that the Company has made substantial investments to develop its business interests, goodwill, and confidential information,
          and that Executive has been and will be provided confidential information in connection with her work for the Company. Executive further agrees that the restrictions set forth in this Section 4 are ancillary to an otherwise enforceable agreement
          and that the limitations as to time and scope of activity to be restrained contained in this Agreement are reasonable and are not greater than necessary to protect the confidential information and/or the goodwill or other business interests of
          the Company.

    

    

    F.          Reformation. The Company and Executive believe the limitations as to time and scope of activity contained in this Section 4 are reasonable and do not impose a greater restraint than necessary
          to protect confidential information, goodwill, and other legitimate business interests of the Company. However, in the event an arbitrator or court of competent jurisdiction determines that the limitations agreed upon are not appropriate, the
          parties agree to, and hereby do, request that the court reform the limitations to the satisfaction of the arbitrator or court. It is the express intent of the Company and Executive that the terms of this Agreement be enforced to the full extent
          permitted by applicable law and not to any greater extent.

    

    

    G.          Right to Injunction. Executive acknowledges that Executive’s violation of Section 4 of this Agreement could cause irreparable harm to the Company for which damages may not adequately be
          measured, and Executive agrees that the Company shall be entitled as a matter of right to specific performance of Executive’s obligations under Section 4 and an injunction, from any court of competent jurisdiction, restraining any violation or
          further violation of such agreements by Executive or others acting on Executive’s behalf, without any showing of irreparable harm and without any showing that the Company does not have an adequate remedy at law. The Company’s right to injunctive
          relief shall be cumulative and in addition to any other remedies provided by law or equity.

    

    

    5.          Waiver and
            Release.  In consideration for the Executive’s execution of and compliance with this Agreement, including the provisions of Section 4, and the execution of the Waiver and Release attached hereto as
          Exhibit A, the Company shall provide the consideration set forth above in Section 2.  This consideration is provided subject to the binding execution, without revocation prior to the 8th day following execution (the “Waiver Effective Date”), by the Executive of the attached Waiver and Release agreement, no earlier than the Resignation Date and no later than the date 21 days after the Resignation Date. The
          Executive’s right to receive or to continue to vest in the Restricted Stock Award shall cease in the event the Executive fails to comply with the terms of this Agreement or the Waiver and Release.  If the Executive revokes the Waiver and Release
          before the Waiver Effective Date, the Executive shall forfeit the Restricted Stock Award.

    

    

    
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    6.          Return of
            Company Property. All records, designs, patents, business plans, financial statements, manuals, memoranda, lists and other property delivered to or compiled by the Executive by or on behalf of the
          Company, or any of its affiliates or the representatives, vendors or customers thereof that pertain to the business of the Company or any of its affiliates shall be and remain the property of the Company or any such affiliate, as the case may be,
          and be subject at all times to the discretion and control thereof. Likewise, all correspondence, reports, records, charts, advertising materials and other similar data pertaining to the business, activities or future plans of the Company or its
          affiliates that are collected or held by the Executive shall be delivered promptly to the Company or its affiliate, as the case may be, on or prior to the Resignation Date or such other date as the Company may indicate.

    

    

    7.          Nonassignability.  Except for those rights that may accrue to the Executive’s family or estate in the event of her death or disability, neither this Agreement nor any right or
          interest hereunder shall be subject, in any manner, to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, whether voluntary or involuntary, by operation of law or otherwise, any attempt at such shall be void;
          provided, that any such benefit shall not in any way be subject to the debts, contract, liabilities, engagements or torts of the Executive, nor shall it be subject to attachment or legal process for or against the Executive.

    

    

    8.          Entire
            Agreement; Modification.  This Agreement sets forth the entire agreement and understanding of the parties concerning the subject matter hereof, and supersedes all prior agreements, arrangements and
          understandings relative to that subject matter including the Existing Agreements, except to the extent of specific provisions thereof expressly incorporated into this Agreement.  No term or provision hereof may be modified or extinguished, in
          whole or in part, except by a writing which is dated and signed by the parties to this Agreement.  No waiver of any of the provisions or conditions of this Agreement or of any of the rights, powers or privileges of a party will be effective or
          binding unless in writing and signed by the party claimed to have given or consented to such waiver.  No representation, promise or inducement has been made to or relied upon by or on behalf of either party concerning the subject matter hereof
          which is not set forth in this Agreement.  In particular, the Executive acknowledges and agrees that she is not entitled to receive from the Company any incentive or other compensation or payment related to her services to the Company or the
          termination thereof, other than the consideration specifically set forth herein.  Notwithstanding the foregoing, to the extent that any matter is not specifically addressed in this Agreement, then any terms of the Employment Agreement which
          address such matter shall remain in effect and be incorporated into this Agreement up to and until the Resignation Date.

    

    

    
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    9.          Waiver.  No term or condition of this Agreement shall be deemed to have been waived, nor shall there be an estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged
          with such waiver or estoppel.

    

    

    10.          Notices.  All notices or communications hereunder shall be in writing, addressed as follows:

    To the Company:

    

    

    El Paso Electric Company

    Stanton Tower

    100 North Stanton

    El Paso, Texas 79901

    Attention: General Counsel

    

    

    To the Executive, at the address and fax number of record in the Company’s file.

    

    

    All such notices shall be conclusively deemed to be received and shall be effective; (i) if sent by hand delivery, upon receipt, (ii) if sent by telecopy or facsimile
      transmission, upon confirmation of receipt by the sender of such transmission, or (iii) if sent by registered or certified mail, on the fifth day after the day on which such notice is mailed.

    

    

    11.          Source of
            Payments.  All cash payments provided in this Agreement will be paid from the general funds of the Company.  The Executive’s status with respect to amounts owed under this Agreement will be that of a
          general unsecured creditor of the Company.

    

    

    12.          Withholding.  The Company may withhold from any benefits payable under this Agreement all federal, state, city or other taxes to the extent required pursuant to any law or governmental regulation or ruling.

    

    

    13.          Severability.  If any provision of this Agreement is held to be invalid, illegal or unenforceable, in whole or part, such invalidity will not affect any otherwise valid provision, and all other valid provisions will remain in full
          force and effect.

    

    

    14.          Counterparts.  This Agreement may be executed in two or more counterparts, each of which will be deemed an original, and all of which together will constitute one document.

    

    

    15.          Titles;
            Construction.  The titles and headings preceding the text of the paragraphs and subparagraphs of this Agreement have been inserted solely for convenience of reference and do not constitute a part of this
          Agreement or affect its meaning, interpretation or effect.  Use of the term “including” shall be deemed to mean “including without limitation.”

    

    

    
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    16.          Section 409A
            Compliance.

    

    

    A.          Each payment
          under this Agreement, including each payment in a series of installment payments, is intended to be a separate payment for purposes of Treas. Reg. § 1.409A-2(b), and is intended to be: (i) exempt from Section 409A of the Internal Revenue Code of
          1986, as amended (the “Code”), the regulations and other binding guidance promulgated thereunder (“Section 409A”), including by compliance with the short-term deferral exemption as specified in Treas. Reg. § 1.409A-1(b)(4) and the involuntary separation pay exception within the meaning of Treas. Reg. § 1.409A-1(b)(9)(iii), or (ii)
          in compliance with Section 409A, including being paid pursuant to a fixed schedule or specified date pursuant to Treas. Reg. § 1.409A-3(a) and the provisions of this Agreement will be administered, interpreted and construed accordingly. 
          Notwithstanding the foregoing provisions of this Agreement, if the payment of any compensation or benefits under this Agreement would be subject to additional taxes and interest under Section 409A because the timing of such payment is not delayed
          as provided in Section 409A(a)(2)(B)(i) of the Code, and Executive constitutes a specified employee within the meaning of Section 409A(a)(2)(B)(i) of the Code, then any such payments that Executive would otherwise be entitled to during the first
          six months following Executive’s separation from service within the meaning of Section 409A(a)(2)(A)(i) of the Code shall be accumulated and paid on the date that is six months after Executive’s separation from service (or if such payment date
          does not fall on a business day of the Company, the next following business day of the Company), or such earlier date upon which such amount can be paid under Section 409A without being subject to such additional taxes and interest.

