Document:

Exhibit 10.1

 

EXECUTIVE SEVERANCE AND RELEASE AGREEMENT

 

This Executive Severance and Release Agreement (the “Agreement”) is entered into by and among Atlantic Power Holdings, Inc. (“Atlantic Holdings” or the “Company”), Atlantic Power Corporation (“Atlantic Power”), and Paul H. Rapisarda (the “Executive”) (collectively, the “Parties”).

 

WHEREAS, Atlantic Holdings, a Delaware corporation, is a wholly-owned subsidiary of Atlantic Power, a corporation continued under the laws of the Province of British Columbia, Canada;

 

WHEREAS, the Executive has been employed as the Executive Vice President — Commercial Development of Atlantic Power and Vice President of the Company;

 

WHEREAS, the Parties entered into an Amended and Restated Executive Employment Agreement effective as of April 15, 2013 (the “Employment Agreement”);

 

WHEREAS, on October 14, 2014 (the “Separation Date”), the Parties mutually agreed that the Executive would step down as Executive Vice President — Commercial Development of Atlantic Power and Vice President of the Company, as of the Separation Date, and Executive is hereby resigning from any and all other officer and director positions with the Company and any affiliate, including Atlantic Power;

 

WHEREAS, in the interest of an amicable departure and in recognition of the Executive’s substantial services and contributions to the Company, the Company shall treat the Executive’s separation from employment as an event entitling Executive to the severance benefits set forth in Section 7(a)(A-E) of the Employment Agreement (the “Section 7(a) severance benefits”), subject to the terms and conditions therein and herein; and

 

WHEREAS, in exchange for, among other things, the Executive entering into and complying with this Agreement, the Company shall provide the Executive with the Section 7(a) severance benefits as well as certain additional severance benefits described in this Agreement.

 

NOW, THEREFORE, in consideration of the promises and conditions set forth herein, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

 

1.              Separation from Employment, Director and Officer Positions of the Company and its Affiliates.  The Executive’s separation from employment with the Company and Atlantic Power was effective as of the Separation Date and the Executive ceased all duties and responsibilities in respect of such employment, except as referenced in this Agreement, with the Company and any Company affiliate as of such date.  As of the Effective Date (as defined below), the Executive also hereby resigns from any and all other officer and all director positions with the Company or any Company affiliate, including Atlantic Power, and will cease all related duties and responsibilities, except as referenced in this Agreement, with the Company and any Company affiliate.  The Executive hereby irrevocably appoints the Company to be his attorney-in-fact to execute any documents and do anything in his name to effect the Executive’s ceasing to serve as an officer or director of the Company and any affiliate, including Atlantic Power, should he fail to promptly submit his resignation on the Effective Date or execute any documents requested by the Company or any Company affiliate to effectuate the Executive’s resignation from any and all officer and director positions.  A written notification signed by a director or duly authorized officer of the Company or Atlantic Power that any instrument, document or act falls within the authority conferred by this subsection will be conclusive evidence that it does so.  The Company will prepare any documents, pay any filing fees, and bear any other expenses related to this section.

 

2.              Severance Benefits.  Provided the Executive executes this Agreement by October 21, 2014 and complies with the terms and conditions herein, the Company will provide him with the following severance benefits (the “Severance Benefits”):

 

a.              The Section 7(a) severance benefits paid at the time and in the manner set forth in the Employment Agreement, with the Effective Date treated as the Executive’s date of termination for purposes of the Section 7(a) severance benefits.  The Parties hereby agree

 

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that the amount due under Section 7(a)(B) of the Employment Agreement shall be $1,480,500;

 

b.              An additional cash payment of $106,250 (an amount equivalent to three (3) months of the Executive’s last current base salary), less all applicable taxes and withholdings paid to the Executive on the thirtieth (30th) day following the Effective Date; and

 

c.               Employee benefits, as set forth in Section 7(a)(C) of the Employment Agreement, for an additional three (3) months beyond the period set forth in Section 7(a)(C) of the Employment Agreement and incorporated herein at Section 2(a), provided, however, that if for any reason any such benefits or their equivalent cannot be provided through the Company’s group or other plans, the Company shall reimburse the Executive for the reasonable cost of obtaining equivalent benefits within fifteen (15) days of the Executive’s submission of documentation establishing such cost.

 

d.              The Company will reimburse Executive for legal fees he expends in connection with this Agreement in an amount up to $5,000.

 

The payment and provision of the Severance Benefits shall be subject to the terms and conditions of Section 11 of the Employment Agreement.

 

3.              Release by Executive.

 

a.              In consideration of the Severance Benefits, the Executive hereby releases, remises, discharges, and acquits Atlantic Power and all of its subsidiaries, affiliates (including the Company), successors, and assigns, and their respective past, present, and future officers, directors, shareholders, members, partners, agents, employees, and attorneys (collectively, the “Released Parties”), jointly and severally, of and from any and all claims, charges, demands, causes of action, obligations, damages, or liabilities or claims

 

