Document:

2015 Q1 Ex 10.4 - Form Special RSU Agreement

Coca-Cola Enterprises, Inc.

Form of Special Restricted Stock Unit Award 
To U.S. Senior Officer After April 30, 2015

The terms and conditions applicable to this Special Restricted Stock Unit Award (“RSU Award” or “Award”) made by Coca-Cola Enterprises, Inc. (the “Company”) to you on [insert date of grant] is described below.  

This grant was made under the Coca-Cola Enterprises, Inc. 2010 Incentive Award Plan (the “Plan”), the terms of which are incorporated into this document.  All capitalized terms in this agreement (the “Agreement”) shall have the meaning assigned to them in this Agreement or in the Plan.

		
	1.
	Special RSU Award.   A RSU Award represents an unfunded promise by the Company to deliver shares of Coca-Cola Enterprises, Inc. common stock and to pay certain amounts to you upon the vesting of all or a portion of the restricted stock units credited under your RSU Award, or as provided otherwise in this Agreement.  A RSU Award does not entitle you to vote any shares of the Company’s common stock or receive actual dividends. A RSU Award may not be transferred, assigned, hypothecated, pledged, or otherwise encumbered or subjected to any lien, obligation, or liability of you or any other party.

		
	2.
	Vesting of Special RSU Award.  Your Special RSU Award will vest, as follows:

a.   Provided you are continuously employed by the Company or a Subsidiary through the vesting date: [insert vesting date(s)]
For purposes of this RSU Award, you will be treated as having remained continuously employed if you become an employee of The Coca-Cola Company or an employer that is 20% owned by, or a franchisee of, The Coca-Cola Company immediately following your voluntary termination of employment with the Company or any Subsidiary.
  
		
	b.
	  100% upon your death or your termination due to your Disability

c.       100% in the event of your Severance Termination within two years after a Change in Control of the Company (as defined in the Plan) 
		
	d.
	A pro rata portion upon your Severance Termination.  The pro rata portion of the RSU Award will be determined as follows:  (i) the number of months between the grant date and your termination date will be divided by the number of months between the grant date and the number of months of service required for the unvested portion of the award to vest, and (ii) the resulting percentage will be applied to the total number of unvested restricted stock units to determine the number of restricted stock units that vest.   

		
	3.
	Dividend Equivalents under Your RSU Award.  Under your RSU Award, you will earn cash credits equal to the dividends declared by the Board of Directors on a share of the Company’s stock from the date of grant through the date your RSU Award is paid to you, multiplied by number of restricted stock units that vest.  These “Dividend Equivalents” will be credited immediately prior to payment of your RSU Award.

		
	4.
	Effect of Separation from Service.  If you separate from service with the Company or a Subsidiary on account of any reason other than described in Section 2, above, 100% of the RSU Award will be forfeited.  If no portion of your RSU Award vests, no Dividend Equivalents are credited under this Award.  

		
	5.
	Form of Payment of Your RSU Award.  The Company will deliver a share of   Coca-Cola Enterprises, Inc. common stock to you for each restricted stock unit that vests under your RSU Award, and it will make a cash payment to you equal to Dividend Equivalents earned under the Award.  

 6.      Definitions.  For purposes of this Award, the following definitions apply:
		
	a.
	“Disability” means an inability, by reason of a medically determinable physical or mental impairment, to engage in any substantially gainful activity, which condition is expected to have a duration of not less than one year. 

		
	b.
	“Severance Termination” means your involuntary termination without Cause or, within two years following a Change in Control of the Company, your voluntary termination for Good Reason, provided you execute a release of all potential claims against the Company. For purposes of this definition, “Cause” means (i) willful or gross misconduct that is materially detrimental to the Company, (ii) acts of personal dishonesty or fraud toward the Company or (iii) conviction of a felony, except for a conviction related to vicarious liability based solely on your position with the Company, provided that you had no involvement in actions leading to such liability or had acted upon the advice of the Company’s counsel; and “Good Reason” means your (i) demotion or diminution of duties, responsibilities and status, (ii) a material reduction in base salary and annual incentive opportunities, or (iii) assignment to a position requiring relocation of more than 50 miles from your primary workplace.

		
	7.   
	Deemed Acceptance of Award.  You will be deemed to have accepted this grant and its terms and conditions as provided under the Plan and this document unless you notify the Company otherwise in writing.  This deemed acceptance is applicable even if you do not acknowledge acceptance though the electronic process the Company may make available at the time of grant.