    

    

    B.          All reimbursements pursuant
        to this Agreement shall be made in accordance with Treas. Reg. § 1.409A-3(i)(1)(iv) such that the reimbursements will be deemed payable at a specified time or on a fixed schedule relative to a permissible payment event.  Specifically, the amounts
        reimbursed under this Agreement during the Executive’s taxable year may not affect the amounts reimbursed in any other taxable year (except that total reimbursements may be limited by a lifetime maximum under a group health plan), the reimbursement
        of an eligible expense shall be made on or before the last day of the Executive’s taxable year following the taxable year in which the expense was incurred, and the right to reimbursement is not subject to liquidation or exchange for another
        benefit.

    

    

    17.          Governing
            Law; Resolution of Disputes.  This Agreement will be construed and enforced in accordance with the laws of the State of Texas, without regard to principles of conflicts of laws. Except with respect to
          claims for injunctive relief pursuant to Section 4 of this Agreement, the terms of Article 3 of the Employment Agreement regarding resolution of disputes shall apply to this Agreement as if the obligations and payments provided hereunder were
          provided under the Employment Agreement

    

    

    18.          Successor
            Obligations.  The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company
          to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.  As used in this Agreement, “Company” shall mean the Company
          as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.

    

    

    [END OF PAGE]

    
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    IN WITNESS WHEREOF, the parties have executed this Agreement on June 30, 2019, but effective as of the date and year first above written.

    

    

    	 	
            EL PASO ELECTRIC COMPANY

          
	 	 	 
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Charles A. Yamarone

          
	 	 	
            Charles A. Yamarone

          
	 	 	
            Chairman of the Board

          
	 	 	 
	 	 	 
	 	
            EXECUTIVE

          
	 	 	 
	 	 	 
	 	 	 
	 	 	
            /s/ Mary E. Kipp

          
	 	 	
            Mary E. Kipp

          

    

    

    
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    Exhibit A

    

    

    

    

    Dated: June 30, 2019

    WAIVER AND RELEASE

    

    

    In exchange for the provision of benefits offered under the Separation Agreement between the undersigned (“Executive”) and El Paso Electric
      Company (the “Company”), effective as of July 1, 2019 (the “Agreement”), Executive agrees to and does fully and completely release, discharge and waive any and all claims, complaints, causes of action, demands of whatever kind or nature
      which Executive has or may have against the Company, its subsidiaries, affiliates, predecessors, and successors and assigns and all of their respective directors, officers, and employees (the “Corporate Group”) by reason of any event, matter,
      cause, or thing that has occurred prior to the date hereof (hereinafter “Executive Claims”). Executive agrees that this Waiver and Release specifically covers, but is not limited to, any and all Executive Claims which Executive has or may have
      against the Corporate Group relating in any way to compensation, or to any other terms, conditions, or circumstances of Executive’s employment with the any member of the Corporate Group, and to the cessation of such employment, based on statutory or
      common law claims for employment discrimination, including claims under Title VII, the Age Discrimination in Employment Act, the Older Workers Benefits Protection Act, the Americans with Disabilities Act, the Texas Labor Code, and any and all
      discrimination or retaliation claims under state or federal law, wrongful discharge, breach of contract, defamation, intentional infliction of emotional distress, breach of fiduciary duty, or any other theory whether legal or equitable; provided,
      however, that this release shall not affect (a) Executive’s rights under or with respect to any retirement plan which is subject to ERISA and is qualified under Section 401(a) of the Code; (b) any rights Executive may have to receive the Restricted
      Stock Award provided pursuant to the Separation Agreement dated August 1, 2019; (c) any right which may not be waived as a matter of law; or (d) any right to indemnification in accordance with the Company’s articles of incorporation or bylaws.

    

    

    Executive acknowledges that she has twenty-one (21) days to review and consider this Waiver and Release. Executive has also been advised by this writing
      of her right to consult with an attorney prior to executing this Waiver and Release. Executive represents that she is signing this Waiver and Release knowingly and voluntarily and that she is receiving payments and benefits she would not otherwise
      receive in exchange for signing this Waiver and Release.  Executive is further aware that if she signs this Waiver and Release, she may revoke it for a period of seven (7) days following the day she signs it, provided that Executive’s written
      statement of revocation is received on or before that (7th) seventh day by Jessica Goldman, Corporate Secretary, Stanton Tower, 100 North Stanton, El Paso, Texas 79901, and this Waiver and Release
      shall not be effective or enforceable until the revocation period has expired.

    

    

    
      A-1

      
        

    

    

    

    Notwithstanding the foregoing, nothing contained in this Waiver and Release is intended to prohibit or restrict Executive in any way from (1) bringing a
      lawsuit against the Company to enforce the Company’s obligations under the Agreement; (2) making any disclosure of information required by law; (3) providing information to, or testifying or otherwise assisting in any investigation or proceeding
      brought by, any federal regulatory or law enforcement agency or legislative body, any self-regulatory organization, or the Company’s legal, compliance or human resources officers, or receiving any compensation from a governmental agency with respect
      to any such information; (4) testifying or participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or municipal law relating to fraud or any rule or regulation of the Securities and Exchange
      Commission or any self-regulatory organization; or (5) filing any claims that are not permitted to be waived or released under applicable law (although Executive’s ability to recover damages or other relief from the Corporate Group is still waived
      and released to the extent permitted by law).

    

    

    Should any of the provisions set forth in this Waiver and Release be determined to be invalid by a court, agency or other tribunal of competent
      jurisdiction, it is agreed that such determination shall not affect the enforceability of other provisions of this Waiver and Release.  Executive acknowledges that this Waiver and Release and the Agreement set forth the entire understanding and
      agreement between Executive and the Company or any other member of the Corporate Group concerning the subject matter of this Waiver and Release and supersede any prior or contemporaneous oral and/or written agreements or representations, if any,
      between Executive and the Company or any other member of the Corporate Group.

    

    

    

    

    	
            Mary E. Kipp

          	 	
            /s/ Charles A. Yamarone

          
	
            Executive’s Printed Name

          	 	
            Company Representative

          
	 	 	 
	
            /s/ Mary E. Kipp

          	 	
            June 30, 2019

          
	
            Executive’s Signature

          	 	
            Company’s Execution Date

          
	 	 	 
	
            June 30, 2019

          	 	 
	
            Executive’s Signature Date

          	 	 

    

    

    

    

  

  

  

  

  

