Document:

Document

Exhibit 10.22

FLIR
1201 South Joyce Street, Suite C006
Arlington, VA 22202

December 28, 2020

General William W. Crouch
c/o FLIR Systems, Inc. 1201 S. Joyce St.
Suite C006
Arlington, VA 22202

RE:     FLIR Systems, Inc. Military Advisory Board

Dear General Crouch,

On behalf of FLIR Systems, Inc. (the “Company”), we are tremendously pleased that you have agreed to serve as Chairman of the Company’s Military Advisory Board (the “MAB”) effective immediately upon your planned retirement from the Company’s Board of Directors (the “Effective Date”).  This letter agreement (this “Agreement”) sets forth the terms and conditions whereby you agree to provide such services to the Company.  

1.SERVICES.

1.1 The Company hereby engages you, and you hereby accept such engagement, as an independent consultant to provide the Services (as defined below) to the Company on the terms and conditions set forth in this Agreement.

1.2 You agree to serve as (A) Chairman of the MAB and to undertake all of the duties and responsibilities ordinarily attendant to such position, including attending quarterly and any special meetings of the MAB, developing agendas therefor in coordination with the Company’s Chief Executive Officer and other members of management, and presiding at such meetings, and (B) a “Director Emeritus” of the Company and, in such capacity, to act as a liaison between the MAB and the Board of Directors of the Company (or any successor or parent entity, as applicable) including, upon request of the Board of Directors, attending Board of Directors meetings as an observer and to report upon the activities of the MAB (the “Services”).

2.TERM.       The term of this Agreement shall commence on the Effective Date and shall continue for a period of three years, unless earlier terminated in accordance with Section 6 (the “Term”). Any extension of the Term will be subject to mutual written agreement between you and the Company (referred to collectively as the “Parties”).

3.FEES AND EXPENSES.

3.1 As full compensation for the Services and the rights granted to the Company in this Agreement, the Company shall pay you the amounts set forth below. You acknowledge that you will receive an IRS Form 1099-MISC from the Company, and that you shall be solely responsible for all federal, state, and local taxes, as set out in Section 4.2.
(a) An annual retainer amount of $235,000, payable quarterly on the first business day of each fiscal quarter of the Company. 
(b) Reimbursement for out-of-pocket and travel expenses incurred in attending MAB meetings or otherwise in connection with providing the Services. 

4.RELATIONSHIP OF THE PARTIES.

4.1 You shall be an independent consultant to the Company, and this Agreement shall not be construed to create any association, partnership, joint venture, employment, or agency relationship between you and the Company for any purpose. You have no authority (and shall not hold yourself out as having authority) to bind the Company and you shall not make any agreements or representations on the Company's behalf without the Company's prior written consent.

4.2 Without limiting Section 4.1, you will not be eligible to participate in any vacation, group medical or life insurance, disability, profit sharing or retirement benefits, or any other fringe benefits or benefit plans offered by the Company to its employees, and the Company will not be responsible for withholding or paying any income, payroll, Social Security, or other federal, state, or local taxes, making any insurance contributions, including for unemployment or disability, or obtaining workers' compensation insurance on your behalf. You shall be responsible for, and shall indemnify the Company against, all such taxes or contributions, including penalties and interest. Any persons employed or engaged by you in connection with the performance of the Services shall be your employees or contractors and you shall be fully responsible for them and indemnify the Company against any claims made by or on behalf of any such employee or contractor.

5.CONFIDENTIALITY.      You acknowledge that you may receive access to information that is treated as confidential and proprietary by the Company, in each case whether spoken, written, printed, electronic, or in any other form or medium (collectively, the “Confidential Information”). You agree to treat all Confidential Information as strictly confidential, not to disclose Confidential Information or permit it to be disclosed, in whole or part, to any third party without the prior written consent of the Company in each instance, and not to use any Confidential Information for any purpose except as required in the performance of the Services. You shall notify the Company immediately in the event you become aware of any loss or disclosure of any Confidential Information.  Notwithstanding the foregoing, the term “Confidential Information” shall not include information that: (a) is or becomes generally available to the public other than through your breach of this Agreement; or (b) is communicated to you by a third party that had no confidentiality obligations with respect to such information.  In addition, nothing herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency. You agree to provide prompt notice of any such order to an authorized officer of the Company to permit the Company to contest the order or seek confidentiality protections, as determined in the Company's sole discretion.

6.TERMINATION.

6.1 You may terminate this Agreement without cause upon 30 calendar days’ written notice to the Company. In the event of termination pursuant to this clause, the Company shall promptly pay you on a pro rata basis any cash retainer payable to you pursuant to Section 3.1(a) for any Services completed up to and including the date of such termination, plus the full amount of any reimbursements owing to you under Section 3.1(b).

