Document:

Exhibit 10.1

 

Execution Version

 

INCREMENTAL JOINDER SUPPLEMENT

 

INCREMENTAL JOINDER SUPPLEMENT NO. 3 dated as of June 25, 2012 (the “Supplement”), to the Joinder No. 1, dated as of June 15, 2012 (as heretofore amended and/or supplemented, to “Joinder No. 1”), among GTAT CORPORATION, a Delaware corporation (the “U.S. Borrower”), GT ADVANCED TECHNOLOGIES LIMITED, a company incorporated under the laws of Hong Kong (the “Hong Kong Borrower”), GT ADVANCED TECHNOLOGIES INC., a Delaware corporation (“Holdings”), the banks which are parties hereto, together with their respective successors and assigns (the “Additional Term Lenders”) and BANK OF AMERICA, N.A., as administrative agent (the “Administrative Agent”).

 

PRELIMINARY STATEMENTS:

 

(1)           The Borrowers, the Lenders and the Administrative Agent have entered into a Credit Agreement dated as of January 31, 2012 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Credit Agreement”).  Capitalized terms not otherwise defined in this Supplement have the same meanings as specified in the Credit Agreement.

 

(2)           The U.S. Borrower has requested that the Additional Term Lenders provide to the U.S. Borrower Additional Term Loans pursuant to Section 2.13 of the Credit Agreement and Joinder No. 1 on the Additional Term Loan Effective Date and on the effective date of any subsequent Incremental Joinder Supplement, in an aggregate principal amount on the Additional Term Loan Effective Date of $30,000,000 plus additional amounts pursuant to Incremental Joinder Supplements not to exceed an additional $45,000,000 in the aggregate, having identical terms with, and having the same rights and obligations under the Credit Agreement as, the outstanding Term Loans.

 

SECTION 1          Joinder. By executing and delivering this Supplement, and upon satisfaction of the conditions set forth in Section 3 hereof, each Additional Term Lender hereby (a) becomes a party to Joinder No. 1 as an “Additional Term Lender” thereunder with the same force and effect as if originally named therein as a Additional Term Lender, and (b) expressly, irrevocably and absolutely assumes all obligations and liabilities of an “Additional Term Lender” under Joinder No. 1. Each reference to an “Additional Term Lender” in Joinder No. 1 shall be deemed to include each Additional Term Lender and Exhibit A of Joinder No. 1 shall be deemed to include the schedule set forth on Annex 1 of this Supplement.

 

SECTION 2          Repayment of Loans. Section 2.07(a) of the Credit Agreement is, effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 3, hereby amended and restated in its entirety to read as follows:

 

	
Date
    	
 
    	
Term Loan
    	
 
    
	
June 30, 2012
    	
 
    	
1,812,500
    	
 
    
	
September 30, 2012
    	
 
    	
1,812,500
    	
 
    
	
December 31, 2012
    	
 
    	
1,812,500
    	
 
    
	
March 31, 2013
    	
 
    	
1,812,500
    	
 
    
	
June 30, 2013
    	
 
    	
1,812,500
    	
 
    
	
September 30, 2013
    	
 
    	
1,812,500
    	
 
    
	
December 31, 2013
    	
 
    	
1,812,500
    	
 
    
	
March 31, 2014
    	
 
    	
1,812,500
    	
 
    
	
June 30, 2014
    	
 
    	
3,625,000
    	
 
    
	
September 30, 2014
    	
 
    	
3,625,000
    	
 
    
	
December 31, 2014
    	
 
    	
3,625,000
    	
 
    
	
March 31, 2015
    	
 
    	
3,625,000
    	
 
    
	
June 30, 2015
    	
 
    	
3,625,000
    	
 
    
	
September 30, 2015
    	
 
    	
3,625,000
    	
 
    
	
December 31, 2015
    	
 
    	
3,625,000
    	
 
    
	
Fourth Anniversary of the   Closing Date
    	
 
    	
105,125,000
    	
 
    

 

 

SECTION 3          Conditions to Effectiveness of Sections 1 and 2.  Sections 1 and 2 of this Supplement shall become effective on the date when, and only when, the following conditions shall have been satisfied (such date, the “Joinder Supplement No. 3 Effective Date”):

 

(a)           The Administrative Agent shall have received a counterpart signature page of (1) this Supplement duly executed by (i) Holdings, (ii) the U.S. Borrower, (iii) the Hong Kong Borrower, (iv) the Administrative Agent and (v) each Additional Term Lender who is listed as having an Additional Term Commitment on Annex 1 to this Supplement or, as to any of the foregoing parties, written evidence reasonably satisfactory to the Administrative Agent that such party has executed this Supplement and (2) the consent attached hereto (the “Consent”) duly executed by each Grantor and Guarantor under the U.S. Security Agreement dated January 31, 2012 and each Guarantor under U.S. Guaranty dated January 31, 2012.