  A-2creditagreementamendment

                                                                 Execution Version                      AMENDMENT NO. 1 TO CREDIT AGREEMENT          AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of June       27, 2019 (this   “Agreement”), by and among Coty Inc., a Delaware corporation (the “Parent Borrower”), Coty B.V., a   private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid)   incorporated under the laws of the Netherlands (the “Dutch Borrower”), the Lenders party hereto (which   such Lenders constitute the Required TLA Lenders and the Required Revolving Lenders) and JPMorgan   Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).                                      RECITALS:          WHEREAS, reference is hereby made to the Amended and Restated Credit Agreement, dated as   of April 5, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from   time to time, the “Existing Credit Agreement” and, as amended by this Agreement, the “Credit   Agreement”), by and among the Parent Borrower, the lenders from time to time party thereto and the   Administrative Agent and Collateral Agent (capitalized terms used but not otherwise defined herein   having the meanings provided in the Credit Agreement);          WHEREAS, the Parent Borrower has requested that the Required TLA Lenders and the Required  Revolving Lenders amend the Credit Agreement pursuant to Section 10.02(b) of the Credit Agreement as   set forth herein; and          NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants  herein contained and for other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged, the parties hereto agree as follows:          SECTION 1.  Amendments to Credit Agreement.  Each of the parties hereto agrees that,   effective on the First Amendment Effective Date, (a) the Existing Credit Agreement shall be amended to   delete the stricken text (indicated textually in the same manner as the following example: stricken text)   and to add the double-underlined text (indicated textually in the same manner as the following example:   double-underlined text) as set forth in the pages of the Existing Credit Agreement attached as Annex I   hereto and (b) Exhibit B to the Credit Agreement shall be replaced in its entirety with the form of   Compliance Certificate attached as Annex II hereto.          SECTION 2.  First Amendment Effective Date Conditions. This Agreement will become   effective as of June 27, 2019 (the “First Amendment Effective Date”); provided that each of the following   conditions shall have been satisfied (or waived) in accordance with the terms therein on or prior to such  date:                 (a)   Executed Agreement.  The Administrative Agent shall have received a         counterpart of this Agreement signed on behalf of (i) the Parent Borrower and the Dutch         Borrower, (ii) the Administrative Agent, (iii) the Required TLA Lenders and (iv) the Required         Revolving Lenders.                (b)   Closing Certificate.  The Administrative Agent shall have received a certificate         from a Responsible Officer of the Parent Borrower certifying (i) the representations and         warranties set forth herein and in the Loan Documents are true and correct in all material respects         with the same force and effect as if such representations and warranties had been made on and as         of the First Amendment Effective Date except to the extent that such representations and         warranties relate specifically to another date; provided that any representation and warranty that         is qualified as to materiality shall be true and correct in all respects (after giving effect to such                                                                                    

 

      qualification therein) and (ii) at the time of and immediately after giving effect to this Agreement,        no Default or Event of Default shall exist or result therefrom.               (c)   No Default. At the time of and immediately after giving effect to this Agreement,        no Default or Event of Default shall exist or result therefrom.               (d)   Fees  and  Expenses.  The  Administrative  Agent  shall  have  received (i) for  the        account of each Term A Lender and Revolving Lender who has delivered a counterpart to this        Agreement, an amendment fee in an amount equal to 0.10% of the aggregate principal amount of        the Revolving Commitments and outstanding Term A Loans of such Lender after giving effect to        the Commitment Reduction (as defined below) paid by or on behalf of the Parent Borrower and        (ii) all other expenses due and payable on or prior to the First Amendment Effective Date, to the        extent invoiced at least three (3) Business Days prior to the First Amendment Effective Date (or        such shorter period reasonably agreed by the Parent Borrower).               (e)   Commitment Reduction.  The Revolving Commitments shall have been reduced        from $3,250,000,000 to $2,750,000,000 in accordance with Section 2.08 of the Credit Agreement        (the “Commitment Reduction”).         SECTION 3.  Representations and Warranties.  By its execution of this Agreement, each Loan  Party party hereto hereby represents and warrants that:               (a)   Organization;  Powers.   The  Parent  Borrower  and  each  of  its  Restricted        Subsidiaries  (a)  is  validly  existing  under  the  laws  of  the  jurisdiction  of  its  organization  or        formation,  except,  in  the  case  of  a  Restricted  Subsidiary,  where  the  failure  to be  so  could  not        reasonably  be  expected  to  result  in  a  Material  Adverse  Effect,  (b)  has  all  requisite  power  and        authority to carry on its business as now conducted, except, in the case of a Restricted Subsidiary,        where the failure to have such could not reasonably be expected to result in a Material Adverse        Effect  and  (c)  except  where  the  failure  to  do  so,  individually  or  in  the  aggregate,  could  not        reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is        in good standing (where relevant) in, its jurisdiction of organization or formation and every other        jurisdiction where such qualification is required.               (b)   Authorization; Enforceability.  The Parent Borrower and each Loan Party has the        corporate or other organizational power and authority to execute, deliver and carry out the terms        and provisions of the Loan Documents to which it is a party and has taken all necessary corporate        or other organizational action to authorize the execution, delivery and performance of the Loan        Documents to which it is a party.  This Agreement has been duly executed and delivered by the        Parent Borrower and constitutes, and each other Loan Document to which any Loan Party is to be        a  party,  when  executed  and  delivered  by  such  Loan  Party,  will  constitute,  a  legal,  valid  and        binding  obligation  of  the  Parent  Borrower  or  such  other  Loan  Party  (as  the  case  may  be),        enforceable  in  accordance  with  its  terms,  subject  to  applicable  bankruptcy,  insolvency,        reorganization, moratorium, capital impairment, recognition of judgments, recognition of choice        of law, enforcement of judgments or other similar laws or other laws affecting creditors’ rights        generally  and  subject  to  general  principles  of  equity,  regardless  of  whether  considered  in  a        proceeding in equity or at law and other matters which are set out as qualifications or reservations        as to matters of law of general application in any legal opinion delivered to the Administrative        Agent in connection with the Loan Documents.                                                                                       

 

            (c)   Governmental Approvals; No Conflicts.  Governmental Approvals; No Conflicts.         The execution, delivery and performance of the Loan Documents: (a) do not require any consent        or approval of, registration or filing with, or any other action by, any Governmental Authority,        except  (i)  such  as  have  been  obtained  or  made  and  are  in  full  force  and  effect,  (ii)  filings        necessary to perfect Liens created under the Loan Documents and (iii) for consents, approvals,        registrations, filing or other actions, the failure of which to obtain or make would not reasonably        be  expected  to  have,  individually  or  in  the  aggregate,  a  Material  Adverse  Effect,  (b)  will  not        violate (i) any applicable Law or regulation or (ii) in any material respect, the charter, by-laws or        other organizational documents  of the  Parent Borrower or any of its  Restricted Subsidiaries or        any order of any Governmental Authority binding on such Person, (c) will not violate or result in        a default under any material indenture, agreement or other instrument binding upon the Parent        Borrower or any of its Restricted Subsidiaries or its assets, or give rise to a right thereunder to        require any payment to be made by the Parent Borrower or any of its Restricted Subsidiaries, and        (d) will not result in the creation or imposition of any material Lien on any asset of the Parent        Borrower or any of its Restricted Subsidiaries, except Liens created under and Liens permitted by        the Loan Documents, and except to the extent such violation or default referred to in clause (b)(i)        or (c) above could not reasonably be expected to result in a Material Adverse Effect.         SECTION 4.  Reaffirmation of the Loan Parties. Each Loan Party party hereto hereby consents  to the amendment of the Credit Agreement effected hereby and confirms and agrees that, notwithstanding  the effectiveness of this Agreement, each Loan Document to which such Loan Party is a party is, and the  obligations of such Loan Party contained in the Credit Agreement, this Agreement or in any other Loan  Document  to  which  it is  a  party  are,  and  shall  continue  to  be,  in  full  force  and  effect and  are  hereby  ratified and confirmed in all respects, in each case as amended by this Agreement.  For greater certainty  and  without  limiting  the foregoing,  each  Loan  Party party  hereto hereby  confirms  that  the  existing  guarantees and/or security interests granted by such Loan Party in favor of the Administrative Agent for  the benefit of the Secured Parties pursuant to the Loan Documents in the Collateral described therein shall  continue to secure the  obligations of the Loan Parties  under the  Credit Agreement and the other Loan  Documents as and to the extent provided in the Loan Documents.         SECTION 5.  Amendment, Modification and Waiver.  This Agreement may not be amended,  modified  or  waived  except  as  permitted  by Section  10.02 of  the  Credit  Agreement. The  execution,  delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a  waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan  Documents, nor, except as expressly provided herein, constitute a waiver or amendment of any provision  of any of the Loan Documents.         SECTION 6.  Entire  Agreement.   This  Agreement,  the  Credit  Agreement,  the  other  Loan  Documents and any separate letter agreements with respect to fees payable to the Administrative Agent,  the Collateral Agent or the Lenders, embody the final, entire agreement among the parties relating to the  subject matter hereof and supersede any and all previous commitments, agreements, representations and  understandings, whether oral or written, relating to the subject matter hereof and may not be contradicted  or  varied  by  evidence  of  prior,  contemporaneous  or  subsequent  oral  agreements  or  discussions  of  the  parties hereto.  There are no unwritten oral agreements among the parties hereto.         SECTION 7.  GOVERNING  LAW.  THIS  AGREEMENT   SHALL  BE  CONSTRUED  IN  ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.         SECTION 8.  Severability.  Any  provision  of  this Agreement held  to  be  invalid,  illegal  or  unenforceable  in  any  jurisdiction  shall,  as  to  such  jurisdiction,  be  ineffective  to  the  extent  of  such                                                                                      