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under any contract (including the Employment Agreement except as expressly provided herein), known or unknown (the “Executive Claims”), which the Executive or the Executive’s heirs, successors or assigns have, ever had, or may now have against any of the Released Parties, arising from, connected with, or related to any event that has happened, developed, or occurred, or any state of facts existing, up to and including the date of the Executive’s execution of this Agreement.  Without limiting the generality of the foregoing, the Executive specifically releases the Released Parties from all Executive Claims that could have been asserted as a result of Executive’s employment with the Company, separation from employment, or other status with Atlantic Power or the Company, including but not limited to Executive Claims conferred by or arising under any federal, state, local, and/or municipal law, including but not limited to the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, Title VII of the United States Civil Rights Act of 1964, 42 U.S.C. § 1981, the Worker Adjustment and Retraining Notification Act, the Rehabilitation Act, the Massachusetts Fair Employment Practices Act (“MFEPA”), the Massachusetts Equal Rights Law, and the Massachusetts Wage Act, M.G.L.c. 149, §§148 and 150 (including Executive Claims for compensation, salary, wages, bonuses, commission, multiple damages, or attorneys’ fees) and Executive Claims for any form of relief, no matter how denominated, including any claims for injunctive relief, additional compensation, wages, or benefits (including front pay and back pay), compensatory or consequential damages, liquidated or punitive damages, attorneys’ fees, employment, re-employment, or future employment in any capacity, provided, however, that this Agreement shall not act to release, and shall not apply to (1) all continuing obligations of Atlantic Power or its affiliates, including the Company, under Section 2 of this Agreement, (2) all rights in the nature of indemnification and rights to continued coverage under directors’ and officers’ insurance policies (including tail policies) which the Executive may have with respect to claims against the Executive

 

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relating to or arising out of his employment with Atlantic Power or its affiliates (including the Company), including rights under Section 5 of the Employment Agreement (entitled “Indemnification”) and any Indemnity Agreement between Atlantic Power and the Company and the Executive, all of which survive the Executive’s termination of employment; (3) any vested benefit to which the Executive is entitled under any tax qualified pension plan of Atlantic Power or its affiliates, including the Company; or (4) COBRA continuation coverage benefits or any other similar benefits required to be provided by statute or the Employment Agreement.

 

b.              The Executive agrees that he will not file or permit to be filed on the Executive’s behalf any Executive Claim against any of the Released Parties involving any matter occurring up to and including the date of the Executive’s execution of this Agreement, except with respect to those obligations, rights, and benefits that are excepted and excluded from the scope of the foregoing release.  Notwithstanding any other provision of this Agreement, this Agreement is not intended to interfere with the Executive’s right to file a charge with the Equal Employment Opportunity Commission or any state human rights commission in connection with any claim he believes he may have against Atlantic Power or its affiliates (including the Company), or to bar or prohibit contact with or participation in any proceeding before a federal or state administrative agency, provided however, that by executing this Agreement, the Executive hereby waives the right to recover monetary damages or personal relief with respect to any such charge or proceeding.

 

4.              Release by the Company and Atlantic Power.  The Company, Atlantic Power and their affiliates hereby release, remise, discharge, and acquit the Executive of and from any and all claims, charges, demands, causes of action, obligations, damages, or liabilities or claims under any contract (including the Employment Agreement, except as expressly provided herein), known or

 

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unknown (the “Company and Atlantic Power Claims”), which the Company, Atlantic Power or their affiliates have, ever had, or may now have against the Executive arising from, connected with, or related to any event that has happened, developed, or occurred, or any state of facts existing, up to and including the date of the Company and Atlantic Power’s execution of this Agreement.   This release includes, without implication of limitation, the complete waiver and release of all Company and Atlantic Power Claims arising in connection with Executive’s employment with and/or service as an officer and/or director of the Company and Atlantic Power and their affiliates, or Executive’s separation from employment with and/or service as an officer and/or director of the Company and Atlantic Power and their affiliates; provided, however, that notwithstanding the foregoing, the Company, Atlantic Power and their affiliates do not release Executive from any Company and Atlantic Power Claims based on any acts and/or omissions that satisfy the elements of a criminal offense or claims arising out of any intentional misconduct by Executive that resulted in injury to the Company, Atlantic Power or their affiliates (provided that the Company and Atlantic Power hereby represent that they know of no such Company and Atlantic Power Claims), nor do the Company or Atlantic Power release Executive with respect to the recoupment rights set forth in Section 19 of the Employment Agreement.

 

5.              Continuing Obligations.  The Executive acknowledges and reaffirms each of the following obligations: (a) his confidentiality obligations under Section 8 of the Employment Agreement, which remain in full force and effect; (b) his non-solicitation obligations under Section 9(b) of the Employment Agreement; and (c) his recoupment obligations under Section 19 of the Employment Agreement.  The Parties agree that the Executive’s obligations under Section 9(a) of the Employment Agreement shall not be applicable and that instead (i) for six (6) months following the Separation Date, Executive shall not divert or otherwise appropriate, directly or indirectly, alone or with others, any project acquisition, development and/or construction opportunities that the Company considered within the nine (9) month period immediately preceding the Separation

 

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Date and (ii) Executive shall not be employed by any public or private company that, within six (6) months of the Separation Date, undertakes any transaction which would constitute a “change in control” as defined in paragraph 6(b) of the Employment Agreement with respect to Atlantic Power or Atlantic Holdings.

 

6.              Return of Company Property.  The Executive agrees to return to the Company or the applicable Company affiliate, all keys, files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software and printers, wireless handheld devices, USB storage devices, cellular phones, tablets, etc.), Company or Company affiliate identification, Company or Company affiliate vehicles and any other Company-owned or Company affiliate-owned property in Executive’s possession or control and to leave intact all electronic Company and Company affiliate documents, including but not limited to, those that Executive developed or helped to develop during his employment and/or his role as an officer or director of the Company or any Company affiliate; provided, however, that the Executive may keep any computer, wireless handheld device, cellular telephone or tablet provided by the Company so long as the Executive provides such computer, device, telephone or tablet to the Company within one month of the Effective Date to enable the Company to delete any and all information related to the Company and its affiliates from such item.  The Executive further agrees to cancel within 30 days of the Effective Date, all accounts for his benefit, if any, in the Company’s or any Company affiliate’s name, including but not limited to, credit cards, telephone charge cards, cellular phone, wireless data or internet accounts, and/or and computer accounts; provided that the Executive shall promptly reimburse the Company for any personal use of Company credit cards, telephone charge cards or other accounts following the Separation Date.