 

(b)           The Administrative Agent shall have received a certificate of Holdings dated as of the Joinder Supplement No. 3 Effective Date signed on behalf of Holdings by a Responsible Officer of Holdings, certifying on behalf of Holdings and each Borrower that, (1) the representations and warranties contained in Article V of the Credit Agreement and in any other Loan Document, are true and correct in all material respects (except that such representations and warranties that are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) on and as of the Joinder Supplement No. 3 Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects (except that such representations and warranties that are qualified by materiality or Material Adverse Effect were true and correct in all respects) as of such earlier date, and the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to Sections 6.01(a) and (b) of the Credit Agreement, respectively, (2) no Default has occurred and is continuing, or would result from the borrowing of the Additional Term Loans or the application of the proceeds thereof and (3) after giving

 

2

 

effect to the occurrence of the Joinder Supplement No. 3 Effective Date and the borrowing of the Additional Term Loans, on a Pro Forma Basis, the Consolidated Leverage Ratio shall be no greater than 1.50:1.00, determined on the basis of the financial information most recently required to be delivered pursuant to Section 6.01 (together with reasonably detailed supporting calculations).

 

(c)           The Administrative Agent shall have received a certified copy of the resolutions of the Board of Directors or other governing body, as applicable, of each Person that is a Loan Party (or duly authorized committee thereof) authorizing this Supplement, the Additional Term Loans and the other matters contemplated hereby.

 

(d)           The Administrative Agent shall have received a favorable opinion of Ropes & Gray LLP, counsel to Holdings, the Borrowers and the other Loan Parties, addressed to the Administrative Agent and each Lender, in form and substance reasonably satisfactory to the Administrative Agent.

 

(e)           Each Additional Term Lender shall have received, if requested at least two Business Days in advance of the Joinder Supplement No. 3 Effective Date, a Term Note in connection with the Additional Term Loans, payable to the order of such Additional Term Lender duly executed by the U.S. Borrower in substantially the form of Exhibit C-1 to the Credit Agreement, as modified by this Supplement.

 

(f)            Holdings or the U.S. Borrower shall have paid (or substantially concurrently with the satisfaction of the other conditions set forth herein, on the Joinder Supplement No. 3 Effective Date, shall be paying) to the Administrative Agent for the account of each Additional Term Lender, upfront fees equal to 0.50% of the principal amount of such Additional Term Lender’s Additional Term Commitment on the Joinder Supplement No. 3 Effective Date.

 

(g)           Holdings or the U.S. Borrower shall have paid (or substantially concurrently with the satisfaction of the other conditions set forth herein, on the Joinder Supplement No. 3 Effective Date, shall be paying) all reasonable and documented out-of-pocket documented expenses (including the reasonable and documented fees and expenses of Shearman & Sterling LLP) incurred by the Merrill Lynch, Pierce, Fenner & Smith Incorporated, as lead arranger, and the Administrative Agent in connection with the preparation, negotiation and execution of Joinder No. 1 and Incremental Joinder Supplements.

 

SECTION 4          Terms Incorporated. All of the terms and conditions of Joinder No. 1 are hereby incorporated in this Supplement by reference thereto as fully and to the same extent as if set forth herein, and the Joinder No. 1, as supplemented hereby, is hereby ratified, approved and confirmed as of the date hereof.

 

SECTION 5          Counterparts. This Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of a signature page to this

 

3

 

Supplement by telecopier or electronic mail shall be effective as delivery of a manually executed counterpart of this Supplement.

