Document:

Exhibit

Exhibit 10.1

EXTENSION AGREEMENT
(Extension of Maturity Date Pursuant to Section 2.15 of the Credit Agreement)
This EXTENSION AGREEMENT (this “Agreement”) dated as of January 29, 2016 (the “Extension Effective Date”) is entered into by and among ONEOK, INC., an Oklahoma corporation (“Borrower”), the undersigned Lenders (as defined in the Credit Agreement) (the “Consenting Lenders”), and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), Swing Line Lender and L/C Issuer.  Capitalized terms used herein and not otherwise defined herein shall have the meanings attributed to them in the Credit Agreement (as hereinafter defined).

R E C I T A L S

A.Reference is made to the Amended and Restated Credit Agreement effective as of January 31, 2014 among the Borrower, the Administrative Agent and the Lenders (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

B.This Agreement is being executed to evidence Borrower’s requested extension of the Maturity Date from January 31, 2019 to January 31, 2020 pursuant to Section 2.15 of the Credit Agreement (the “Extension”). 

C.Each of the Consenting Lenders is entering into this Agreement in order to evidence its consent to the Extension.  

NOW, THEREFORE, the parties hereto agree as follows:

1.Consent to Extension.   Subject to the satisfaction of the conditions precedent set forth in Paragraph 2 below, each Consenting Lender hereby consents to the Extension, and effective as of the Extension Effective Date, the Maturity Date applicable to each Consenting Lender is January 31, 2020.

2.Conditions Precedent to Effectiveness.  This Agreement and the Extension shall be effective as of the date hereof, provided that the Administrative Agent shall have received the following (a) counterparts of this Agreement, executed by the Borrower and Lenders holding more than 50% of the Aggregate Commitments (calculated in accordance with Section 2.15 of the Credit Agreement), (b) a certificate of the Borrower dated as of the date hereof containing the certifications required by Section 2.15(f)(i) of the Credit Agreement, and (c) a fee in the amount separately agreed by the Borrower, for the account of each Consenting Lender.

3.Affirmation and Ratification of Loan Documents.  The Borrower hereby (a) ratifies and affirms each Loan Document (as modified by the Extension), (b) agrees that all of its obligations and covenants under each Loan Document shall remain unimpaired by the execution and delivery of this Agreement and the other documents and instruments executed in connection herewith, and (c) agrees that each Loan Document (as modified by the Extension) shall remain in full force and effect.  This Agreement is a Loan Document.

4.Miscellaneous.  (a) Headings and captions may not be construed in interpreting provisions; (b) this Agreement shall be governed by, and construed in accordance with, the law of the State of New York; and (c) this Agreement may be executed in any number of counterparts, and by the different parties hereto on separate counterparts, with the same effect as if all signatories had signed the same document, and all of those counterparts must be construed together to constitute the same document.  

Delivery of an executed signature page by facsimile or other electronic transmission shall be effective as delivery of a manual executed counterpart.  

5.ENTIRE AGREEMENT.  THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, TOGETHER WITH THIS AGREEMENT, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

[Signature Pages to Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

	
		
	ONEOK, INC.

	By:
	/s/ Derek S. Reiners

	 
	Derek S. Reiners
Senior Vice President, Chief Financial Officer and
Treasurer

Signature Page
to ONEOK, Inc. Extension Agreement

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

	 
	 

	By:
	/s/ Maria A. McClain

	 
	Name:
Title:
	Maria A. McClain
Vice President

Signature Page
to ONEOK, Inc. Extension Agreement

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

	 
	 

	By:
	/s/ Adam H. Fey

	 
	Name:
Title:
	Adam H. Fey
Director

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	BARCLAYS BANK PLC,
as a Lender and L/C Issuer

	 
	 

	By:
	/s/ Marguerite Sutton

	 
	Name:
Title:
	Marguerite Sutton
Vice President

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	CITIBANK, N.A.,
as a Lender and L/C Issuer

	 
	 

	By:
	/s/ Maureen Maroney

	 
	Name:
Title:
	Maureen Maroney
Vice President

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	JPMORGAN CHASE BANK, N.A.,
as a Lender and L/C Issuer

	 
	 

	By:
	/s/ Darren Vanek

	 
	Name:
Title:
	Darren Vanek
Executive Director

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	MIZUHO BANK, LTD.,
as a Lender and L/C Issuer

	 
	 

	By:
	/s/ Leon Mo

	 
	Name:
Title:
	Leon Mo
Authorized Signatory

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	MORGAN STANLEY BANK, N.A.,
as a Lender and L/C Issuer

	 
	 

	By:
	/s/ Melissa James

	 
	Name:
Title:
	Melissa James
Authorized Signatory

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	UBS AG STAMFORD BRANCH,
as a Lender and L/C Issuer

	 
	 

	By:
	/s/ Houssem Daly

	 
	Name:
Title:
	Houssem Daly
Associate Director

	 
	 