 

7.              Final Compensation; Expense Reimbursement.  On the Company’s next regular payroll date following the Separation Date, the Company shall pay Executive his accrued but unpaid base salary and any accrued but unused vacation based on Executive’s employment through the

 

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Separation Date.  The Executive shall be entitled to be reimbursed for his reasonable business expenses incurred prior to the Separation Date in connection with his employment, subject to the Company’s policies and procedures with respect to expense reimbursement, and provided that Executive submits documentation for any open expenses within thirty (30) days of the Separation Date.  Consistent with Company policy, any outstanding expenses will be reimbursed to Executive by the next payroll date after submission.

 

8.              Non-Disparagement.  The Executive understands and agrees that, to the extent permitted by law, he shall not make any false, disparaging, derogatory or defamatory statements to any person or entity, including, but not limited to, any media outlet, industry group, financial institution or current or former officer, employee, board member, consultant, client or customer of the Company or any Company affiliate regarding the Company or any of the other Released Parties, or regarding the Company’s or Atlantic Power’s business affairs, business prospects, or financial condition.  The Company and Atlantic Power will instruct all current officers and directors to refrain from making any false, disparaging or derogatory statements to any person or entity, including, but not limited to, any media outlet, industry group, financial institution or current or former officer, employee, board member, consultant, client or customer of the Company or any Company affiliate about Executive.

 

9.              Cooperation.  The Executive agrees to cooperate with the Company or any Company affiliate, including Atlantic Power, in the investigation, defense or prosecution of any claims or actions now in existence or that may be brought in the future against or on behalf of the Company or any Company affiliate that involve matters relating to the Executive’s role as a director, officer, or employee of the Company or any Company affiliate, including Atlantic Power.  The Executive’s cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with the Company’s counsel to prepare for discovery or any mediation, arbitration, trial, administrative hearing or other proceeding or to act as a witness when

 

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reasonably requested by the Company or any Company affiliate at mutually agreeable times and at locations mutually convenient to the Parties.  The Executive shall be entitled to receive a prompt reimbursement of all reasonable expenses incurred by the Executive in cooperating hereunder including expenses related to travel and other expenses while away from home.  The Company shall reimburse such expenses subject to Company’s expense reimbursement policy and further subject to the terms set forth in Section 11(d) of the Employment Agreement.

 

10.       Amendment.  This Agreement shall be binding upon the Parties and may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the Parties hereto.  This Agreement is binding upon and shall inure to the benefit of the Parties and their respective agents, assigns, heirs, executors, successors and administrators.

 

11.       Waiver of Rights.  No delay or omission by Atlantic Power or Atlantic Holdings in exercising any right under this Agreement shall operate as a waiver of that or any other right.  A waiver or consent given by Atlantic Power or Atlantic Holdings on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion.

 

12.       Validity.  Should any provision of this Agreement be declared or be determined by any court of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Agreement.

 

13.       Acknowledgements.  The Executive acknowledges that he has been given a reasonable period of time to consider this Agreement and that the Company and Atlantic Power are hereby advising the Executive to consult with an attorney of his own choosing prior to signing this Agreement.  The Executive understands and agrees that he will not be entitled to receive the Severance Benefits if he fails to timely execute this Agreement.

 

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14.       Voluntary Assent.  The Executive affirms that no other promises or agreements of any kind have been made to or with the Executive by any person or entity whatsoever to cause him to sign this Agreement, and that he fully understands the meaning and intent of this Agreement.  The Executive states and represents that he has had an opportunity to fully discuss and review the terms of this Agreement with an attorney.  The Executive further states and represents that he has carefully read this Agreement, understands the contents herein, freely and voluntarily assents to all of the terms and conditions hereof, and signs his name of his own free act.

 

15.       Applicable Law.  This Agreement shall be governed by the laws of the Commonwealth of Massachusetts without regard to conflict of laws provisions.  The Parties hereby irrevocably submit to and acknowledge and recognize the jurisdiction of the courts of the Commonwealth of Massachusetts, or if appropriate, a federal court located in the Commonwealth of Massachusetts (which courts, for purposes of this Agreement, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out of, under or in connection with this Agreement or the subject matter hereof.

 

16.       Tax Acknowledgement.  In connection with the payments and consideration provided to the Executive pursuant to this Agreement, the Company will withhold and remit to the tax authorities the amounts required under applicable law, and the Executive shall be responsible for all applicable taxes with respect to such payments and consideration under applicable law.  The Executive acknowledges that he is not relying upon the advice or representation of the Company or Atlantic Power with respect to the tax treatment of any of the payments or benefits set forth in Paragraph 2 of this Agreement or otherwise.

 

17.       Entire Agreement.  This Agreement contains and constitutes the entire understanding and agreement between the Parties hereto with respect to the Executive’s severance benefits and the settlement of claims against the Company and Atlantic Power and cancels all previous oral and

 

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written negotiations, agreements, commitments and writings in connection therewith.  The Executive hereby acknowledges that the payments, benefits, and rights set forth in this Agreement are the exclusive payments, benefits, and rights due to Executive in connection with his separation from employment with the Company.

 

18.       Recital Paragraphs.  The recital paragraphs at the beginning of this Agreement are incorporated by reference as if fully set forth herein.

 

19.       Execution.  This Agreement may be executed by facsimile or electronic mail and in two (2) or more signature counterparts, each of which shall constitute an original, but all of which taken together shall constitute one and the same instrument.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

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IN WITNESS WHEREOF, the Parties have freely and voluntarily entered into this Agreement effective as of the date set forth below (the “Effective Date”).