 

SECTION 6          GOVERNING LAW. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

[Signature Pages Follow]

 

4

 

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

 

	
 
    	
GT   ADVANCED TECHNOLOGIES, INC., as Holdings
    
	
 
    	
 
    
	
 
    	
By
    	
/s/Hoil   Kim
    
	
 
    	
 
    	
Name:   Hoil Kim
    
	
 
    	
 
    	
Title:   Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
GTAT   CORPORATION, as U.S. Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/Hoil   Kim
    
	
 
    	
 
    	
Name:   Hoil Kim
    
	
 
    	
 
    	
Title:   Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
GT   ADVANCED TECHNOLOGIES LIMITED, as Hong Kong Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/Hoil   Kim
    
	
 
    	
 
    	
Name:   Hoil Kim
    
	
 
    	
 
    	
Title:   Secretary
    

 

[Signature Page – Incremental Joinder Supplement No. 3]

 

 

	
 
    	
BANK   OF AMERICA, N.A.,
    
	
 
    	
as   Administrative Agent and as Lender
    
	
 
    	
 
    
	
 
    	
By
    	
/s/Douglas   M. Ingram
    
	
 
    	
 
    	
Name:   Douglas M. Ingram
    
	
 
    	
 
    	
Title:   Managing Director
    

 

[Signature Page – Incremental Joinder Supplement No. 3]

 

 

	
 
    	
BANK   OF AMERICA, N.A., as an Additional Term Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/Douglas   M. Ingram
    
	
 
    	
Name:   Douglas M. Ingram
    
	
 
    	
Title:   Managing Director
    

 

[Signature Page – Incremental Joinder Supplement No. 3]

 

 

CONSENT

 

Dated as of June 25, 2012

 

The undersigned, as Grantors and Guarantors under the U.S. Security Agreement dated January 31, 2012 (the “Security Agreement”) and as Guarantor under U.S. Guaranty dated January 31, 2012 (collectively, the “Guaranty”) in favor of the Agent for its benefit and the benefit of the Lenders parties to the Credit Agreement referred to in the foregoing Supplement, hereby consents to such Supplement and hereby confirms and agrees that (a) notwithstanding the effectiveness of such Supplement, each of the Security Agreement to which such Grantor is a party and the Guaranty to which such Guarantor is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that, on and after the effectiveness of such Supplement, each reference in the Security Agreement and the Guaranty to the “Credit Agreement”, “thereunder”, “thereof” or words of like import shall mean and be a reference to the Credit Agreement, as amended by such Supplement, and (b) the Collateral Documents to which such Grantor is a party and all of the Collateral described therein do, and shall continue to, secure the payment of the applicable Secured Obligations (in each case, as defined therein).  Notwithstanding anything to the contrary herein, for the avoidance of doubt, no security, guaranties or similar interest shall be granted in the assets of or by any Excluded Subsidiary with respect to the U.S. Borrower, which security, guaranties or similar interest guarantees or supports any Obligation of the U.S. Borrower. This Consent shall be governed by, and construed in accordance with, the laws of the State of New York.

 

 

	
 
    	
GT ADVANCED TECHNOLOGIES INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Hoil   Kim
    
	
 
    	
Name:   Hoil Kim
    
	
 
    	
Title:   Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GTAT CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Hoil   Kim
    
	
 
    	
Name:   Hoil Kim
    
	
 
    	
Title:   Secretary
    

 

 

	
 
    	
GT CRYSTAL SYSTEMS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Hoil Kim
    
	
 
    	
Name:   Hoil Kim
    
	
 
    	
Title:   Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GT EQUIPMENT HOLDINGS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Hoil   Kim
    
	
 
    	
Name:   Hoil Kim
    
	
 
    	
Title:   Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
LINDBERGH ACQUISITION CORP.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Hoil   Kim
    
	
 
    	
Name:   Hoil Kim
    
	
 
    	
Title:   Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GT ADVANCED CZ LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Hoil   Kim
    
	
 
    	
Name:   Hoil Kim
    
	
 
    	
Title:   Secretary
    

 

 

ANNEX 1

 

	
Lenders
    	
 
    	
Additional Term Loan Commitments
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Bank   of America, N.A.
    	
 
    	
$
    	
2,500,000.00
    	
 
    
	
RBS Citizens N.A.
    	