 

invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the  remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall  not invalidate such provision in any other jurisdiction.         SECTION 9.  Counterparts;  Effectiveness.  This Agreement may  be  executed  in  counterparts  (and by different parties hereto on different counterparts), each of which shall constitute an original, but  all  of  which  when  taken  together  shall  constitute  a  single  contract.   This Agreement shall  become  effective  when  it  shall  have  been  executed  by  the  Administrative  Agent  and  when  the  Administrative  Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of  the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto  and their respective successors and permitted assigns.  Delivery of an executed counterpart of a signature  page  of  this Agreement by  email  or  other  electronic  means  (including  a  “.pdf”  or  “.tif”  file)  shall  be  effective as delivery of a manually executed counterpart of this Agreement.         SECTION 10. WAIVER  OF  JURY  TRIAL.  EACH  PARTY  HERETO  HEREBY  WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT  MAY  HAVE  TO  A  TRIAL  BY  JURY  IN  ANY  LEGAL  PROCEEDING  DIRECTLY  OR  INDIRECTLY  ARISING  OUT  OF  OR  RELATING  TO  THIS  AGREEMENT,  ANY  OTHER  LOAN  DOCUMENT  OR  THE  TRANSACTIONS  CONTEMPLATED  HEREBY  (WHETHER  BASED  ON  CONTRACT,  TORT  OR  ANY OTHER  THEORY).   EACH  PARTY HERETO (A)  CERTIFIES  THAT  NO  REPRESENTATIVE,  AGENT  OR  ATTORNEY  OF  ANY  OTHER  PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY  WOULD  NOT,  IN  THE  EVENT  OF  LITIGATION,  SEEK  TO  ENFORCE  THE  FOREGOING  WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE  BEEN INDUCED TO ENTER INTO THE LOAN DOCUMENTS BY, AMONG OTHER THINGS,  THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.         SECTION 11. Loan  Document;  Effect  of  Amendment.   On  and  after  the  First  Amendment  Effective  Date,  this  Agreement  shall  constitute  a  “Loan  Document”  for  all  purposes  of  the  Credit  Agreement  and  the  other  Loan  Documents  (it  being  understood  that  for  the  avoidance  of  doubt  this  Agreement  may  be  amended  or  waived  solely  by  the  parties  hereto  as  set  forth  in Section  5 above).    Upon and after the execution of this Agreement by each of the parties hereto, each reference in the Credit  Agreement  to  “this  Agreement”,  “hereunder”,  “hereof”  or  words  of like  import referring  to the  Credit  Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”,  “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the  Credit Agreement as modified hereby.                              [SIGNATURE PAGES FOLLOW]                                                                                          

 

      IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer  to execute and deliver this Agreement as of the date first set forth above.                                     COTY INC.                                     By:                                        Name:  Pierre  dre T erisse                                        Title: Chief inancial Officer                                    ::TYB.V.tl u                                        Name:  Christian Bruechle                                        Title: Director                      [Signature Page to Amendment No. I to Credit Agreement]  

 

JPMORGAN CHASE BANK, N.A.,  as Administrative Agent, Term A Lender and Revolving  Lender    ~Title:   Executive Director   

 

                    Bank of America, N.A.,                      as a Revolving Lender I Term A Lender                           Name:  J. as  Cosgrove                          Title: Director    [Signature Page to Amendment No. I]  

 

                    Bayerische Landesbank,                      New York Branch,                      as a Revolving Lender/Term A                      Lender                         ,/-                       By: ------       -------­                         Name: Rolf Siebert                          Title: Executive Director                       By    ~1~                          Name: Gina Sandella                          Title: Vice President    [Signature Page to Amendment No. 1]  

 

                    BANCO     BILBAO     VIZCAYA                      ARGENTARIA,    S.A. NEW  YORK                      BRANCH,                      as  a  Revolving Lender/Term A                      Lender                                               Younger                          T tle: Executive irector                        By: ~~::::::::::=====N e: Miriam Trautmann==---                          Title: Senior Vice President    [Signature Page to Amendment No. l]  

 

                 The Bank of Nova Scotia,                   as both a Revolving Lender and a Term A                   Lender              /;                    By:                       -------=Name: /413Winston----=..a::~'------- Lua~- --                      Title: Director    [Signature Page to Amendment No. I]  

 

                    Bank of Montreal,                      as a Revolving Lender I Term A                      Lender                       By: _______::::=::::::::=':::="---1..t.                           Name: Chad Beltz                          Title: Vice President    [Signature Page to Amendment No. l]  

 

                    BNP Paribas,                      as a Revolving Lender/Term A                      Lender                        By:-----------­~                          Name:  ~t) \'{~~                          Title: ~~G- "b,.NCh~                        By:-----------­                         Name:      RICHARD PACE                          Title:      ana ing Director    [Signature Page to Amendment No. I]  

 

                     Citibank, N.A.,                       as a Revolving Lender and Term A                       By:NrunUK-Lender                          Title: Managing Director    [Signature Page to Amendment No. 1]  

 

               CREDIT AGRICOLE CORPORATE                       AND INVESTMENT BANK,                 as a Revolving Lender and a Term A                 Lender                  By:  . a.&r. 1:/1                     Name:      Andr   Sidford                     Title:    Managing Director                  By: ~S~                     ~ Myr~a rtinez                     Title:    Vice President    [Signature Page to Amendment No. l]  

 

                    Credit Industriel et Commercial,                      New York Branch, as a Revolving                      Lender/ Term A Lender                       By: ----==:...._-..,.....-7"<----<-----------                         Name·      Weiss                          Titl . Managing Director                       By:      ~~~                          Name:~                          Title: Managing Director    [Signature Page to Amendment No. 1]  

 

                    DEUTSCHE BANK AG NEW YORK                      BRANCH,                      as a Revolving Lender and Term A Lender                            2-                     By: -?'L c::/,      -   ·· ·                         "KJafue: Ming K. hu                         title: Director                       By: -------------­                        Name: Virginia Cosenza                         Title: Vice President    [Signature Page to Amendment No. I]  

 

                    Fifth Third Bank,                      as a Revolving Lender/Term A                      Lender                       By:~'~                          Name~    ·stopher Gri~                          Title: Vice President                       By:-------------                         Name:                          Title:    [Signature Page to Amendment No. I]  

 

                            Greywolf CLO IV, Ltd.                as a Term A Lender               By: Greywolf Loan Management LP, as Portfolio               Manager                                              .                        ;...•~::;~.,.  '· ~~,..,,.,                 By:                                              Name: William Troy                   Title: Authorized Signatory                               By:                   Name:                   Title:     [Signature Page to Amendment No. 1]                   