 

 

	
 
    	
 
    	
ATLANTIC   POWER HOLDINGS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
October 21,   2014
    	
 
    	
 
    	
By:
    	
/s/   Kenneth Hartwick
    
	
 
    	
 
    	
 
    	
Name:   Kenneth Hartwick
    
	
 
    	
 
    	
 
    	
Title:   Interim CEO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ATLANTIC   POWER CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
October 21,   2014
    	
 
    	
 
    	
By:
    	
/s/   Kenneth Hartwick
    
	
 
    	
 
    	
 
    	
Name:   Kenneth Hartwick
    
	
 
    	
 
    	
 
    	
Title:   Interim CEO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
PAUL   H. RAPISARDA
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
October 20,   2014
    	
 
    	
 
    	
/s/   Paul H. Rapisarda
    

 

12Exhibit 4.1

 

INTERNATIONAL GAME TECHNOLOGY

 

as Issuer

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

as Trustee

 

AMENDMENT NO. 1

Dated as of October 20, 2014

 

TO FIRST SUPPLEMENTAL INDENTURE

Dated as of June 15, 2009

 

SUPPLEMENTAL TO INDENTURE

Dated as of June 15, 2009

 

 

7.50% NOTES DUE 2019

 

 

AMENDMENT NO. 1 TO FIRST SUPPLEMENTAL INDENTURE, dated as of October 20, 2014 (this “Amendment No. 1”), between INTERNATIONAL GAME TECHNOLOGY, a Nevada corporation (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (the “Trustee”).

 

WHEREAS, the Company and the Trustee have executed and delivered an Indenture, dated as of June 15, 2009 (the “Base Indenture” and, together with the First Supplemental Indenture, dated as of June 15, 2009 (the “First Supplemental Indenture”), each as amended by this Amendment No. 1 and as further amended or supplemented from time to time, the “Indenture”)), which provides for the issuance of debt securities in an unlimited aggregate principal amount from time to time in one or more series;

 

WHEREAS, pursuant to the terms of the Base Indenture and the First Supplemental Indenture, the Company established and issued a series of its Securities designated as its 7.50% Notes due 2019 (the “2019 Notes”);

 

WHEREAS, Section 9.2 of the Base Indenture provides that the Company and the Trustee, may from time to time and at any time enter into a supplemental indenture with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities of each series affected by such supplemental indenture at the time Outstanding;

 

WHEREAS, Section 9.1(d) of the Base Indenture provides that the Company and the Trustee, may from time to time and at any time enter into a supplemental indenture without the consent of the Holders to provide any security for or guarantees of the Securities of any series;

 

WHEREAS, the Company entered into (1) an Agreement and Plan of Merger, dated as of July 15, 2014 (the “Merger Agreement”), with GTECH S.p.A., a joint stock company organized under the laws of Italy (“GTECH”), Georgia Worldwide PLC, a public limited company organized under the laws of England and Wales (“Holdco”), which, prior to its re-registration, was a private limited company organized under the laws of England and Wales under the name Georgia Worldwide Limited, Georgia Worldwide Corporation, a Nevada corporation and a wholly-owned subsidiary of Holdco (“Sub”), and, solely with respect to Section 5.02 and Article VIII of the Merger Agreement, GTECH Corporation, a Delaware corporation and a wholly-owned subsidiary of GTECH, (2) a Support Agreement, dated as of July 15, 2014, with the individuals and the other parties listed on Schedule A attached thereto, and (3) a Voting Agreement, dated as of July 15, 2014, with Holdco and the individuals and other parties listed on Schedule A attached thereto;

 

WHEREAS, pursuant to the Merger Agreement, GTECH will merge with and into Holdco and Sub will merge with and into the Company (the “Mergers”); the Mergers are subject to certain regulatory approvals and satisfaction or occurrence of other conditions;

 

WHEREAS, Section 4.3 of the First Supplemental Indenture provides that if a Change of Control Repurchase Event occurs, then at the option of the Holder of 2019 Notes, subject to certain provisions, the Company must repurchase the 2019 Notes;

 

WHEREAS, this Amendment No. 1 effects the following changes to the Base Indenture and the First Supplemental Indenture, which have been consented to by the Holders of not less

 

 

than a majority in aggregate principal amount of the 2019 Notes outstanding in accordance with Section 9.2 of the Base Indenture: (1) to amend the definition of “Change of Control” in the First Supplemental Indenture to exclude the Merger Transactions, make the Change of Control definition apply to Holdco instead of the Company after the consummation of the Merger Transactions, and include the concept of a Permitted Holder, (2) to amend Section 5.3 of the Base Indenture with respect to the 2019 Notes to permit reporting by Holdco in lieu of the Company under certain circumstances and (3) to amend or add relevant definitions to the Base Indenture and the First Supplemental Indenture with respect to the 2019 Notes relating to the foregoing, in each case as described in the Consent Solicitation Statement distributed to Holders of 2019 Notes on October 8, 2014 (the “Consent Solicitation Statement”);

 

WHEREAS, this Amendment No. 1 also amends Article V of the First Supplemental Indenture to include an additional covenant related to future guarantors, and such amendment is permitted to be effected without the consent of the Holders in accordance with Section 9.1(d) of the Base Indenture; and

 

WHEREAS, all requirements necessary to make this Amendment No. 1 a valid, binding and enforceable instrument in accordance with its terms have been satisfied and performed, and the execution and delivery of this Amendment No. 1 has been duly authorized in all respects.

 

NOW, THEREFORE, in consideration of the premises hereof, the parties have executed and delivered this Amendment No. 1, and the Company and the Trustee agree for the benefit of each other and for the equal and ratable benefit of the Holders of 2019 Notes, as follows:

 

Section 1.                                           Capitalized Terms.  Any capitalized term used herein and not otherwise defined herein shall have the meaning assigned to such term in the Indenture.