 
    	
$
    	
2,500,000.00Exhibit 10.1

 

AMENDMENT TO THE

SUPERMEDIA MANAGEMENT AND NON-UNION HOURLY

PLAN FOR GROUP INSURANCE

(As Amended and Restated Effective January 1, 2011)

 

THIS AGREEMENT by SuperMedia Inc. (the “Sponsor”),

 

W  I  T  N  E  S  S  E  T  H

 

WHEREAS, the Sponsor maintains the Plan known as “SuperMedia Management and Non-Union Hourly Plan for Group Insurance” (the “Plan”);

 

WHEREAS, the Plan serves as the “umbrella” plan for a number of Component Benefits (as such term is defined in the Plan) (the “Component Benefits”);

 

WHEREAS, the Plan currently provides welfare benefits to certain retirees;

 

WHEREAS, the Sponsor retained the right to amend and terminate the Plan and the Component Benefits from time to time;

 

WHEREAS, effective September 1, 2012, the Sponsor desires to terminate the Plan with respect to all retirees (other than retirees who are classified by the Sponsor as GTE Retirees and retirees who are covered by certain collective bargaining agreements) who are age 65 or older and transition such retirees to insurance exchanges;

 

WHEREAS, effective September 1, 2012, the Sponsor desires to reduce the Sponsor paid subsidy for all retirees (other than retirees who are covered by certain collective bargaining agreements) who are under age 65 to 75 percent of the current Sponsor paid subsidy; and

 

WHEREAS, effective no later than January 1, 2014, the Sponsor desires to reduce the Sponsor paid subsidy for all retirees to zero percent;

 

NOW, THEREFORE, the Plan is hereby amended as follows:

 

1.                                      Effective September 1, 2012, a new Article VIII is added to the Plan to provide as follows:

 

Article VIII.  Retiree Coverage

 

(a)                                 Notwithstanding anything contained herein to the contrary, effective September 1, 2012, an individual shall not be eligible for coverage or benefits under the Plan or under any Component Benefit, other than supplemental life insurance that is paid for by the participant, if such individual:

 

(1)         has incurred a termination of employment with the Employer;

 

(2)         is age 65 or older;

 

1

 

(3)         is not covered by (i) the Collective Bargaining Agreement between Idearc Media North Greenbush, NY — Directory Clerical Unit and International Brotherhood of Electrical Workers, AFL-CIO Local 2213 that became effective on December 7, 2008; (ii) the Collective Bargaining Agreement between Idearc Media and Communications Workers of America, AFL-CIO Local 1301 Directory Sales that became effective on December 7, 2008; or (iii) the Collective Bargaining Agreement between Idearc Media New England Directory Clerical Unit and Communications Workers of America, AFL-CIO Local 1302 that became effective on December 7, 2008 (the “Applicable CBAs”);

 

(4)         is not entitled to the change in control protection set forth in the amendment entitled “Amendments to the Plan for Group Insurance, the Plan for Bargained Retired Group Insurance, All Other Group Life Insurance and Group Medical Insurance Plans that Provide Benefits to Retired Employees and Summary Plan Descriptions” that was adopted by GTE on May 7, 1999; and

 

(5)         does not have an individual agreement that provides for coverage or benefits under the Plan.

 

(b)                                 Notwithstanding anything to the contrary contained herein, effective January 1, 2014, an individual (1) who has incurred a termination of employment with the Employer, (2) is age 65 or older and (3) is covered by one of the Applicable CBAs shall not be eligible for coverage or benefits under the Plan or under any Component Benefit, other than supplemental life insurance that is paid for by the participant.

 

(c)                                  Notwithstanding anything to the contrary contained herein, the surviving spouse or dependent of an individual who is not eligible for coverage or benefits under the Plan or a Component Benefit pursuant to Article VIII(a) shall be eligible for coverage or benefits under all Component Benefits that such person was participating in as of August 31, 2012, provided that such surviving spouse or dependent is under the age of 65, until the earlier of (i) the date that such surviving spouse or dependent attains age 65 or (ii) January 1, 2014.

 

2.                                      Effective September 1, 2012, each of the documents that describe the Component Benefits, including but not limited to the applicable Summary Plan Description, the applicable Certificate of Coverage, Summary of Coverage, Insurance Contract, HMO Contract, or Medicare Plan Contract, is hereby amended as follows:

 

(a)                                 Effective September 1, 2012, an individual shall not be eligible for coverage or benefits under the Plan or under any Component Benefit (as such term is defined in the Plan) (a “Component Benefit”), other than supplemental life insurance that is paid for by the participant, if such individual:

 

2

 

(1)         has incurred a termination of employment with the Employer (as such term is defined in the Plan) (the “Employer”);

 

(2)         is age 65 or older;

 