 

                    HSBC    Bank   USA,    National                      Association                      as  a Revolving Lenderrferm  A                      lender     .,,{/                       By:~~    --~~~_:::::"_          /)_                          Name: Emily Barker #22403                         Title: Vice President    [Signature Page to A mendment No. I J  

 

                                               [LENDER],    HSBC BANK.AUSTRALIA LIMITED                                                 as a [Term A Len erJ                                                    By: ---l----,IIC-:------,f---,----_._.,_... ( (l?j                                                    Name:                                                     Title:    RESTRICTED                          [Signature Page to Amendment No. 1]  

 

                                                                  .,                         ING BANK,   A BRANCH    OF ING­                      DIBA AG,                       as a Term A Lender    [Signature Page to Amendment No. 1]  

 

                   ING Bank N.V., Dublin Branch,                     as a Revolving Lender                          ~~ ~                     By: /'           ~                         Name: Bafi'.'y Fehily                         Title: Managing D=                           Name: Sean Hassett                         Title: Director    [Signature Page to Amendment No. 1]  

 

         INTESA SANPAOLO S.p.A., New York Branch .           as a Revolving Lender and Term A Lender                       8 ~am0~~f~           o                         Title: Regional Business Manager                                                       ·L    [Signature Page to Amendment No. 1]  

 

            LANDESBANK BADEN-WURTTEMBERG,              ACTING THROUGH ITS NEW YORK BRANCH              as a Revolving Lender I Term A Lender                 By:                Name:   Dr. Martin Breckheimer                Title:  Executive Director                  By:                Name:   Raf Enders                Title:  Executive Director    (Signature Page to Amendment No. 1]  

 

                    [LENDER],                      as a [Revolving Lende,}l[Term A                      Lender]                       By: -~------',4:;...__----~                        Name:    Matthias Metzger                         Title:   SVP                                /,                      By:     tO.b, ~                         Name/                         Title/    [Signature Page to Amendment No. I]  

 

                      LIBERTY BANK,                         as a Term A Lender                         By:      C&AJS~                            Name:                            Title:     Carla Balesano                                       Senior Vice President                         By:--------------­                           Name:                            Title:    [Signature Page to Amendment No. 1]  

 

                    M&G  Conservative European Loan                      Fund                  Limited,                      as a Term A Lender                       By:      ~ 51ae                         Name:                         Title:  Aditi Rao                                 Authorised Signatory    [Signature Page to Amendment No. 1]  

 

                    MIZUHO BANK, LTD.,                      as a  Revolving Lender/Term A                      Lender                       By:  ~        ~                         Name.Tracy Rahn                         Title: Authorized Signatory    Signature Page to Amendment No. 1  

 

                    MORGAN STANLEY SENIOR                      FUNDING, INC.                      as a Revolving Lender I Term A                      Lender                      By~@~.--A~~/-·    _·-­                      Name~SRINIVASAN                      Title: VICE PRESIDENT    [Signature Page to Amendment No. 1]  

 

                    MORGAN STANLEY BANK,      N.A.                      as a Revolving Lender I Term A                      Lender                            ~       ~.                      By:~-                     Name: GA ~IVASAN                      Title: AUTHORIZED SIGNATORY    [Signature Page to Amendment No. 1]  

 

                    MUFG BANK LTD.,                      as a Revolving Lender and Term A                      Lender                       By:  ~~                          Name: Liwei Liu                          Title: Vice President    [Signature Page to Amendment No. l]  

 

                     PT. Bank Negara Indonesia                       (Persero ), Tbk                       New York Agency                       as a Term A Lender                         By: __......,.  ____________                           Name: Aidil Azhar                          Title: General Manager    [Signature Page to Amendment No. l]  

 

                                                      ROYAL BANK OF CANADA,  --------·--·-···--···-·······---·-·· ------------s-a-Re-WJfvfng-L-ender-and--'Ferm-A---·- -·---·-·····---·                                                        Lender                                     [Signature Page to Amendment No. l]  

 

                    SANTANDER BANK, N.A.,                      as a Revolving Lender/Term A                      Lender                       By:     A]Atr;   ~                         Name:  Andres Barbosa                         Title: Executive Director                      By:     ~                    ;                         Name:   aniel Kostman                         Title: Executive Director    [Signature Page to Amendment No. lJ  

 

                   Scotiabank (Ireland) DAC                     as a Term A Lender                                   ry Theresa Mulvany                        Title: Associate Director                      By: E _&e,11  l1 Ll-j                        Name: Edel Herlihy                        Title: Ch ief Risk Officer    [Signature Page to Amendment No. l]  

 

                                                                                                                                        Virtus Seix Floating Rate High Income                       Fund, as a Term A Lender                       By: Seix Investment Advisors LLC,                       as Subadviser                         By:                                                  Name: Deirdre A. Dillon, Esq.                          Title: Chief Compliance Officer                                              [Signature Page to Amendment No. 1]                                                            

 

                 Sumitomo Mitsui Banking Corporation                   as a [Revolving Lender]/[Term  A                   Lender]    [Signature Page to Amendment No. I]  

 

                    TD Bank, N.A.,                      as a Revolving Lender/Term A                      Lender                             ame: Michele Dragone                         Title: Senior Vice Presi    [Signature Page to Amendment No. 1]  

 

                   TriState Capital Bank,                     as a Term A Lender                      By:        Jwc,er                         Name:'1:llen Frank                         Title: Senior Vice President    [Signature Page to Amendment No. 1]  

 

                    s; ____; _&_l_4--=-=-t~~~~=~~{!~l~'----                           Name: Tommaso Maiocchi                             Title: Associate Director    [Signature Page to Amendment No. I]  

 

                    Wells  Fargo   Bank,  National                     Association,  as  a   Revolving                      Lender/Term A Lender                      By:  ((Y-J, '~"\ __ / ·~                          Name: Ekta Patel                         Title: Managing Director                      By: -------------­                        Name:                         Title:    [Signature Page to Amendment No. I]  

 

                     /                           ' ==    ~~ //-I+         /"                        By: _   _  J}------"<-l ·_l-1,e..::......::lc.....;...ot: ---=l.<..:.....:;..h _,.____                                Name: Tommaso Maiocchi                                Title: Associate Director    [Signature Page to Amendment No. 1]  

 

                                                               ANNEX I                                        AMENDMENTS TO CREDIT AGREEMENT                   [Changed pages to Credit Agreement follow]                                                                              

 