6.2 The Company may terminate this Agreement without cause upon 30 calendar days’ written notice to you. In the event of termination pursuant to this clause, the Company shall promptly pay to you, as a lump sum, the remaining balance of any cash retainer that otherwise would have become payable to you pursuant to Section 3.1(a) had this Agreement remained in effect for the full Term, plus the full amount of any reimbursements owing to you under Section 3.1(b).  

6.3 You or the Company may terminate this Agreement, effective immediately upon written notice to the other party to this Agreement, if the other party materially breaches this Agreement, and such breach is incapable of cure or the other party does not cure such breach within 10 calendar days after receipt of written notice of such breach.

6.4 Upon expiration or termination of this Agreement for any reason, or at any other time upon the Company's written request, you shall promptly: (a) deliver to the Company all tangible documents and other media, including any copies, containing, reflecting, incorporating, or based on the Confidential Information; (b) permanently erase all of the Confidential Information from your computer systems; and (c) confirm in writing to the Company that you have complied with the requirements of this clause.

6.5 The terms and conditions of Sections 4, 5, 9 and 10 shall survive the expiration or termination of this Agreement.

7.OTHER BUSINESS ACTIVITIES. You may be engaged or employed in any other business, trade, profession, or other activity which does not place you in a conflict of interest with the Company; provided, that, during the Term, you shall not perform any services for direct competitors of the Company without the Company's prior written consent.

8.ASSIGNMENT. Neither Party may assign its rights or delegate or subcontract its obligations under this Agreement without the prior written consent of the other Party. Any assignment in violation of the foregoing shall be deemed null and void. Subject to the limits on assignment stated above, this Agreement will inure to the benefit of, be binding on, and be enforceable against each of the Parties hereto and their respective successors and assigns.

9.GOVERNING LAW, JURISDICTION, AND VENUE. This Agreement and all matters arising out of or relating to this Agreement and the Services provided hereunder for all purposes shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any conflict of laws principles that would cause the laws of any other jurisdiction to apply. Any action or proceeding by either of the Parties to enforce this Agreement shall be brought only in a state or federal court located in the State of Delaware. The Parties hereby irrevocably submit to the exclusive jurisdiction of these courts and waive the defense of inconvenient forum to the maintenance of any action or proceeding in such venue.

10.MISCELLANEOUS.

10.1 You shall not export, directly or indirectly, any technical data acquired from the Company, or any products utilizing any such data, to any country in violation of any applicable export laws or regulations.

10.2 All notices, requests, consents, claims, demands, waivers, and other communications hereunder (each, a “Notice”) shall be in writing and addressed to the Parties at the addresses set forth on the first page of this Agreement (or to such other address that may be designated by the receiving party from time to time in accordance with this Section). All Notices shall be delivered by personal delivery, nationally recognized overnight courier (with all fees prepaid), email, or certified or registered mail (in each case, return receipt requested, postage prepaid). Except as otherwise provided in this Agreement, a Notice is effective only if: (a) the receiving party has received the Notice; and (b) the party giving the Notice has complied with the requirements of this Section.

10.3 This Agreement constitutes the sole and entire agreement of the Parties to this Agreement with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter.

10.4 This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each party hereto, and any of the terms thereof may be waived, only by a written document signed by each party to this Agreement or, in the case of waiver, by the party or parties waiving compliance.

10.5 If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.

10.6  This Agreement may be executed in multiple counterparts and by electronic or facsimile signature, each of which shall be deemed an original and all of which together shall constitute one instrument. 

If this letter accurately sets forth our understanding, kindly execute the enclosed copy of this letter and return it to the undersigned.  We are grateful for your lengthy and distinguished service as a member of our Board of Directors and look forward to the benefit of your continuing advice and guidance as Chairman of our MAB.  

Very truly yours,
FLIR Systems, Inc. 

/s/ James J. Cannon
................................................................
James J. Cannon
President and Chief Executive Officer

ACCEPTED AND AGREED:

/s/ William W. Crouch
.....................................................
General William W. Crouchgsbd-ex1011_191.htm

Exhibit 10.11

EXECUTION COPY

SEVENTH AMENDMENT TO SENIOR SECURED REVOLVING CREDIT AGREEMENT

This SEVENTH AMENDMENT TO SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as of November 20, 2020 (this “Amendment”), is entered into among GOLDMAN SACHS BDC, INC., a Delaware corporation (the “Borrower”), and, solely for the purposes of Section 4.9, GSBD WINE I, LLC, a Delaware limited liability company, MMLC WINE I, LLC, a Delaware limited liability company, BDC BLOCKER I, LLC (f/k/a My-On BDC Blocker, LLC), a Delaware limited liability company, MMLC BLOCKER I, LLC (f/k/a My-On MMLC Blocker, LLC), a Delaware limited liability company, GSBD BLOCKER II, LLC, a Delaware limited liability company, MMLC BLOCKER II, LLC, a Delaware limited liability company, GSBD Blocker III LLC, a Delaware limited liability company, and MMLC Blocker III LLC, a Delaware limited liability company (collectively, the “Subsidiary Guarantors”, and each individually, a “Subsidiary Guarantor”), the LENDERS party hereto and TRUIST BANK (as successor by merger to SunTrust Bank), as Administrative Agent (in such capacity, the “Administrative Agent”), and as Collateral Agent (in such capacity, the “Collateral Agent”).

