Document:

Letter Agreement , dated July 22, 2004, between the Company & Stephen Volk

 Exhibit 10.33 
 

 
 TERMS OF EMPLOYMENT 
 (1) Start Date, Position, Location and Assistant. 
 Your employment with Citigroup Global Markets Inc. (“CGMI”) will
commence no later than 30 days from tomorrow or earlier if your current employer releases you. You will be Vice Chairman of Citigroup Inc. (“Citigroup”) with responsibilities as agreed herein. You will be focused on Citigroup’s Global
Corporate and Investment Banking Group (“GCIB”) principally but you shall also advise Charles O. Prince, the CEO of Citigroup, or his successor (“Prince”) with respect to other Citigroup matters. You will report primarily to
Michael Klein, CEO of Global Banking for the GCIB and Robert Druskin as CEO of the GCIB, or their successors (“Klein” and “Druskin”, respectively), with respect to Investment and Corporate Banking matters, and to Prince with
respect to other Citigroup advisory matters. Klein and Druskin will be responsible for supervising your activities as they relate to the investment banking and securities businesses. You will be located in Manhattan, N.Y. with offices primarily at
GCIB Headquarters and additional office space at 399 Park Avenue. It is agreed that for 3 months from your termination date (August 6, 2004) from CSFB, you will not directly or indirectly solicit any clients of CSFB. 
 You shall be a member of the GCIB Planning Group and the GCIB Global Banking Operating Committee, the European and North American Customer Committees and the European
Advisory Board. Also, you shall be an ex officio member of Citigroup’s International Advisory Board. 
 You shall have the ability to hire a
secretarial assistant of your choice subject to CGMI’s/GCIB’s hiring, pay and other applicable policies, provided that such assistant shall receive the same compensation that she is currently receiving from her present employer but, in no
event, shall it exceed the compensation of other high level assistants at the GCIB. 
 (2) Senior Executive Obligations and Restrictions.

 As a Senior Executive, you are subject to the Citigroup Stock Ownership Commitment (“SOC”) under which you must agree to hold 75% of any
Citigroup stock you own today or acquire from the company in the future. Additional information about the SOC will be provided to you under separate cover. Also, you shall be subject to certain Sarbanes-Oxley company-related loan restrictions.

 (3) Annual Compensation. 
  

	 	(a)	You will be paid a semi-monthly salary of $8,333.33, annualized to $200,000.00; 

  

	 	(b)	 You shall be eligible for annual discretionary incentive compensation payments based upon your performance, the performance of your business, the performance of
Citigroup and its businesses, particularly the GCIB, as recommended by Druskin and Klein (with respect to GCIB performance) and reviewed by Prince. In no event, however, shall the incentive compensation payment be less than $5.5 million per year for
calendar years 2004 and 2005, subject to the conditions below and less any base salary paid with respect to such year. For 2006 and 2007, you will be paid incentive compensation on the same basis as other peer executives. However, for purposes of

	 	the provision of Section 5 (c), such incentive compensation shall be deemed to be $1 million. All incentive compensation payments are payable in part in cash and in restricted
stock awards issued pursuant to the Capital Accumulation Program(s) (“CAP”) then in effect. A summary of CAP is enclosed; 

  

	 	(c)	All compensation is payable in accordance with CGMI’s/GCIB’s payroll policies in effect from time to time. In order to receive any incentive compensation payment, you must
be employed on the day the payment is made which is typically the first quarter of the following year, except as otherwise provided for herein; and 

  

	 	(d)	You will also be entitled to participate in CGMI’s/GCIB’s comprehensive benefits program available to similarly situated employees. 

 (4) Restricted Stock Award. 
 CGMI/GCIB shall cause to be
granted to you a Citigroup Restricted Stock Award valued at $5 million. Such Award shall be granted to you within 30 days of your start date. The Award shall vest as follows: 50% on the later of September 20, 2005, or the one-year anniversary
from your start date and 50% on September 20, 2006, provided you remained employed by CGMI/GCIB on such dates. Any unvested portion(s) of this Award shall be accelerated and paid to you should your employment be terminated by your dismissal by
CGMI/GCIB without “Cause”, or at GCIB’s discretion, a payment in cash (less customary payroll deductions) will be made to you for the value of the forfeited restricted stock based upon the value of the restricted stock on your
termination date, or due to your death or, in the case of your disability, after 12 consecutive months of disability. Any unvested portion(s) of this Award shall be cancelled should your employment with CGMI/GCIB terminate for any other reason.

 (5) Timing and Conditions of Guaranteed Incentive Compensation Payments. 
  