      AMENDED AND RESTATED CREDIT AGREEMENT, dated as of April 5, 2018 (this “Agreement”)  among  COTY  INC.,  a  Delaware  corporation  (the  “Parent  Borrower”),  COTY B.V.,  a  private  company  with  limited  liability  (besloten  vennootschap  met  beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, having its corporate seat in Amsterdam, the Netherlands and registered with the trade register of the Chamber of Commerce under number 37069236 (the “Dutch Borrower”), the LENDERS party hereto from time to time and  JPMORGAN  CHASE  BANK,  N.A.,  as  Administrative  Agent  and  as  Collateral  Agent, which  amends  and  restates  that  certain  Credit  Agreement,  dated  as  of  October  27,  2015  (as amended restated, amended and restated, supplemented or otherwise modified from time to time prior to effectiveness of this Agreement, the “Existing Coty Credit Agreement”), by and among the  Parent  Borrower,  the financial  institutions  party  thereto  from  time  to  time as lenders and JPMorgan Chase Bank, N.A., as Administrative Agent and as Collateral Agent.        WHEREAS reference is made to the Credit Agreement, dated as of January 26, 2016 (as amended restated, amended and restated, supplemented or otherwise modified from time to time prior to effectiveness of this Agreement, the “Existing Galleria Credit Agreement” and, together with  the  Existing  Coty  Credit  Agreement,  the  “Existing  Credit  Agreements”),  by  and  among Galleria Co., a Delaware corporation (the “Galleria Borrower”), the financial institutions party thereto from time to time as lenders and JPMorgan Chase Bank, N.A., as Administrative Agent and as Collateral Agent;        WHEREAS, the Parent Borrower has requested that (A) for the purpose of, among other things, refinancing the term loans outstanding under each Existing Credit Agreement prior to effectiveness of this Agreement (1) the Term A Lenders extend credit in the form of (i) Term A USD  Loans  on  the  Restatement  Effective  Date  in  an  aggregate  principal  amount  of $1,000,000,000 and (ii) Term A EUR Loans on the Restatement Effective Date in an aggregate principal amount of €2,035,000,000 and (2) the Term B Lenders extend credit in the form of (i) Term  B  USD  Loans  on  the  Restatement  Effective  Date  in  an  aggregate  principal  amount  of $1,400,000,000 and (ii) Term B EUR Loans on the Restatement Effective Date in an aggregate principal amount of €850,000,000, (B) for the purpose of, among other things, refinancing the revolving loans outstanding under each Existing Credit Agreement prior to effectiveness of this Agreement  and  for  general  corporate  purposes  or any  purpose  not  prohibited  under the Loan Documents, the Revolving Lenders extend credit in the form of Revolving Loans, the Swingline Lenders  extend credit in the form of Swingline Loans and the Issuing Banks issue Letters of Credit in an aggregate amount at any time outstanding of up to $3,250,000,0002,750,000,000 and (C) the Existing L/C Issuer maintain the Existing Letters of Credit as Letters of Credit hereunder; and        WHEREAS, the Lenders and Issuing Banks party hereto, as applicable, have agreed to provide such Loans and Letters of Credit and the Parent Borrower, the other Loan Parties hereto, the Administrative Agent, the Collateral Agent and the Lenders and Issuing Banks party hereto have agreed to amend and restate the Existing Coty Credit Agreement as provided herein.        NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree as follows:                                         1 

 

in connection with the Original Transactions, the Transactions and any Permitted Acquisition; plus        (f)   (i) solely for purposes of actual compliance with Section 7.01 (and not, for the avoidance  of  doubt,  compliance  on  a  Pro  Forma  Basis  therewith), pro  forma  cost  savings, operating expense reductions and synergies related to, and net of the amount of actual benefits realized during such Subject Period from, Specified Transactions, restructurings and cost savings initiatives or other similar initiatives that are reasonably identifiable, factually supportable and projected by the Parent Borrower in good faith to result from actions that have been taken or with respect to which substantial steps have been taken, committed to be taken or are expected to be taken (in the good faith determination of the Parent Borrower), in each case within thirty six (36) months after such Specified Transaction, restructuring, cost savings initiative or other initiative, and  (ii)  in  each  other  calculation  of  Adjusted  EBITDA,  pro  forma  cost  savings,  operating expense reductions and synergies related to, and net of the amount of actual benefits realized during  such  Subject  Period  from,  Specified  Transactions,  restructurings  and  cost  savings initiatives or other similar initiatives that are reasonably identifiable, factually supportable and projected by the Parent Borrower in good faith to result from actions that have been taken or with respect to which substantial steps have been taken, committed to be taken or are expected to be taken (in the good faith determination of the Parent Borrower), in each case within twenty four (24)  months  after  such  Specified  Transaction,  restructuring,  cost  savings  initiative  or  other initiative; plus        (g)   (i) pro forma cost savings, operating expense reductions and synergies related to, and net of the amount of actual benefits realized during such Subject Period from, the Original Transactions that are reasonably identifiable, factually supportable and projected by the Parent Borrower in good faith to be realized, and to result from actions that have been taken, committed to be taken or with respect to which substantial steps have been taken or are expected to be taken (in  the  good  faith  determination  of  the  Parent  Borrower)  provided  that  such  pro  forma  cost savings, operating expense reductions and synergies shall not exceed, for (x) the Subject Periods ending on or prior to June 30, 2019, $375,000,000 (y) the Subject Periods ending, September 30, 2019, December 31, 2019, March 31, 2020 and June 30, 2020, $150,000,000; and (z) for each Subject Period thereafter, zero.        (h)   [reserved];        (i)   the amount of any charge, cost or expense in connection with a single or one-time event, including, without limitation, in connection with (x) any acquisition or other investment consummated before or after the Restatement Effective Date and (y) the consolidation, closing or reconfiguration of any facility during such Subject Period; minus        (j)   the EBITDA of each Prior Company and, as applicable but without duplication, the  EBITDA  of  the  Parent  Borrower  and  each  Restricted  Subsidiary  attributable  to  all  Prior                                         3 

 

necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it.        “Fee Letters” means any Fee Letter in connection with the Transactions dated on or prior to the Restatement Effective Date among the Parent Borrower and the Arrangers.        “Financial Covenant” means the covenant set forth in  Section 7.01.        “Financial Covenant Event of Default” has the meaning set forth in clause (d) of Section  8.01.        “Financial Officer” means the chief financial officer, executive vice president of finance and  administration,  principal  accounting  officer,  treasurer  or  controller  of,  unless  otherwise noted, the Parent Borrower (or any other officer acting in substantially the same capacity of the foregoing).        “First Amendment Effective Date” means June 27, 2019.        “First  Lien  Net  Leverage  Ratio”  means,  as  of  any  date  of  determination,  the  ratio  of (a)Total Indebtedness secured by a Lien on any asset or property of the Borrowers or any other Loan Party that is not subordinated to the Liens securing the Obligations minus unrestricted cash and Cash Equivalents of the Parent Borrower and its Restricted Subsidiaries as determined in accordance with GAAP to (b) Adjusted EBITDA for the most recently ended Test Period.        “Fixed Amounts” has the meaning set forth in  Section 1.03.        “Fixed Incremental Amount” has the meaning set forth in the definition of “Incremental Amount.”        “Foreign Benefit Plan” means each employee benefit plan (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) that is not subject to United States law and is sponsored, maintained or contributed to by any Loan Party or any ERISA Affiliate.        “Foreign  Currency  Letter  of  Credit”  means  any  Letter  of  Credit  denominated  in  an Alternative Currency.        “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than the United States of America, any state thereof or the District of Columbia.        “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.        “GAAP”  means  generally  accepted  accounting  principles  in  the  United  States  of America.        “Global  Intercompany  Note”  means  the  Intercompany  Note,  dated  as  of  October  27, 2015,  executed  by  the  Borrowers  and  each  Restricted  Subsidiary,  as  amended,  restated, supplemented or otherwise modified from time to time.                                         31 

 