8.     Acknowledgment of Nature of Plan.  In accepting the Award, you acknowledge that: 
		
	a.
	the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time, as provided in the Plan;

		
	b.
	all decisions with respect to future awards, if any, will be at the sole discretion of the Company; and

		
	c.
	neither the award of restricted stock units nor any provision of this Award Agreement, the Plan or the policies adopted pursuant to the Plan confer upon you any right with respect to employment or continuation of current employment, and in the event that you are not an employee of the Company, this Award shall not be interpreted to form an employment contract or relationship with the Company.

9.      Tax Obligations.  Regardless of any action the Company or your employer takes with respect to any or all income tax (including federal, state and local taxes), social insurance, payroll tax or other tax-related withholding (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items and is and remains your responsibility and may exceed the amount actually withheld by the Company or your employer.  You further acknowledge that the Company and/or your employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSU Award, including their grant or the vesting of the Award,  or conversion of the RSUs into shares; the receipt of any cash payments or the subsequent sale of any shares acquired at vesting and the receipt of any dividends; and (2) do not commit to and are under no obligation to structure the terms of the Award or any aspect of the RSUs to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result.  Further, if you become subject to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable event, you acknowledge that the Company and/or your employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
Prior to any Tax-Related Items becoming due with respect to the RSUs, the issuance of shares upon vesting of the RSUs or the receipt of any cash payments, you shall pay, or make adequate arrangements to satisfy all withholding obligations of the Company and/or your employer.  In this regard, you authorize the Company or your employer to withhold all applicable Tax-Related Items legally payable by you from outstanding RSUs, from your wages or other cash compensation payable to you by the Company or your employer or from any cash payment received upon the payment of your RSU Award.  In addition, ifor to the extent any applicable Tax-Related Items payment or withholding obligation has not been satisfied prior to the Award’s payment date (and if permissible under local law), the Company or your employer shall withhold shares to satisfy the withholding or payment obligation, provided that the Company or your employer shall withhold only the amount of shares necessary to satisfy the minimum withholding amount.  To the extent the Tax-Related Items obligation is satisfied by reducing the number of shares of Stock issued upon vesting of the RSUs, for tax purposes, you are deemed to have been issued the full number of shares of Stock subject to the vested RSUs, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items.  Further, in the event that such share withholding method is prevented by applicable law or has materially adverse accounting or tax consequences, the Tax-Related Items withholding obligation that has not been satisfied prior to the payment of the RSU Award may be satisfied by one or a combination of the following: (A) withholding from proceeds of the sale of shares of Stock acquired upon payment of the RSUs, either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization); or (B) withholding from your wages or other cash compensation payable to you by the Company and/or your employer.  You shall pay to the Company or to your employer any amount of Tax-Related Items that the Company or your employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described.  The Company may refuse to issue or deliver the shares of Stock or the proceeds of the sale of shares of Stock to you if you fail to comply with your obligations in connection with the Tax-Related Items.
		
	10.
	Repayment/Forfeiture.  Any benefits you may receive hereunder shall be subject to repayment or forfeiture as may be required to comply with (i) any repayment and forfeiture established by the Human Resources and Compensation Committee of the Board of Directors of the Company, (ii) any applicable listing standards of a national securities exchange adopted in accordance with Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations of the U.S. Securities and Exchange Commission adopted or (iii) any similar rules under the laws of any other jurisdiction.

		
	11.
	Data Privacy.  By accepting this award, you hereby explicitly consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Award Agreement by and among, as applicable, your  employer, the Company, and Affiliated Companies for the exclusive purpose of implementing, administering and managing your participation in the Plan.

You understand that the Company and your employer may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all restricted stock units or any other entitlement to shares awarded, canceled, vested, unvested or outstanding in your favor, for the purpose of implementing, administering and managing the Plan (“Data”).  You understand that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in your country, or elsewhere, and that the recipient’s country may have different data privacy laws and protections than your country.  You understand that you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required to a broker, escrow agent or other third party with whom the shares received upon vesting of the restricted stock units may be deposited. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan.  You understand that you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consent herein, in any case without cost, by contacting in writing the Executive Compensation Office.  You understand that refusal or withdrawal of consent may affect your ability to participate in the Plan. 
		