	 	(a)	Your guaranteed incentive compensation payment will not be paid if, before the date of the scheduled payment, you have voluntarily terminated your employment or you have been
terminated by CGMI/GCIB for “Cause.” Cause shall mean an action taken by a regulatory body or a self regulatory organization (“SRO”) which substantially impairs you from performing your duties and that relates to any act or
failure to act that occurs during your tenure; gross misconduct in connection with your employment; a material breach of CGMI’s/GCIB’s Policies or procedures; a material act of dishonesty relating to your employment or in any other
commercial or business context; a material breach of your fiduciary duty of loyalty to the company; violation of a federal or state securities law, rule or regulation or a violation of an SRO’s constitution, by-laws, rules or regulations;
failure, due to your own act or omission, to remain licensed where required to perform your duties; conviction of a felony; material failure in the performance of your duties; or any material misrepresentation made by you to us in furtherance of
this offer. For all purposes of this Agreement, a termination without Cause will include a voluntary termination by you following a material breach of this agreement by Citigroup (including, without limitation, a change in your title or reporting
lines) after reasonable notice and an opportunity to cure. 

  

	 	(b)	Your guaranteed incentive compensation will be pro-rated in the event of any authorized leave of absence during the year. Notwithstanding anything to the contrary, your guaranteed
incentive compensation payment will be paid to you or your estate for the year in which your employment with CGMI/GCIB is terminated by 

	 	 
reason of your permanent disability (as defined by CGMI’s/GCIB’s long-term disability carrier) or death and all CAP awards, upon death, will vest
immediately and upon disability, will vest after 12 consecutive months of disability. Such payment shall be made to you or your estate when incentive compensation is typically made to others similarly situated to you. CGMI/GCIB shall have no
obligation to pay you or your estate any guaranteed incentive compensation for any year after the year in which you became permanently disabled or died. 

  

	 	(c)	Notwithstanding anything to the contrary, your guaranteed incentive compensation payments for 2004, 2005, 2006 and 2007 not yet awarded will be paid in cash within 30 days after
your termination of employment if, before the date of the scheduled payment CGMI/GCIB terminates your employment without Cause, and all previously granted CAP shall vest as of your termination date, or at GCIB’s discretion, a payment in cash
(less customary payroll deductions) will be made to you for the value of the forfeited restricted stock based upon the value of the restricted stock on your termination date. 

  

	 	(d)	Upon termination of your employment, all employee perquisites, entitlements and benefits will immediately cease, except as otherwise provided for in this agreement, or as otherwise
provided under the relevant benefit plans. In addition, you agree to accept the foregoing payments in full satisfaction of any and all claims arising out of this offer. 

 (6) At-Will Employment. 
 Nothing herein constitutes an offer of employment for any definite period of time.
The employment relationship is “at-will” which affords you and CGMI/GCIB the right to terminate the relationship at any time for no reason or any reason not otherwise prohibited by law. 
 (7) Length of Incentive Compensation Guarantee. 
 You
acknowledge that the guaranteed compensation arrangement described herein is only for 2004 and 2005 and does not constitute an agreement with respect to any compensation or incentive compensation for any year thereafter. 
 (8) Travel. 
 In furtherance of company related business, you
shall be provided with a car and driver and the use of the corporate aircraft in a manner consistent with similarity situated high-level corporate executives. 
 (9) Press Release. 
 CGMI/GCIB and you will agree to the timing and content of any public announcement of your employment with
CGMI/GCIB. 
 (10) Arbitration of Disputes. 
 Any
controversy or dispute relating to your employment with or separation from CGMI will be resolved in accordance with CGMI/GCIB’s Employment Arbitration Policy as described in the Principles of Employment (Rider A) which is incorporated herein by
reference. 
 (11) General Conditions Governing your Employment. 

 Except as otherwise provided herein, throughout your employment you will be subject to CGMI’s/GCIB’s Principles
of Employment, the CGMI/GCIB Employee Handbook, the Citigroup Code of Conduct as well as other CGMI/GCIB policies and procedures that may be in effect from time to time. 
 (12) Pre-Employment Requirements. 
 We remind you that this offer is conditional upon successful completion of
the following steps. A clean pre-employment drug screening, providing proof of citizenship or the appropriate right to work documentation along with completing an “I-9 form” no later than three days after your employment commences,
verification of your license and/or registration, and confirming the absence of any violation, fine, suspension, or any other regulatory action and lastly, reference checks and a background, including a credit and criminal, investigation report
confirming that there is nothing that would disqualify you from working for us. 
 (13) Licensing Requirements. 
 Considering your seniority, it is expected that you will obtain a Series 7 license. You agree to obtain this license within the next 180 days. 
 (14) Mandatory Regulatory Training. 
 Given our commitment to
operate with the highest ethical standards and the best business practices, as an employee of CGMI/GCIB, you will be asked to complete training in several of the Firm’s key policies within 90 days of your joining us. The topics of the training
include “Anti-Tying” and “Structured Finance/Complex Transactions”. Shortly after your start date, you will receive an email notifying you of how to access the Firm’s Web-based training and separate URLs for each topic.