 

Section 2.                                           Effectiveness; Conditions Precedent.  The Company represents and warrants to the Trustee that the conditions precedent to the amendments of the Indenture, including such conditions pursuant to Sections 9.1 and 9.2 of the Base Indenture, have been satisfied in all respects.  Pursuant to Section 9.2 of the Base Indenture, the Company has been authorized by a Board Resolution to enter into this Amendment No. 1 and the Holders of not less than a majority in aggregate principal amount of the Outstanding 2019 Notes have consented to the amendments herein and have authorized and directed the Trustee to execute and deliver this Amendment No.  1.  The Company and the Trustee are on this date executing this Amendment No. 1.

 

This Amendment No. 1 shall become effective and binding upon the Company, the Trustee and the Holders of 2019 Notes immediately upon its execution and delivery by the parties hereto on the date hereof.  Notwithstanding the foregoing, the amendments set forth in Section 3 and Section 4 shall become inoperative if the Merger Agreement is terminated in accordance with its terms.  In addition, the amendments set forth in Section 3 shall become inoperative if the Company or one or more of its Affiliates fails to pay, and GTECH or GTECH Corporation fails to pay, on behalf of the Company, the applicable Consent Payment (as defined in the Consent Solicitation Statement) in respect of the 2019 Notes.

 

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Section 3.                                           Indenture Amendments with the Consent of the Holders.  Pursuant to Section 9.2 of the Base Indenture and subject to Section 2 hereof, the Indenture is hereby amended as follows:

 

(a)                                 The definition of “Change of Control” in Section 1.1 of the First Supplemental Indenture is hereby amended to add the following paragraph as the last sentence:

 

“Notwithstanding the foregoing, (i) the consummation of any of the Merger Transactions shall be deemed not to constitute or result in a Change of Control and (ii) following the Merger Consummation Date, “Change of Control” means the occurrence of any of the following (and only the following):

 

(i)                                    the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of Holdco’s assets and the assets of Holdco’s Subsidiaries, taken as a whole, to any Person (including any “person” (as that term is used in Section 13(d)(3) of the Exchange Act)) other than to Holdco, a Permitted Holder or any Subsidiary of Holdco or a Permitted Holder;

 

(ii)                                the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any Person (including any “person” (as that term is used in Section 13(d)(3) of the Exchange Act)) other than a Permitted Holder becomes the “beneficial owner” as defined in Rules 13d-3 and 13d-5 under the Exchange Act of more than 50% of Holdco’s outstanding Voting Stock, measured by voting power rather than number of shares;

 

(iii)                            Holdco consolidates with, or merges with or into, any Person (other than a Permitted Holder) or any Person (other than a Permitted Holder) consolidates with, or merges with or into, Holdco, in any such event pursuant to a transaction in which any of Holdco’s outstanding Voting Stock or the Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of Holdco’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person immediately after giving effect to such transaction;

 

(iv)                              the first day on which the majority of the members of Holdco’s Board of Directors ceases to be Continuing Directors; or

 

(v)                                  the adoption of a plan relating to the Holdco’s liquidation or dissolution.”

 

(b)                                 The definition of “Continuing Director” in Section 1.1 of the First Supplemental Indenture is hereby amended to add the following paragraph as the last sentence:

 

“Notwithstanding the foregoing, following the Merger Consummation Date, references in this definition to the original Issue Date of the 2019 Notes shall refer instead to the Merger Consummation Date and not to such Issue Date, and references to the members of the Board of Directors as of the Merger Consummation Date shall refer to the persons who are directors of Holdco on the Merger Consummation Date.”

 

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(c)                                  The following definitions are hereby added to Section 1.1 of the First Supplemental Indenture in their relevant alphabetical locations:

 

“Merger Transactions” means the transactions contemplated by (i) the Merger Agreement, (ii) the Support Agreement, dated as of July 15, 2014, by and among the Company and the individuals and the other parties listed on Schedule A attached thereto, and (iii) the Voting Agreement, dated as of July 15, 2014, by and among the Company, Holdco and the individuals and other parties listed on Schedule A attached thereto.

 

“Permitted Holder” means DeAgostini S.p.A., its Subsidiaries or B&D Holding di Marco Drago e C.S.a.p.a. (“B&D Holding”) or any entity controlled by one or more of the same beneficial holders that directly or indirectly control B&D Holding on the Merger Consummation Date; provided, that for the purposes of this definition, an entity or B&D Holding shall be treated as being controlled, directly or indirectly, by any such holder(s) if the latter (whether by way of ownership of shares, proxy, contract, agency or otherwise) have or has, as applicable, the power to (i) appoint or remove all, or the majority, of its directors or other equivalent officers or (ii) direct its operating and financial policies.

 

(d)                                 Section 5.3 of the Base Indenture is hereby amended with respect to the 2019 Notes by adding the following paragraph after clause (c):

 

“Notwithstanding the foregoing, following the Merger Consummation Date and if and for so long as the 2019 Notes are fully and unconditionally guaranteed by Holdco, the Company is permitted to elect to satisfy its obligations under clauses (a) and (b) of this Section 5.3 by delivering the corresponding reports, information and documents of Holdco within the timeframes set forth under such clauses (a) and (b).”

 

Section 4.                                           Indenture Amendments without the Consent of Holders. Pursuant to Section 9.1(d) of the Base Indenture and subject to Section 2 hereof, Article V of the First Supplemental Indenture is hereby amended as follows:

 

(a)                                 The following Section 5.7 is hereby added to the First Supplemental Indenture:

 

“Section 5.7                             Future Guarantors; Releases.

 

(a)                                 Following the Merger Consummation Date and if and for so long as the 2019 Notes are fully and unconditionally guaranteed by Holdco, each of Holdco and the Company will cause each Holdco Subsidiary that guarantees, as of the Merger Consummation Date or any time thereafter, any Holdco Debt Securities and is not, or is no longer, a Non-Guarantor Holdco Subsidiary to execute and deliver to the Trustee a supplemental indenture pursuant to which such Holdco Subsidiary will irrevocably and unconditionally guarantee, on a joint and several basis, the full and prompt payment of the principal of, and premium, if any, and interest in respect of the 2019 Notes on a senior basis and all other obligations of the Company under the Indenture.