      “Market Intercreditor Agreement” means an intercreditor agreement the terms of which are  consistent  with  market  terms  governing  security  arrangements  for  the  sharing  of  liens  or arrangements relating to the distribution of payments, as applicable, at the time the intercreditor agreement is proposed to be established in light of the type of Indebtedness subject thereto.        “Material  Acquisition”  means  any  acquisition  (including  pursuant  to  a  merger, consolidation, amalgamation or otherwise) (a) of at least a majority of the Equity Interests of a Person, all or substantially all of the assets of any other Person or all or substantially all of the assets of a division, line of business or branch of such Person (in each case, in one transaction or a  series  of  transactions)  and  (b)  involves  the  payment  of  consideration  or  assumption  of Indebtedness by the Parent Borrower and its Restricted Subsidiaries in excess of $350,000,000.        “Material Adverse Effect” means a material and adverse effect on (a) the business, assets, financial  condition  or  results  of  operations  of  the  Parent  Borrower  and  its  Restricted Subsidiaries,  taken  as  a  whole,  (b)  the  rights  of  or  remedies  available  to  the  Administrative Agent, the Collateral Agent or any of the Lenders, taken as a whole, under any Loan Document or (c) the ability of the Loan Parties (taken as a whole) to perform their payment obligations under the Loan Documents.        “Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit but including, without limitation, obligations calculated on a mark to market basis in respect of one or more Swap Agreements) of any one or more of the Parent Borrower and the Restricted Subsidiaries in an aggregate principal amount exceeding the Threshold Amount.        “Material Subsidiary” means a Restricted Subsidiary that is not an Immaterial Subsidiary.        “Moody’s” means Moody’s Investors Service, Inc., or any successor to the rating agency business thereof.        “Multicurrency LC Exposure” means, at any time, the sum of (a) the Dollar Equivalent of the aggregate undrawn amount of all outstanding Letters of Credit denominated in Alternative Currencies  at  such  time  plus  (b)  the  Dollar  Equivalent  of  the  aggregate  amount  of  all  LC Disbursements in respect of such Letters of Credit that have not yet been reimbursed by or on behalf of any of the Borrowers at such time.  The Multicurrency LC Exposure of any Revolving Lender  at  any  time  shall  be  its  USD/Multicurrency  Applicable  Percentage  of  the  total Multicurrency LC Exposure at such time.        “Multicurrency  Revolving  Exposure”  means,  at  any  time,  the  sum  of  (a)  the  Dollar Equivalent of the principal amount of the Multicurrency Revolving Loans outstanding at such time and (b) the Multicurrency LC Exposure outstanding at such time.        “Multicurrency Revolving Loans” means the revolving loans made by Lenders holding USD/Multicurrency Revolving Commitments under  Section 2.01.        “Multicurrency Revolving Sublimit” means $3,250,000,0002,750,000,000.                                         40 

 

acquisition, cancellation or termination of any Equity Interests in the Parent  Borrower or any Restricted Subsidiary.        “Restricted Subsidiaries” means the Subsidiary Loan Parties and each other Subsidiary of any Borrower that is not an Unrestricted Subsidiary.        “Return” means, with respect to any Investment, any dividend, distribution, interest, fee, premium, return of capital, repayment of principal, income, profit and any other amount received or realized in respect thereof.        “Revaluation Date” has the meaning set forth in  Section 1.06(e).        “Revolver Extension Request” has the meaning set forth in  Section 2.24(b).        “Revolver Extension Series” has the meaning set forth in  Section 2.24(b).        “Revolving Availability Period” means the period from and including the Restatement Effective  Date  to  but  excluding  the  earlier  of  the  Revolving  Maturity  Date  and  the  date  of termination of the Revolving Commitments.        “Revolving Commitment” means the USD/Multicurrency Revolving Commitment.  The aggregate  amount  of  the  Lenders’  Revolving  Commitment  as  of  the RestatementFirst Amendment Effective Date is $3,250,000,0002,750,000,000.        “Revolving Exposure” means, with respect to any Lender at any time, the sum of (a) the outstanding  principal  amount  of  such  Lender’s  Revolving  Loans  at  such  time  that  are denominated in Dollars, plus (b) the Dollar Equivalent at such time of the aggregate outstanding principal  amount  of  such  Lender’s  Revolving  Loans  at  such  time  that  are  denominated  in Alternative Currencies, plus (c) such Lender’s LC Exposure at such time, plus (d) such Lender’s Swingline Exposure at such time.        “Revolving  Facility”  means  the  Revolving  Commitments  and  the  extensions  of  credit made thereunder.        “Revolving  Lender”  means,  as  of  any  date  of  determination,  each  Lender  with  a Revolving Commitment or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Exposure.        “Revolving  Loan”  means  a  Loan  made  pursuant  to  clause  (e)  of  Section  2.01,  an Incremental Revolving Loan made under the Revolving Facility or any Loan made pursuant to any Extended Revolving Commitments, as the context may require.        “Revolving Maturity Date” means the date that is five (5) years from the Restatement Effective Date or, with respect to any Extended Revolving Commitments, the final maturity date applicable thereto as specified in the applicable Extension Request accepted by the respective Lender or Lenders.                                         51 

 

jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in  effect  from  time  to  time  in  such  other  jurisdiction  for  purposes  of  the  provisions  hereof relating to such perfection, effect of perfection or non-perfection or priority.        “Undisclosed Administration” means in relation to a Lender or a parent company of such Lender,  the  appointment  of  an  administrator,  provisional  liquidator,  conservator,  receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender or parent company, as the case may be, is subject to home  jurisdiction  supervision  if  applicable  law  requires  that  such  appointment  is  not  to  be publicly disclosed        “Unrestricted Subsidiaries” means each Subsidiary of the Parent Borrower (other than a Borrower)  designated  by  the  Parent  Borrower  as  an  “Unrestricted  Subsidiary”  pursuant  to  Section 5.13.        “U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.        “USD/Multicurrency  Applicable  Percentage”  means,  with  respect  to  any USD/Multicurrency  Revolving  Lender,  subject  to  Section  2.21,  the  percentage  of  the  total USD/Multicurrency Revolving Commitments represented by such Lender’s USD/Multicurrency Revolving Commitment.  If the USD/Multicurrency Revolving Commitments have terminated or expired,  the  USD/Multicurrency  Applicable  Percentages  shall  be  determined  based  upon  the USD/Multicurrency  Revolving  Commitments  most  recently  in  effect,  giving  effect  to  any assignments.        “USD/Multicurrency Revolving Commitment” means, with respect to each Lender, the commitment,  if  any,  of  such  Lender  to  make  USD/Multicurrency  Revolving  Loans  and  to acquire participations in Letters of Credit denominated in Alternative Currencies hereunder, as such commitment may be (a) reduced from time to time pursuant to  Section 2.08, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to  Section 10.04, (c) as established or increased from time to time pursuant to an Incremental Assumption Agreement, (d) as established from time to time pursuant to a Refinancing Amendment and (e) as established from time to time pursuant to an Extension Amendment.  The amount of each Lender’s USD/Multicurrency Revolving Commitment as of the Restatement Effective Date is set forth on Schedule  2.01.  The aggregate amount of the Lenders’ USD/Multicurrency Revolving Commitments   as   of  the   RestatementFirst  Amendment  Effective  Date  is $3,250,000,0002,750,000,000.        “USD/Multicurrency  Revolving  Exposure”  means,  with  respect  to  any  Lender  at  any time,  the  sum  of  the  outstanding  principal  amount  of  such  Lender’s  (or  its  Affiliate’s) USD/Multicurrency Revolving Loans and its Multicurrency LC Exposure at such time.        “USD/Multicurrency  Revolving  Facility”  means  the  USD/Multicurrency  Revolving Commitments and the extensions of credit made thereunder.        “USD/Multicurrency  Revolving  Lender”  means,  as  of  any date of determination, each Lender  with  a  USD/Multicurrency  Revolving  Commitment  or,  if  the  USD/Multicurrency                                         60 