	 

	By:
	/s/ Kenneth Chin

	 
	Name:
Title:
	Kenneth Chin
Director

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	WELLS FARGO BANK, NATIONAL
ASSOCIATION,
as a Lender and L/C Issuer

	 
	 

	By:
	/s/ Nathan Starr

	 
	Name:
Title:
	Nathan Starr
Portfolio Manager

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
NEW YORK BRANCH,
as a Lender

	 
	 

	By:
	/s/ Stephan W. Warfel

	 
	Name:
Title:
	Stephen W. Warfel
Managing Director

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	BRANCH BANKING AND TRUST COMPANY,
as a Lender

	 
	 

	By:
	/s/ Lincoln LaCour

	 
	Name:
Title:
	Lincoln LaCour
AVP – Corporate Banking Associate

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	DEUTSCHE BANK AG NEW YORK BRANCH,
as a Lender

	 
	 

	By:
	/s/ Ming K. Chu

	 
	Name:
Title:
	Ming K. Chu
Vice President

	 
	 
	 

	By:
	/s/ Yvonne Tilden

	 
	Name:
Title:
	Yvonne Tilden
Director

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	GOLDMAN SACHS BANK USA,
as a Lender

	 
	 

	By:
	/s/ Ryan Durkin

	 
	Name:
Title:
	Ryan Durkin
Authorized Signatory

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	PNC BANK, NATIONAL ASSOCIATION,
as a Lender

	 
	 

	By:
	/s/ Tom Byargeon

	 
	Name:
Title:
	Tom Byargeon
Managing Director

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	ROYAL BANK OF CANADA,
as a Lender

	 
	 

	By:
	/s/ Jim Allred

	 
	Name:
Title:
	Jim Allred
Authorized Signatory

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	SUMITOMO MITSUI BANKING CORPORATION,
NEW YORK BRANCH,
as a Lender

	 
	 

	By:
	/s/ David Kee

	 
	Name:
Title:
	David Kee
Managing Director

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	U.S. BANK NATIONAL ASSOCIATION,
as a Lender

	 
	 

	By:
	/s/ John Prigge

	 
	Name:
Title:
	John Prigge
Vice President

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	BOKF, NA dba BANK OF OKLAHOMA,
as a Lender

	 
	 

	By:
	/s/ Linda J. Bridges

	 
	Name:
Title:
	Linda J. Bridges
Vice President

Signature Page
to ONEOK, Inc. Extension Agreement

	
			
	ARVEST BANK,
as a Lender

	 
	 

	By:
	/s/ Rick Gaut

	 
	Name:
Title:
	Rick Gaut
SVP, Commercial Loan Manager

Signature Page
to ONEOK, Inc. Extension Agreementtdw-ex101_318.htm

 

Exhibit 10.1

AMENDMENT NUMBER FIVE

TO THE

TIDEWATER INC.  SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

 

PREAMBLE

 

WHEREAS, Tidewater Inc. (“Company”) is the sponsor of the Tidewater Inc. Supplemental Executive Retirement Plan (“Plan”), which was adopted effective July 1, 1991;

WHEREAS, the Plan has been amended from time to time, and was restated effective January 1, 2008, and most recently amended by Amendment Number Four executed December 27, 2010;

WHEREAS, the Board of Directors of the Company delegated to the Employee Benefits Committee (the “Committee”) the authority to approve all amendments that do not effect material substantive changes to the terms of the Plan or that are strictly procedural as determined by the Committee; however, any amendment that would result in a material increase in the cost of the Plan to the Company or to the benefits provided shall be considered to be a material substantive amendment;

WHEREAS, Committee wishes to amend the Plan to provide that a Participant who has a change in status as an officer of Tidewater Inc. will continue to be eligible for benefits, provided such Participant continues to serve as an officer of Tidewater Inc. or an Affiliated Company;

WHEREAS, the Committee wishes to amend the Plan to provide that all references to the Retirement Plan, the Retirement Plan account balance and Retirement Plan definitions shall be replaced with references from the Tidewater Savings and Retirement Plan; 

WHEREAS, the Committee wishes to amend the Plan to (i) clarify the form of payment following changes in marital status and (ii) provide a guaranteed period of payment to the Employee who continues employment past age 65 and there is no spouse upon the Employee’s death;

NOW, THEREFORE, the Committee hereby amends the Plan, effective January 1, 2015, to read as follows:

 

I.

 

Article 4, Eligibility, is amended and restated to read as follows:

 

To be eligible to participate in this Plan, an Employee must satisfy the following conditions, (a) and (b):

 

{N2291916.3}

 

	
 
	
(a)
	
The Employee must be a Participant in the Pension Plan or Retirement Plan; 
	
 

	
 
	
(b)
	
The Employee must serve as the Chief Executive Officer, the President, Chief Operating Officer, a Vice President or the Corporate Controller of the Employer.
	