(3)         is not covered by (i) the Collective Bargaining Agreement between Idearc Media North Greenbush, NY — Directory Clerical Unit and International Brotherhood of Electrical Workers, AFL-CIO Local 2213 that became effective on December 7, 2008; (ii) the Collective Bargaining Agreement between Idearc Media and Communications Workers of America, AFL-CIO Local 1301 Directory Sales that became effective on December 7, 2008; or (iii) the Collective Bargaining Agreement between Idearc Media New England Directory Clerical Unit and Communications Workers of America, AFL-CIO Local 1302 that became effective on December 7, 2008 (the “Applicable CBAs”);

 

(4)         is not entitled to the change in control protection set forth in the amendment entitled “Amendments to the Plan for Group Insurance, the Plan for Bargained Retired Group Insurance, All Other Group Life Insurance and Group Medical Insurance Plans that Provide Benefits to Retired Employees and Summary Plan Descriptions” that was adopted by GTE on May 7, 1999 (an individual who is entitled to such change in control protection is hereinafter referred to as a “GTE Retiree”); and

 

(5)         does not have an individual agreement that provides for coverage or benefits under the Plan.

 

(b)                                 Effective September 1, 2012, the amount that SuperMedia Inc. pays for coverage and benefits under each Component Benefit shall be reduced to 75 percent of the amount that SuperMedica Inc. paid for such coverage or benefits immediately before September 1, 2012 (with such amount being adjusted from time to time by SuperMedia Inc. in its discretion) for each individual who:

 

(1)         has incurred a termination of employment with the Employer;

 

(2)         is under age 65;

 

(3)         is not covered by one of the Applicable CBAs; and

 

(4)         is not a GTE Retiree.

 

(c)                                  Effective September 1, 2012, the amount that SuperMedia Inc. pays for coverage or benefits under each Component Benefit for a GTE Retiree who (1) is not covered by one of the Applicable CBAs and (2) has incurred a termination of employment with the Employer shall be reduced to 75 percent of the amount that SuperMedica Inc. paid for such coverage or benefits immediately before

 

3

 

September 1, 2012 (with such amount being adjusted from time to time by SuperMedia Inc. in its discretion).

 

(d)                                 Effective September 1, 2012, the surviving spouse or dependent of an individual who is not eligible for coverage or benefits under the Plan or a Component Benefit pursuant to Section (a) above shall be eligible for coverage or benefits under the Component Benefit if such person was participating in the Component Benefit as of August 31, 2012, provided that such surviving spouse or dependent is under the age of 65, until the earlier of (1) the date that such surviving spouse or dependent attains age 65 or (2) January 1, 2014.  The amount that SuperMedia Inc. pays for coverage or benefits for such surviving spouse or dependent shall be the same as the amount that SuperMedia Inc. would pay if such surviving spouse or dependent were the retiree.  Therefore, if the surviving spouse or dependent is under age 65, the Company will contribute the amount set forth in Section (b) above.

 

(e)                                  Effective January 1, 2014, an individual (other than a GTE Retiree) who is covered by one of the Applicable CBAs shall not be eligible for coverage or benefits under the Plan or under any Component Benefit, other than supplemental life insurance that is paid for by the participant, if such individual (1) has incurred a termination of employment with the Employer and (2) is age 65 or older.

 

(f)                                   Effective no later than January 1, 2014, an individual (other than a GTE Retiree) who (1) has incurred a termination of employment with the Employer and (2) is under age 65 shall pay 100 percent of the cost of coverage or benefits under each Component Benefit.

 

(g)                                  Effective no later than January 1, 2014, a GTE Retiree who has incurred a termination of employment with the Employer shall pay 100 percent of the cost of coverage or benefits under each Component Benefit.

 

3.                                      The Sponsor reserves the right to amend, modify, suspend, revoke, or terminate the Plan or any Component Benefit, in whole or in part at any time, for any reason, at its discretion.  This Agreement shall not create any vested rights in any individual.

 

4

 

IN WITNESS WHEREOF, this Agreement has been executed on the 25th day of June, 2012.

 

	
 
    	
SUPERMEDIA INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:  
    	
/s/ Debra M. Ryan
    
	
 
    	
Name: 
    	
Debra M. Ryan
    
	
 
    	
Title: 
    	
Co-Chair, SuperMedia   Employee Benefits Committee
    

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}]]