RECITALS

WHEREAS, the Borrower and the Administrative Agent entered into that certain Senior Secured Revolving Credit Agreement dated as of September 19, 2013 (as amended by that certain First Omnibus Amendment to Senior Secured Revolving Credit Agreement and Guarantee and Security Agreement, dated as of October 3, 2014, by that certain Second Amendment to Senior Secured Revolving Credit Agreement, dated as of November 4, 2015, by that certain Third Amendment to Senior Secured Revolving Credit Agreement, dated as of December 16, 2016, by that certain Fourth Amendment to Senior Secured Revolving Credit Agreement, dated as of February 21, 2018, by that certain Fifth Amendment to Senior Secured Revolving Credit Agreement, dated as of September 17, 2018, by that certain Sixth Amendment to Senior Secured Revolving Credit Agreement, dated as of February 25, 2020, and as further amended or otherwise modified prior to the Effective Date, the “Existing Credit Agreement”) with the lenders party thereto (the “Lenders”), pursuant to which the Lenders extended certain commitments and made certain loans to the Borrower; and

WHEREAS, the Borrower and the other parties hereto desire to amend the Existing Credit Agreement to make certain changes, as set forth below;

NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and in the Existing Credit Agreement, the parties hereto agree as follows:

Definitions.  All capitalized terms not otherwise defined herein are used as defined in (or by reference in) the Existing Credit Agreement as amended hereby.

Amendments to Existing Credit Agreement.  Subject to the occurrence of the Effective Date, the Existing Credit Agreement is hereby amended as follows:

Section 5.01(a)(iv) of the Existing Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

738879380 13429957

 

 “(iv)        as soon as available and in any event not later than 20 days after the end of each monthly accounting period (ending on the last day of each calendar month) of the Borrower and its Subsidiaries, (i) a Borrowing Base Certificate as at the last day of such accounting period, (ii) a certificate executed by a Responsible Officer of the Borrower setting forth reasonably detailed calculations demonstrating compliance with Section 6.07(e) and (iii) if during such monthly accounting period the Borrower has declared or made any Restricted Payment pursuant to Section 6.05(d), a certificate of a Financial Officer of the Borrower describing each such Restricted Payment and certifying that conditions set forth in Section 6.05(d) were satisfied on the date of each such Restricted Payment;”.

Section 6.05(d) of the Existing Credit Agreement is hereby amended and restated in its entirety to read as follows:

“(d)       other Restricted Payments so long as on the date of such other Restricted Payment and after giving effect thereto (x) the Covered Debt Amount does not exceed 90% of the Borrowing Base and (y) no Default shall have occurred and be continuing or would result therefrom; and”.

Conditions Precedent.  Section 2 hereof shall become effective on the date (the “Effective Date”) when the Administrative Agent shall have received from each party hereto either (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page to this Amendment) that such party has signed a counterpart of this Amendment.

Miscellaneous.

Representations and Warranties. The Borrower hereby represents and warrants that (i) this Amendment constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms, (ii) no Event of Default shall have occurred and be continuing on the Effective Date, both before and after giving effect to this Amendment and (iii) its representations and warranties as set forth in the Loan Documents, as applicable, are true and correct in all material respects (except those representations and warranties qualified by materiality or by reference to a material adverse effect, which are true and correct in all respects) on and as of the date hereof as though made on and as of the date hereof (unless such representations and warranties specifically refer to a previous day, in which case, they shall be complete and correct in all material respects (or, with respect to such representations or warranties qualified by materiality or by reference to a material adverse effect, complete and correct in all respects) on and as of such previous day).

References to Existing Credit Agreement.  Upon the effectiveness of this Amendment, each reference in the Existing Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Existing Credit Agreement, as amended hereby, and each reference to the Existing Credit Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Existing Credit Agreement shall mean and be a reference to the Existing Credit Agreement as amended hereby.

738879380 134299572

 

Effect on Existing Agreements.  Except as specifically amended above, the Existing Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

No Waiver.  The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent under the Existing Credit Agreement or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth herein.  The parties hereto hereby agree that this Amendment is a Loan Document.

Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of New York.

Successors and Assigns.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void).