 

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(b)                                 A guarantee of the 2019 Notes by a Holdco Subsidiary will be automatically and unconditionally released and discharged, and no further action by such Holdco Subsidiary, Holdco, the Company or the Trustee shall be required for the release of such Holdco Subsidiary’s guarantee of the 2019 Notes, upon:

 

(1)  any sale, assignment, transfer, conveyance, exchange or other disposition (by merger, consolidation or otherwise) of the Capital Stock of such Holdco Subsidiary after which the applicable Holdco Subsidiary is no longer a Holdco Subsidiary of Holdco or one or more other Holdco Subsidiaries or all or substantially all of the assets of such Holdco Subsidiary, which sale, assignment, transfer, conveyance, exchange or other disposition is made in compliance with the provisions of the Indenture, including Article VI of this First Supplemental Indenture; provided that each guarantee of such Holdco Subsidiary of any Holdco Debt Securities terminates upon consummation of such transaction;

 

(2)  the release or discharge of such Holdco Subsidiary from its guarantee of all Holdco Debt Securities, including each guarantee that resulted in the obligation of such Holdco Subsidiary to guarantee the 2019 Notes, if such Holdco Subsidiary would not then otherwise be required to guarantee the 2019 Notes pursuant to the Indenture, except a discharge or release by or as a result of payment under such guarantee; or

 

(3) the Company’s exercise of its Defeasance option or Covenant Defeasance option in accordance with Article XI of the Base Indenture, as modified and amended by Section 3.7 of this First Supplemental Indenture, or the discharge of the Company’s obligations under the Indenture in accordance with the terms of the Indenture.

 

At the written request of the Company, the Trustee shall execute and deliver any documents reasonably required in order to evidence such release, discharge and termination in respect of the applicable guarantee of the 2019 Notes.”

 

(b)                                 The following definitions are hereby added to Section 1.1 of the First Supplemental Indenture in their relevant alphabetical location:

 

“GTECH” means GTECH S.p.A., a joint stock company organized under the laws of Italy.

 

“Holdco” means Georgia Worldwide Limited, a private limited liability company organized under the laws of England and Wales, together with its successors.

 

“Holdco Debt Securities” means any issued and outstanding debt securities of Holdco, including debentures, notes or bonds, and for the avoidance of doubt, excluding credit facilities, term loans, lines of credit, advances or similar credit arrangements.

 

“Holdco Subsidiary” means a Person more than 50% of the outstanding Voting Stock of which is owned, directly or indirectly, by Holdco or by one or more other Holdco Subsidiaries, or by Holdco and one or more other Holdco Subsidiaries.

 

5

 

“Merger Agreement” means that certain Agreement and Plan of Merger, dated as of July 15, 2014, among GTECH, GTECH Corporation, a Delaware corporation and a wholly-owned subsidiary of GTECH solely with respect to Section 5.02 and Article VIII, Holdco, Merger Subsidiary and the Company.

 

“Merger Consummation Date” means the first date on which both of the Mergers have become effective, notice of which shall be promptly given to the Trustee in writing by the Company.

 

“Merger Subsidiary” means Georgia Worldwide Corporation, a Nevada corporation and a wholly-owned subsidiary of Holdco.

 

“Mergers” means the merger of GTECH with and into Holdco pursuant to the Merger Agreement and the merger of Merger Subsidiary with and into the Company pursuant to the Merger Agreement.

 

“Non-Guarantor Holdco Subsidiary” means any Holdco Subsidiary (i) that constitutes a “controlled foreign corporation,” as defined in Section 957 of the Internal Revenue Code of 1986, as amended, or (ii) if its guarantee of 2019 Notes pursuant to Section 5.7 of this Supplemental Indenture would violate any statute or any order, rule or regulation of a court or governmental agency or body having jurisdiction over such Holdco Subsidiary, Holdco, any other Holdco Subsidiary or the Company.

 

Section 5.                                           Form of Additional Guarantees.  Each of the entities to be added as a guarantors of the 2019 Notes pursuant to Section 5.7 of the First Supplemental Indenture (which section is being added to the First Supplemental Indenture in accordance with Section 4 of this Amendment No. 1), shall execute a supplemental indenture amendment substantially in the form attached hereto as Annex A promptly after first being required to do so pursuant to Section 5.7 of the First Supplemental Indenture.

 

Section 6.                                           Ancillary Consents.  The Holders of the 2019 Notes, by delivery of their Consents (as defined in the Consent Solicitation Statement) (i) expressly authorize and direct the Trustee, without the further consent of such Holders, to amend and waive any and all other provisions of the Indenture (with respect to the 2019 Notes) and the 2019 Notes that would prohibit the consummation of any of the transactions contemplated by the amendments set forth in Section 3 hereof and expressly authorize such amendments notwithstanding any other provision of the Indenture and (ii) expressly authorize and direct the Trustee to enter into any and all amendments to the Indenture (with respect to the 2019 Notes) to permit and facilitate the amendments set forth in Section 3 hereof, in each case, to the extent such amendment is necessary or advisable to give effect to and/or reflect the amendments set forth in Section 3 hereof (including with respect to supplementing, modifying and amending the terms of the 2019 Notes in such a manner as necessary to make the 2019 Notes consistent with the Indenture).  The Holders of the 2019 Notes, by delivery of their Consents, authorize the making of any and all changes to the Indenture (with respect to the 2019 Notes) and the 2019 Notes necessary to give effect to the amendments set forth in Section 3 hereof.

 

6

 

Section 7.                                           Conforming Changes.  In accordance with Section 9.2 of the Base Indenture, the Holders of the 2019 Notes by delivery of their Consents, permit and approve any and all conforming changes (as determined in good faith by the Company and evidenced by an Officers’ Certificate), including conforming amendments and/or waivers, to the 2019 Notes and any related documents and any documents appended thereto that may be required by, or as a result of, this Amendment No. 1.