 

exchange rates after the last time such determinations were made and, in any such cases, the applicable limits set forth in Articles  II or VIII , as applicable, will not be deemed to have exceeded solely as a result of such fluctuations in currency exchange rates.  For the avoidance of doubt, in no event shall a prepayment be required under  Section 2.11(b) if the Dollar Equivalent of the relevant amounts set forth therein does not exceed 5% of such relevant amounts solely as a result of fluctuations in currency exchange rates.              (h)   For purposes of any determination under Article  V, Article  VI (other than the calculation of compliance with any financial ratio for purposes of taking any action hereunder) or Article  VIII with respect to the amount of any Indebtedness, Lien, Restricted Payment, debt prepayment, Investment, Disposition, affiliate transaction or other transaction, event or circumstance, or any determination under any other provision of this Agreement (any of the foregoing, a “subject transaction”), in a currency other than Dollars, (i) the Dollar Equivalent of a subject transaction in a currency other than Dollar shall be calculated based on the rate of exchange quoted on the applicable Reuters World Currency Page (or any successor page thereto, or in the event such rate does not appear on any Reuters Page, by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Parent Borrower) for such foreign currency, as in effect at 12:00 noon (London time) on the date of such subject transaction (which, in the case of any Restricted Payment, shall be deemed to be the date of the declaration thereof and, in the case of the incurrence of Indebtedness, shall be deemed to be on the date first committed); provided, that if any Indebtedness is incurred (and, if applicable, associated Lien granted) to refinance or replace other Indebtedness denominated in a currency other than Dollar, and the relevant refinancing or replacement would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing or replacement, such Dollar- denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing or replacement Indebtedness (and, if applicable, associated Lien granted) does not exceed an amount sufficient to repay the principal amount of such Indebtedness being refinanced or replaced, except by an amount equal to (x) unpaid accrued interest and premiums (including tender premiums) thereon plus other reasonable and customary fees and expenses (including upfront fees and original issue discount) incurred in connection with such refinancing or replacement and (y) additional amounts permitted to be incurred under  Section 6.01 and (ii) for the avoidance of doubt, no Default or Event of Default shall be deemed to have occurred solely as a result of a change in the rate of currency exchange occurring after the time of any subject transaction so long as such subject transaction was permitted at the time incurred, made, acquired, committed, entered or declared as set forth in clause (i).  For purposes of  Article VII and the calculation of compliance with any financial ratio for purposes of taking any action hereunder, on any relevant date of determination, amounts denominated in currencies other than Dollars shall be translated into Dollars at the applicable currency exchange rate used in preparing the financial statements delivered pursuant to Sections  5.01(a) or (b) , as applicable, for the most recently ended Test Period and will, with respect to any Indebtedness, reflect the currency translation effects, determined in accordance with GAAP, of any Swap Agreement permitted hereunder in respect of currency exchange risks with respect to the applicable currency in effect on the date of determination for the Dollar Equivalent amount of such Indebtedness. Notwithstanding the foregoing sentence, solely for purposes of the calculation of the amount                                      66 

 

   referenced in clause (a) of the definition of the term “Total Net Leverage Ratio” for purposes    of the Financial Covenant referenced in Section 7.01, the currency exchange rate with respect    to Euros in relation to Dollars on any relevant date of determination shall be the arithmetic    average of the average monthly rate at which Euros may be exchanged into Dollars for the    twelve (12) months prior to such date (as reasonably determined by the Parent Borrower in    good faith).        Section 1.07 Cashless Rollovers.  Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, to the extent that any Lender extends the maturity  date  of,  or  replaces,  renews  or  refinances,  any  of  its  then-existing  Loans  with Incremental  Loans,  Extended  Term  Loans,  or  Loans  in  connection  with  any  Specified Refinancing Debt or Loan Modification or loans incurred under a new credit facility, in each case, to the extent such extension, replacement, renewal or refinancing is effected by means of a “cashless  roll”  by  such  Lender,  such  extension,  replacement,  renewal  or  refinancing  shall  be deemed  to  comply  with  any  requirement  hereunder  or  any  other  Loan  Document  that  such payment be made “in Dollars”, “in immediately available funds”, “in cash” or any other similar requirement.        Section 1.08 Pro Forma Calculations.                 (a)   Notwithstanding anything to the contrary herein, Adjusted EBITDA,    EBITDA, Consolidated Net Income and any financial ratios or tests, including the First Lien    Net Leverage Ratio, the Secured Net Leverage Ratio and the Total Net Leverage Ratio, shall    be calculated in the manner prescribed by this  Section 1.08; provided that notwithstanding    anything to the contrary in clauses (b), (c) or (d) of this  Section 1.08, when calculating the    Total Net Leverage Ratio for purposes of determining actual compliance (and not Pro Forma    Compliance, compliance on a Pro Forma Basis or determining compliance giving Pro Forma    Effect  to  a  transaction)  with  Section  7.01,  the  events  described  in  this  Section  1.08  that    occurred subsequent to the end of the applicable Test Period shall not be given Pro Forma    Effect.                 (b)   For  purposes  of  calculating  Adjusted  EBITDA,  EBITDA,    Consolidated  Net  Income  and  any  financial  ratios  or  tests,  including  the  First  Lien  Net    Leverage Ratio, the Secured Net Leverage Ratio and the Total Net Leverage Ratio, Specified    Transactions (and the incurrence or repayment of any Indebtedness in connection therewith,    subject to clause (d) of this  Section 1.08) that have been made (i) during the applicable Test    Period or (ii) subsequent to such Test Period and prior to or simultaneously with the event for    which the calculation of Adjusted EBITDA, EBITDA, Consolidated Net Income or any such    ratio  is  made  shall  be  calculated  on  a  Pro  Forma  Basis  assuming  that  all  such  Specified    Transactions  (and  any  increase or  decrease in  Adjusted  EBITDA,  EBITDA,  Consolidated    Net Income and the component financial definitions used therein attributable to any Specified    Transaction) had occurred on the first day of the applicable Test Period.                 (c)   Whenever Pro Forma Effect is to be given to a Specified Transaction,    the pro forma calculations shall be made in good faith by a Responsible Officer of the Parent                                         67 

 

                                ARTICLE VII                             FINANCIAL COVENANT        Section 7.01 Leverage Ratio.  Solely with respect to the Revolving Facility and Term A Facility, until the Date of Full Satisfaction (solely with respect to the Revolving Facility and the Term A Facility), the Parent Borrower covenants and agrees with Lenders that as of the last day of each fiscal quarter commencing with the first full fiscal quarter following the Restatement Effective Date, the Parent Borrower shall not permit the Total Net Leverage Ratio for any Test Period set forth below to exceed the applicable level set forth below opposite such Test Period under the heading “Total Net Leverage Ratio”:                    Test Periods Ending       Total Net Leverage Ratio                      June 30, 2018                5.50 to 1.00                    September 30, 2018             5.50 to 1.00                    December 31, 2018              5.50 to 1.00                     March 31, 2019                5.25 to 1.00                      June 30, 2019                5.25 to 1.00                    September 30, 2019           5.005.25 to 1.00                    December 31, 2019            5.005.25 to 1.00                     March 31, 2020              4.755.25 to 1.00                      June 30, 2020              4.755.25 to 1.00                    September 30, 2020           4.505.25 to 1.00                    December 31, 2020            4.505.25 to 1.00                     March 31, 2021              4.255.25 to 1.00                      June 30, 2021              4.255.25 to 1.00                    September 30, 2021           4.005.25 to 1.00                    December 31, 2021            4.005.25 to 1.00                     March 31, 2022              4.005.00 to 1.00                      June 30, 2022              4.004.75 to 1.00                    September 30, 2022           4.004.50 to 1.00                    December 31, 2022            4.004.25 to 1.00                     March 31, 2023                4.00 to 1.00                      June 30, 2023                4.00 to 1.00        Notwithstanding the foregoing, for the four fiscal quarters ended immediately following the  closing  of  a  Material  Acquisition  (including  the  fiscal  quarter  in  which  such  Material Acquisition occurs), the applicable Total Net Leverage Ratio level for purposes of this  Section 7.01  shall  be  the  lesser  of  (x)  1.00:1.00  higher  than  the  otherwise  applicable  level  and  (y) 5.95:1.00; provided, however, that, immediately after any such four fiscal quarter period, there shall be at least two consecutive fiscal quarters during which the Total Net Leverage Ratio shall be equal to or less than the applicable level set forth above opposite the applicable Test Period (irrespective  of  whether  any  other  Material  Acquisition  has  been  consummated  during  such period).                                        164

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