Headings.  The Section headings in this Amendment are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Amendment or any provision hereof.

Counterparts.  This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement.

Reaffirmation.  The Subsidiary Guarantors each hereby consent to the terms of this Amendment, each confirm that its Guarantee under the Guarantee and Security Agreement remains unaltered and in full force and effect and each hereby reaffirm, ratify and confirm the terms and conditions of the Guarantee and Security Agreement.

[SIGNATURES FOLLOW]

 

738879380 134299573

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

GOLDMAN SACHS BDC, INC., 
as Borrower

By: /s/ Jonathan Lamm
      Name: Jonathan Lamm
      Title: Treasurer and Chief Financial Officer

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

738879380 13429957 Signature Page to Sixth Amendment

 

TRUIST BANK (AS SUCCESSOR BY MERGER TO SUNTRUST BANK), 
as the Administrative Agent, the Collateral Agent and a Lender

By: /s/ Hays Wood
      Name: Hays Wood
      Title: Director

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

738879380 13429957 Signature Page to Sixth Amendment

 

BANK OF AMERICA, N.A., 
as a Lender 

By: /s/ Chris Choi
      Name: Chris Choi
      Title: Director

Signature Page to Seventh Amendment

 

 

HSBC BANK USA, N.A., 
as a Lender 

By: /s/ Shubhendu Kudaisya
      Name: Shubhendu Kudaisya
      Title: SVP, Structured Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Seventh Amendment

 

MUFG UNION BANK, N.A., 
as a Lender 

By: /s/ Jeanne Horn
      Name: Jeanne Horn
      Title: Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Seventh Amendment

 

STATE STREET BANK AND TRUST COMPANY, 
as a Lender 

By: /s/ John Doherty
      Name: John Doherty
      Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Seventh Amendment

 

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD. NEW YORK BRANCH, 
as a Lender 

By: /s/ Weiming Zhou
      Name: Weiming Zhou
      Title: Vice President

By: /s/ Charles Inkeles
      Name: Charles Inkeles
      Title: Executive Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Seventh Amendment

 

MORGAN STANLEY BANK, N.A., 
as a Lender 

By: /s/ David White
      Name: David White
      Title: Authorized Signatory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Seventh Amendment

 

CITIBANK, N.A., 
as a Lender 

By: /s/ Erik Andersen
      Name: Erik Andersen
      Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Seventh Amendment

 

SUMITOMO MITSUI BANKING CORPORATION, 
as a Lender 

By: /s/ Shane Klein
      Name: Shane Klein
      Title: Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Seventh Amendment

 

CIT FINANCE, LLC, 
as a Lender 

By: /s/ Anthony Masci
      Name: Anthony Masci
      Title: Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Seventh Amendment

 

ING CAPITAL LLC, 
as a Lender 

By: /s/ Patrick Frisch
      Name: Patrick Frisch
      Title: Managing Director

By: /s/ Dina T. Kook
      Name: Dina T. Kook
      Title: Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Seventh Amendment

 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 
as a Lender 

By: /s/ Doreen Barr
      Name: Doreen Barr
      Title:

By: /s/ Andrew Griffin
      Name: Andrew Griffin
      Title: Authorized Signatory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Seventh Amendment

 

Agreed and acknowledged solely with respect to  Section 4.9.

 

GSBD WINE I, LLC 

By: /s/ Brendan McGovern
      Name: Brendan McGovern
      Title: Manager

 

MMLC WINE I, LLC 

By: /s/ Brendan McGovern
      Name: Brendan McGovern
      Title: Manager

 

BDC BLOCKER I, LLC (f/k/a My-On BDC Blocker, LLC)

By: /s/ Jonathan Lamm
      Name: Jonathan Lamm
      Title: Treasurer and Chief Financial Officer

 

MMLC BLOCKER I, LLC (f/k/a My-On MMLC Blocker, LLC)

By: /s/ Jonathan Lamm
      Name: Jonathan Lamm
      Title: Treasurer and Chief Financia Officer

 

GSBD BLOCKER II, LLC 

By: /s/ Jonathan Lamm
      Name: Jonathan Lamm
      Title: Treasurer and Chief Financial Officer

Signature Page to Seventh Amendment

 

 

MMLC BLOCKER II, LLC 

By: /s/ Jonathan Lamm
      Name: Jonathan Lamm
      Title: Treasurer and Chief Fnancial Officer

 

GSBD BLOCKER III LLC 

By: /s/ Jonathan Lamm
      Name: Jonathan Lamm
      Title: Treasurer and Chief Financial Officer

 

MMLC BLOCKER III LLC 

By: /s/ Jonathan Lamm
      Name: Jonathan Lamm
      Title: Treasurer and Chief Financial Officer 

 

 

 

Signature Page to Seventh Amendment

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