 (15) Notice Period. 
 You agree to not resign,
retire or otherwise terminate your employment with CGMI/GCIB, without first giving CGMI/GCIB 90 days’ prior written notice of the effective date of your last day of employment. CGMI/GCIB may, in its discretion, with respect to the remaining
period of the notice: remove any duties assigned to you; assign you to other duties; require you to remain away from CGMI’s/GCIB’s place of business; or, waive the remaining notice period and consider your resignation effective
immediately, or some date prior to the expiration of the notice period. Notwithstanding the foregoing, for the period of time remaining after you have given notice, you will continue to be paid your current salary, provided you continue to act in a
manner consistent with your obligations as an employee of CGMI/GCIB. You also agree that during the applicable 90-day notice period, you will not directly or indirectly solicit or induce away from CGMI/GCIB, or cause to be solicited or induced away
from CGMI/GCIB, any business from any of CGMI’s/GCIB’s investment or corporate banking customers, clients or accounts with whom you had contact. If your resignation was deemed effective at such earlier date, then the balance of your unpaid
salary for this notice period will be paid to you in a lump sum. 
 (16) Non-Solicit of CGMI’s/GCIB’s Employees. 

 During the one-year following your termination of employment, you agree that you will not directly or indirectly solicit
or induce any employee of CGMI/GCIB, its affiliates or subsidiaries, to terminate his or her employment with CGMI/GCIB et al. and become employed by a competitor. 
 (17) Severability. 
 In the event that any provision of this offer shall be determined to be invalid or unenforceable, in whole or in
part, the remaining provisions of this offer shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law. 
 (18) Merger of Terms. 
 This letter describes CGMI’s/GCIB’s offer of employment. Any other documents, discussions or
agreements that you may have had with us are not part of our offer unless they are described in these Terms, including CGMI/GCIB’s Principles of Employment which you must read carefully, sign and return as part of accepting our offer. These
Terms and the Principles of Employment may not be modified except by another written agreement signed by both you and CGMI/GCIB. 
 (19) Expiration of
these Terms. 
 You must acknowledge your acceptance of these Terms by signing and returning to me the Principles of Employment and the acknowledgment
copy of these Terms by end of day, today, otherwise this offer is withdrawn. 
  

											
	By:    Citigroup Global Markets Inc.:	 		 		 		 	
					
	

	 		 	DATE:	 	

	 	
	Michael Klein	 		 		 		 	
	Managing Director and CEO of Global Banking	 		 		 		 	
						
	ACCEPTED BY:	 	

	 		 	DATE:	 	

	 	
		 	Stephen VolkAmendment No. 3 to Amended and Restated Credit Agreement

 Exhibit 10.1 
 AMENDMENT NO. 3 
 TO 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS AMENDMENT NO. 3 TO AMENDED AND
RESTATED CREDIT AGREEMENT (the “Amendment”) is made as of February 16, 2007 by and among Actuant Corporation, a Wisconsin corporation (the “Borrower”), the financial institutions listed on the signature pages
hereto and JPMorgan Chase Bank, National Association (successor by merger to Bank One, NA (Illinois)), as the administrative agent for the “Lenders” referred to below (the “Agent”). Capitalized terms used but not otherwise
defined herein shall have the respective meanings given to them in the “Credit Agreement” referred to below. 
 W I T N E S S E T
H: 
 WHEREAS, the signatories hereto are parties to that certain Amended and Restated Credit Agreement, dated as of December 22,
2004, among the Borrower, the financial institutions from time to time parties thereto (the “Lenders”) and the Agent (as amended by Amendment No. 1 thereto dated as of July 15, 2005 and Amendment No. 2 thereto dated
as of May 1, 2006, the “Credit Agreement”); and 
 WHEREAS, the parties hereto have agreed to amend the Credit
Agreement on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises set forth above, the terms and
conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders and the Agent have agreed to the following amendment to the Credit Agreement. 

1. Amendments. Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in
Section 3 below, the Credit Agreement is hereby amended as follows: 
 (a) The definition of “Qualified Receivables
Transaction” set forth in Article I of the Credit Agreement is hereby amended to delete the amount “$75,000,000” set forth therein and to replace such amount with the following amount: “$125,000,000”. 
 (b) The definition of “Term Loan” set forth in Article I of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 “Term Loan” means each Initial Term Loan, each Third Amendment Term Loan and each Incremental Term
Loan, and “Term Loans” means all such Loans collectively. 
 (c) The definition of “Term Loan Commitment” set forth in
Article I of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “Term Loan
Commitment” means, for each Term Loan Lender, the obligation of such Term Loan Lender from and after the Effective Date to make 