 

Section 8.                                           Global Securities.  Each Global Security representing 2019 Notes, with effect on and from the date hereof and subject to becoming operative, pursuant to Section 2 hereof shall be deemed supplemented, modified and amended in such manner as necessary to make the terms of such Global Security consistent with the terms of the Indenture and giving effect to the amendments set forth in Sections 3 and 4 hereof.

 

Section 9.                                           Ratification and Effect.  Except as hereby expressly amended, the Indenture is in all respects ratified and confirmed and all the terms, provisions and conditions thereof shall be and remain in full force and effect.

 

Upon and after the execution of this Amendment No. 1, each reference to the Indenture in the Indenture shall mean and be a reference to the Indenture as modified and supplemented hereby.

 

Section 10.                                    Governing Law.  THIS AMENDMENT NO. 1 SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

Section 11.                                 Effect of Headings.  The section headings are for convenience only and shall not affect the construction hereof.

 

Section 12.                                    Conflicts.  To the extent of any inconsistency between the terms of the Indenture or any Global Security representing 2019 Notes and this Amendment No. 1, the terms of this Amendment No. 1 shall control.

 

Section 13.                                    Entire Agreement.  This Amendment No. 1 constitutes the entire agreement of the parties hereto with respect to the amendments to the Indenture set forth herein.

 

Section 14.                                    Successors.  All covenants and agreements in this Amendment No. 1 given by the parties hereto shall bind their successors.  The exchange of copies of this Amendment No. 1 and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Amendment No. 1 to the parties hereto and may be used in lieu of the original for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

7

 

Section 15.                                    Miscellaneous.

 

(a)                                 In case any provision in this Amendment No. 1 shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions hereof or of the Indenture shall not in any way be affected or impaired thereby.

 

(b)                                 The parties may sign any number of copies of this Amendment No. 1.  Each signed copy shall be an original, but all of them together represent the same agreement, binding on the parties hereto.

 

(c)                                  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Amendment No. 1 or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company.

 

[Signatures on following pages]

 

8

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly executed as of the date first written above.

 

	
Dated as of October 20, 2014
    	
 
    
	
 
    	
 
    
	
 
    	
INTERNATIONAL GAME TECHNOLOGY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John Vandemore
    
	
 
    	
 
    	
Name:
    	
John Vandemore
    
	
 
    	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WELLS FARGO BANK,   NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Tu
    
	
 
    	
 
    	
Name: 
    	
Michael Tu
    
	
 
    	
 
    	
Title:
    	
Assistant Vice President
    

 

 

Annex A

 

INTERNATIONAL GAME TECHNOLOGY

 

as Issuer

 

[GUARANTORS]

 

as Guarantors

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

as Trustee

 

AMENDMENT NO. [    ]

Dated as of [          ]

 

TO FIRST SUPPLEMENTAL INDENTURE

Dated as of September 19, 2013

 

SUPPLEMENTAL TO INDENTURE

Dated as of June 15, 2009

 

 

7.50% NOTES DUE 2019

 

 

AMENDMENT NO. [    ] TO FIRST SUPPLEMENTAL INDENTURE, dated as of [        ] (this “Amendment No. [    ]”), among INTERNATIONAL GAME TECHNOLOGY, a Nevada corporation (the “Company”), the [GUARANTORS] (collectively, the “Guarantors”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (the “Trustee”).

 

WHEREAS, the Company and the Trustee have executed and delivered an Indenture, dated as of June 15, 2009 (the “Base Indenture” and, together with the First Supplemental Indenture, dated as of June 15, 2009 (the “First Supplemental Indenture”), each as amended by Amendment No. 1, dated as of [      ] (“Amendment No. 1”), and as further amended or supplemented from time to time, the “Indenture”)), which provides for the issuance of debt securities in an unlimited aggregate principal amount from time to time in one or more series;

 

WHEREAS, pursuant to the terms of the Base Indenture and the First Supplemental Indenture, the Company established and issued a series of its Securities designated as its 7.50% Notes due 2019 (the “2019 Notes”);

 

WHEREAS, the Indenture provides that under certain circumstances a Holdco Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Holdco Subsidiary shall unconditionally guarantee all of the Company’s obligations under the 2019 Notes and the Indenture on the terms and conditions set forth herein and under the Indenture; and

 

WHEREAS, Section 9.1(d) of the Base Indenture provides that the Company and the Trustee, may from time to time and at any time enter into a supplemental indenture without the consent of the Holders to provide any security for or guarantees of the 2019 Notes.

 

NOW, THEREFORE, the Company, the Guarantors and the Trustee hereby agree that the following Sections of this Amendment No. [    ] supplement the Indenture with respect to the 2019 Notes issued thereunder, as follows:

 

Section 1.                                           Capitalized Terms.  Any capitalized term used herein and not otherwise defined herein shall have the meaning assigned to such term in the Indenture.

 

Section 2.                                           Guarantees.

 

(a)                                 Each Guarantor hereby absolutely, unconditionally and irrevocably guarantees (each, a “Guarantee”), on a joint and several basis, to each Holder of 2019 Notes (including each Holder of 2019 Notes issued under the Indenture after the date of this Amendment No. [    ]) and to the Trustee and its successors and assigns on a senior basis, irrespective of the validity and enforceability of this Indenture, the 2019 Notes or the obligations of the Company hereunder or thereunder (i) the full and punctual payment of all monetary obligations of the Company under the Indenture (including obligations to the Trustee) and (ii) the full and punctual performance within applicable grace periods of all other obligations of the Company under the Indenture.  Each Guarantor further agrees that its obligations hereunder shall be unconditional irrespective of the absence or existence of any action to enforce the same, the recovery of any judgment against the Company (except to the extent such judgment is paid) or any waiver or amendment of the provisions of the Indenture or the 2019 Notes to the extent that any such action or any similar action would otherwise constitute a legal or equitable discharge or defence of such Guarantor (except that such waiver or amendment shall be effective in accordance with its terms).