	12.
	Electronic Delivery.  The Company may, in its sole discretion, decide to deliver any documents related to restricted stock units awarded under the Plan or future restricted stock units that may be awarded under the Plan by electronic means or request your consent to participate in the Plan by electronic means.  You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

		
	13.
	Plan Administration.  The Plan is administered by a Committee of the Company’s Board of Directors, whose function is to ensure the Plan is managed according to its terms and conditions.  To the extent any provision of this award is inconsistent or in conflict with any provision of the Plan, the Plan shall govern.  Any request for a copy of the Plan and any questions pertaining to the Plan should be directed to: 

EXECUTIVE COMPENSATION OFFICE
		
	 
	2500 WINDY RIDGE PARKWAY

ATLANTA, GA 30339
USA
		
	  
	(678) 260-30002015 Q1 Ex 10.5 - First Amendment to Credit Facility

Execution Version

FIRST AMENDMENT
FIRST AMENDMENT dated as of April 30, 2015 (this “Amendment”), to the Five-Year Credit Agreement, dated as of September 20, 2012 (the “Credit Agreement”), among Coca-Cola Enterprises, Inc., a Delaware corporation (the “Borrower”), Citibank, N.A. as administrative agent, Deutsche Bank Securities Inc. (“DBSI”) as syndication agent, Credit Suisse Securities (USA) LLC (“CS Securities”) as documentation agent, Citigroup Global Markets, Inc. (“CGMI”), DBSI and CS Securities, as joint book-running managers and joint lead arrangers, and the Lenders thereunder.
WHEREAS, the Lenders have agreed to extend credit to the Borrower under the Credit Agreement on the terms and subject to the conditions set forth therein; and
WHEREAS, the parties hereto have agreed to amend certain provisions of the Credit Agreement as set forth herein;
NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.  Defined Terms.  Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Credit Agreement.
SECTION 2.    Amendment of the Credit Agreement.  Effective on the Amendment Effective Date (as defined below), the Credit Agreement is hereby amended as follows:
		
	(a)
	by adding to Section 1.01 thereof, the following definitions in the appropriate alphabetical order:

“Consolidated EBITDA” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period plus (a) the following without duplication and to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges for such period, (ii) the provision for Federal, state, local and foreign income taxes payable by the Borrower and its Subsidiaries for such period, (iii) total depreciation and amortization expense, (iv) non-cash charges or expenses relating to the refinancing or redemption of Indebtedness in such period, (v) non-cash charges or expenses relating to the impairment of property, plant and equipment, investments, goodwill or other intangible assets in such period, (vi) non-recurring non-cash charges in connection with acquisitions, dispositions and discontinued operations, and cash and non-cash restructuring charges, (vii) non-cash charges or expenses related to stock option awards or other equity compensation and (viii) other non-recurring expenses of the Borrower and its Subsidiaries reducing such Consolidated Net Income which do not represent a cash item in such period or any future period, minus (b) to the extent included in calculating such Consolidated Net Income, (i) Federal, state, local and foreign income tax credits of the Borrower and its Subsidiaries for such period, (ii) all non-cash items increasing Consolidated Net Income for such period and (iii) the interest income of the Borrower and its Subsidiaries for such period; provided that, for purposes of calculating EBITDA for any period, any notional gains or losses on commodity hedges not been settled during such period shall be disregarded.
“Consolidated Interest Charges” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, without duplication, the sum of (a) all interest, premium payments, debt discount, fees, charges and related expenses of the Borrower and its Subsidiaries in connection with borrowed money and interest rate swaps (including capitalized or amoritized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, and (b) the portion of rent expense of the Borrower and its Subsidiaries with respect to such period under capital leases that is treated as interest in accordance with GAAP minus interest income of the Borrower and its Subsidiaries for such period.
“Consolidated Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA for the period of the four prior fiscal quarters ending on such date to (b) Consolidated Interest Charges for such period.
“Consolidated Net Income” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, the net income of the Borrower and its Subsidiaries (excluding extraordinary gains and extraordinary losses) for that period.
		
	(b)
	by deleting from Section 1.01 thereof, the definitions of “Cash” and “Total Capital” in their entirety.

		
	(c)
	by deleting the entire provision of Section 5.02(b) thereof and replacing it with the following provision:

“Consolidated Interest Coverage Ratio.  Permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 3.00 to 1.00.”
SECTION 3.    Representations and Warranties.  
		