 

 

Notwithstanding anything to the contrary, an Eligible Employee who is a Participant shall continue to accrue a benefit hereunder without regard to whether his status as an officer of Tidewater Inc. has changed, provided such Participant continues to serve as an officer of Tidewater Inc. or an Affiliated Company.  To the extent necessary, a Participant will receive additional periods of service in order to obtain a Supplemental Pension Benefit that is determined in accordance with the preceding sentence.

 

Notwithstanding the foregoing, the Board of Directors, upon recommendation of the Compensation Committee, may in its discretion determine to increase benefits hereunder, credit an Eligible Employee with an additional period of service hereunder, or change the date (but not retroactively) on which benefits cease to accrue for an Employee or terminating Employee.  Notwithstanding anything to the contrary, the Plan may not be amended to preclude the participation in the Plan, on the same basis as other Eligible Employees, of the person serving on October 1, 1999 as the Chief Executive Officer, the President, a Vice President or the Corporate Controller of the Employer, as long as such person continues to serve in such position or in any equivalent or higher position.  

 

An Employee who satisfies the above conditions is referred to as an “Eligible Employee.”  An Eligible Employee who accrues a benefit under this Plan is referred to as a “Participant.”  Effective March 4, 2010, no employee shall become a new Participant in this Plan.  

 

II.

 

All references to the “Retirement Plan” are changed to read “Tidewater Savings and Retirement Plan” and the following provisions are restated to reflect this change:  paragraph (a)(ii)(A) and paragraph (d) of Article 6, Amount of Supplemental Pension Benefit for Eligible Employees who are not covered under the Pension Plan, to read as follows:

 

	
 
	
(a)(ii)(A)
	
contribution of 3% of compensation, as defined in the Tidewater Savings and Retirement Plan, commencing no earlier than the first month following one year of employment; such contributions are assumed made to the Tidewater Savings and Retirement Plan at the end of the plan year;
	
 

 

	
 
	
(d) 
	
An Eligible Employee who is not entitled to benefits under Section 5.02 of the Tidewater Savings and  Retirement Plan is not entitled to supplemental  pension benefits under this Article (except as otherwise provided at Article 5 and in a Change of Control Agreement, if any, between the Eligible Employee and the Employer).
	
 

{N2291916.3}

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III.

 

The following paragraphs are added after the third paragraph under Section 8.1, Time and Form of Payout, to read as follows:

Nonqualified plans are subject to Section 409A of the Code and, other than as stated herein, exempt from ERISA spousal consent requirements.  The spousal consent rules will apply to any change in the form of payment but only as to the spouse, if any, who was married to the Participant at the time of an initial election and married to the Participant when new elections or changes to past elections are made.  A joint and survivor annuity will change to a single life annuity when there is a change in marital status.  If a single life annuity or a non-annuity form of payment has been elected, the form of payment is not affected by a change in marital status.  Only the spouse at the time of the time of the initial election will have spousal consent rights and only while married to the Participant.  Any change in form of payment is subject to the Irrevocable Election provisions at Section 8.2.

 

IV.

 

Section 8.5, Payment following Death, is amended and restated to read as follows:

 

If the Employee’s spouse is surviving at the Employee’s death, the spouse will receive a 50% survivor spouse annuity.  If there is no spouse at the Employee’s death, a benefit will not be paid.  However, if the Employee continues employment past age 65 and there is no spouse at the Employee’s death, his beneficiary or estate will receive a benefit for a 20 year guaranteed term.  The benefit will be determined as if the Employee had retired on the date of his death.  The benefit will commence as of the first of the month following the Employee’s death.  The non-spouse beneficiary’s benefit is actuarially adjusted to reflect the length of the payment period.  If (i) the beneficiary or beneficiaries, should die before such total guaranteed number of payments have been made, the remaining payments will be made to the estate of such beneficiary, or beneficiaries (or, if designated by the payee, to a secondary beneficiary or beneficiaries), or (ii) there is no surviving designated beneficiary upon the payee’s death, any remaining guaranteed payments will be made to the payee’s estate.  The Committee may in its discretion elect to convert the benefit to an Actuarially Equivalent (as defined in the Pension Plan) single lump sum, subject to irrevocable election provisions of Code Section 409A and applicable guidance.  If the Employee’s death is after the benefits have commenced, within the six month delay period, or other administrative delay following an event that triggers a payment obligation, the benefits will continue based upon the applicable form and this provision will not apply.

 

 

Signatures are on the next page.

 

{N2291916.3}

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IN WITNESS WHEREOF, the parties hereto have caused this amendment to be executed this 30th day of December, 2015.

 

WITNESSES:TIDEWATER INC.

 

 

By:/s/ Joseph M. Bennett

Joseph M. Bennett

Executive VP and Chief Investor 

Relations Officer

{N2291916.3}

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