 

Annex A

 

1

 

(b)                                 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately.  Each Guarantor further agrees that its Guarantee constitutes a guarantee of payment, performance and compliance and not merely of collection.

 

(c)                                  Subject to this Section 2 and Section 5 hereof, the Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of the 2019 Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the 2019 Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor.  Without limiting the generality of the foregoing, each Guarantor’s liability under this Guarantee shall extend to all obligations under the 2019 Notes and the Indenture (including, without limitation, interest, fees, costs and expenses) that would be owed but for the fact that they are unenforceable or not allowable due to any proceeding under bankruptcy law involving the Company or any Guarantor.  Each Guarantor further agrees to waive presentment to, demand of payment from and protest to the Company of its Guarantee, and also waives diligence, notice of acceptance of its Guarantee, presentment, demand for payment, notice of protest for non-payment, the filing of claims with a court in the event of merger or bankruptcy of the Company and any right to require a proceeding first against the Company or any other Person.  The obligations of a Guarantor shall not be affected by any failure or policy on the part of the Trustee to exercise any right or remedy under the Indenture or the 2019 Notes of any series.  Subject to Section 5 hereof, each Guarantor covenants that this Guarantee will not be discharged except by complete performance of the obligations contained in the 2019 Notes and this Indenture.

 

(d)                                 The obligation of a Guarantor to make any payment hereunder may be satisfied by causing the Company or any other Guarantor to make such payment.  If any Holder of any 2019 Notes or the Trustee is required by any court or otherwise to return to the Company or any Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to any of the Company or any such Guarantor any amount paid by any of them to the Trustee or such Holder, any applicable Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

 

(e)                                  Each Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or any Holder of 2019 Notes in enforcing any of their respective rights under its Guarantee.

 

(f)                                   Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders of the 2019 Notes in respect of any obligations guaranteed hereby until payment and performance in full of all obligations guaranteed hereby.  Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders of the 2019 Notes and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VII of the First Supplemental Indenture for the purposes of 

 

Annex A

 

2

 

this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article VII of the First Supplemental Indenture, such obligations (whether or not due and payable) will forthwith become due and payable by the Guarantors for the purpose of this Guarantee.  The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders of the 2019 Notes under the Guarantee.

 

(g)                                  Any term or provision of this Amendment No. [    ] to the contrary notwithstanding, the maximum aggregate amount of a Guarantor’s Guarantee shall not exceed the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Section 2, result in the obligations of such Guarantor under its Guarantee not constituting either a fraudulent transfer or conveyance or voidable preference, financial assistance or improper corporate benefit, or violating the corporate purpose of the relevant Guarantor or any applicable capital maintenance or similar laws or regulations affecting the rights of creditors generally under any applicable law or regulation.

 

Section 3.                                           Execution and Delivery of Guarantee. Neither the Company nor any Guarantor shall be required to make a notation on the 2019 Notes to reflect any Guarantee or any release, termination or discharge thereof.  Each Guarantor agrees that its Guarantee set forth in Section 2 hereof will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Guarantee.

 

Section 4.                                           Successor Guarantor Substituted. In case of any consolidation, merger, sale or conveyance in compliance with the Indenture and upon, to the extent required by the Indenture, the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Guarantee endorsed upon the 2019 Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor.  Such successor Person thereupon may cause to be signed any or all of the Guarantees to be endorsed upon all of the 2019 Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee.  All the Guarantees so issued will in all respects have the same legal rank and benefit under the Indenture as the Guarantees theretofore and thereafter issued in accordance with the terms of the Indenture as though all of such Guarantees had been issued at the date of the execution hereof.

 

Section 5.                                           Release and Termination of Guarantee.  A guarantee of the 2019 Notes by a Guarantor will be automatically and unconditionally released and discharged in accordance with the terms set forth in Section 5.7 of the First Supplemental Indenture.

 

Section 6.                                           This Amendment No. [    ].  This Amendment No. [    ] shall be construed as supplemental to the Indenture and shall form a part of it, and the Indenture is hereby incorporated by reference herein and each is hereby ratified, approved and confirmed.

 

Annex A

 

3

 

Section 7.                                           Governing Law.  THIS AMENDMENT NO. [    ] SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

Section 8.                                        Effect of Headings.  The section headings are for convenience only and shall not affect the construction hereof.

 

Section 9.                                           Conflicts.  To the extent of any inconsistency between the terms of the Indenture or any Global Security representing 2019 Notes and this Amendment No. [    ], the terms of this Amendment No. [    ] will control.

 

Section 10.                                    Entire Agreement.  This Amendment No. [    ] constitutes the entire agreement of the parties hereto with respect to the amendments to the Indenture set forth herein.

 

Section 11.                                    Successors.  All covenants and agreements in this Amendment No. [    ] given by the parties hereto shall bind their successors.

 

Section 12.                                    Miscellaneous.

 

(a)                                 In case any provision in this Amendment No. [    ] shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions hereof or of the Indenture shall not in any way be affected or impaired thereby.

 

(b)                                 The parties may sign any number of copies of this Amendment No. [    ].  Each signed copy shall be an original, but all of them together represent the same agreement, binding on the parties hereto.

 

[Signatures on following pages]

 

Annex A

 

4

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. [    ] to be duly executed as of the date first written above.

 

	
Dated as of
    	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
INTERNATIONAL GAME TECHNOLOGY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WELLS FARGO BANK, NATIONAL ASSOCIATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[GUARANTORS]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

[Signature Page to Guarantee]

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