	(a)
	To induce the other parties hereto to enter into this Amendment, the Borrower represents and warrants to such other parties that, on and as of the Amendment Effective Date, this Amendment has been duly authorized, executed and delivered by the Borrower and constitutes the Borrower’s legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium 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.

		
	(b)
	The Borrower represents and warrants that (i) the representations and warranties of the Borrower set forth in Section 4.01 (except the representations set forth in subsection (e) and in subsection (f) thereof (other than clause (ii) thereof)) of the Credit Agreement shall be true in all material respects on and as of the Amendment Effective Date, except to the extent they expressly relate to an earlier date in which case they shall be true in all material respects as of such earlier date and (ii) no Default or Event of Default shall have occurred and be continuing on the Amendment Effective Date.

SECTION 4.    Effectiveness.  This Amendment shall become effective on the date (the “Amendment Effective Date”) on which each of the following conditions is satisfied:
		
	(a)
	The Administrative Agent shall have received counterparts hereof duly executed and delivered by the Borrower, the Required Lenders and the Administrative Agent.

		
	(b)
	The Borrower shall have paid all other amounts due and payable under Section 6 of this Amendment, to the extent invoiced.

The Administrative Agent shall notify the Borrower and the Lenders of the Amendment Effective Date and such notice shall be conclusive and binding.
SECTION 5.    Effect of Amendment.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights or remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Loan Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.  On and after the Amendment Effective Date, any reference to the Credit Agreement contained in the Loan Documents shall mean the Credit Agreement as amended hereby.
SECTION 6.    Costs and Expenses.  The Borrower agrees to reimburse each of the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Amendment and the transactions contemplated hereby, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent.
SECTION 7.    Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall constitute an original, but all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Amendment by signing any such counterpart.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment.
SECTION 8.    Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
SECTION 9.    .
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

	
		
	COCA-COLA ENTERPRISES, INC.,

	by

	 
	/s/ Joyce King-Lavinder

	 
	Name: Joyce King-Lavinder

	 
	Title: Vice President and Treasurer   

	 
	 

	
		
	CITIBANK, N.A., 
as a Lender and as Administrative Agent,

	by

	 
	/s/ Carolyn Kee

	 
	Name: Carolyn Kee   

	 
	Title:   Vice President

To approve this Amendment:

	
		
	Institution: BANK OF AMERICA, N.A.,

	by

	 
	/s/ J. Casey Cosgrove

	 
	Name: J. Casey Cosgrove   

	 
	Title:   Director

To approve this Amendment:

	
		
	Institution: BARCLAYS BANK PLC,

	by

	 
	/s/ Christopher R. Lee

	 
	Name: Christopher R. Lee

	 
	Title:   Vice President

To approve this Amendment:

	
		
	Institution: BNP PARIBAS,

	by

	 
	/s/ Mike Shryock

	 
	Name: Mike Shryock   

	 
	Title: Managing Director   

For any Lender requiring a second signature line:

	
		
	by

	 
	/s/ Emma Petersen

	 
	Name: Emma Petersen   

	 
	Title:   Vice President

To approve this Amendment:

	
		
	Institution: CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

	by

	 
	/s/ Vipul Dhadda

	 
	Name: Vipul Dhadda   

	 
	Title: Authorized Signatory   

For any Lender requiring a second signature line:

	
		
	by

	 
	/s/ Franziska Schoch

	 
	Name: Franziska Schoch   

	 
	Title:   Authorized Signatory

To approve this Amendment:

	
		
	Institution: DEUTSCHE BANK AG NEW YORK BRANCH,

	by

	 
	/s/ Ming K. Chu

	 
	Name: Ming K. Chu   

	 
	Title:   Vice President

For any Lender requiring a second signature line:

	
		
	by

	 
	/s/ Virginia Cosenza

	 
	Name: Virginia Cosenza   

	 
	Title:   Vice President

To approve this Amendment:

	
		
	Institution: HSBC BANK USA, NATIONAL ASSOCIATION,

	by

	 
	/s/ Alan Vitulich

	 
	Name: Alan Vitulich   

	 
	Title:   Director

To approve this Amendment:

	
		
	Institution: MIZUHO BANK, LTD,

	by

	 
	/s/ David Lim

	 
	Name: David Lim

	 
	Title:   Authorized Signatory

WEIL:\95318629\2\35899.0481

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