 
Term Loans to the Borrower (a) on the Effective Date in an aggregate amount equal to the amount set forth opposite its signature below (an
“Initial Term Loan Commitment”), (b) on the Third Amendment Effective Date in an aggregate amount equal to the amount set forth opposite its name on Schedule 1.5 hereto (a “Third Amendment Term Loan Commitment”) or
(c) on any future Borrowing Date designated with respect to an Incremental Term Loan in an aggregate amount equal to the amount set forth in any Commitment and Acceptance delivered pursuant to Section 2.2(b) (an “Incremental Term Loan
Commitment”), as any such Term Loan Commitment may be modified as a result of any assignment that has become effective pursuant to Section 12.3.2 or as otherwise modified from time to time pursuant to the terms hereof. 
 (d) Article I of the Credit Agreement is hereby amended to insert the following definitions therein in the proper alphabetical location:

 “Third Amendment Effective Date” means the date on which each of the conditions precedent to the effectiveness
of Amendment No. 3 to this Agreement, dated as of February 16, 2007, shall have been satisfied. 
 “Third Amendment Term Loan” is defined in Section 2.2(a). 
 “Third Amendment Term Loan
Commitment” is defined in the definition of “Term Loan Commitment.” 
 (e) Section 2.2(a) of the Credit
Agreement is hereby amended and restated in its entirety as follows: 
 (a) Commitment. Each Term Loan Lender
severally agrees, on the terms and conditions set forth in this Agreement, (a) on the Effective Date, to make a term loan, in Dollars, to the Borrower in an amount equal to such Term Loan Lender’s respective Initial Term Loan Commitment
(each individually, an “Initial Term Loan” and, collectively, the “Initial Term Loans”), (b) on the Third Amendment Effective Date, to make a term loan, in Dollars, to the Borrower in an amount equal to such Term Loan
Lender’s respective Third Amendment Term Loan Commitment (each individually, a “Third Amendment Term Loan” and, collectively, the “Third Amendment Term Loans”) and (c) on each Borrowing Date with respect to an
Incremental Term Loan requested pursuant to Section 2.2(b), to make a term loan, in Dollars, to the Borrower in an amount equal to such Term Loan Lender’s respective Incremental Term Loan Commitment as in effect on such date. The Initial
Term Loan Commitment of each Term Loan Lender shall expire on the Effective Date. The Third Amendment Term Loan Commitment of each Term Loan Lender shall expire on the Third Amendment Effective Date. The Incremental Term Loan Commitment of each Term
Loan Lender shall expire on the Borrowing Date designated for such Incremental Term Loan in accordance with Section 2.2(b). 
  

 2 

 (f) Section 2.2(b) of the Credit Agreement is hereby amended to delete the first sentence
thereof and to replace such sentence with the following sentences: 
 At any time after the Third Amendment Effective Date, but not more
than twice, the Borrower may request that the Aggregate Term Loan Commitment be increased from zero in order to accommodate an incremental single-draw installment of Term Loans (each, an “Incremental Term Loan”) solely with the consent of
each Lender participating in such Incremental Term Loan; provided, however, that without the prior written consent of each Lender, the aggregate initial principal amount of all Incremental Term Loans made pursuant to this Section 2.2(b),
together with the aggregate amount of all increases in the Aggregate Revolving Loan Commitment pursuant to Section 2.5(c), shall not exceed $200,000,000. Each such request shall be in a minimum amount of at least $10,000,000 and increments of
$5,000,000 in excess thereof. 
 (g) Section 2.2(c) of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 (c) Repayment of Term Loans. The unpaid principal balance of the Term Loans shall be due and
payable in full on the Term Loan Maturity Date. No installment of any Term Loan may be reborrowed once repaid. 
 (h)
Section 2.5(c)(i) of the Credit Agreement is hereby amended to delete the first sentence thereof and to replace such sentence with the following sentences: 
 At any time, but not more than twice, the Borrower may request that the Aggregate Revolving Loan Commitment be increased solely with the consent of each Lender participating in such increase; provided, however,
that without the prior written consent of each Lender, the aggregate amount of all increases in the Aggregate Revolving Loan Commitment pursuant to this Section 2.5(c), together with the aggregate initial principal amount of all Incremental
Term Loans made pursuant to Section 2.2(b), shall not exceed $200,000,000. Each such request shall be in a minimum amount of at least $10,000,000 and increments of $5,000,000 in excess thereof. 
 (i) Section 2.7(a) of the Credit Agreement is hereby amended to delete the last sentence thereof. 
 (j) Section 2.7(b) of the Credit Agreement is hereby amended to delete the phrase “first to the then remaining installments of
the Term Loans (ratably across all such remaining installments and ratably to the Initial Term Loan and each Incremental Term Loan, in each case, in accordance with the principal amounts thereof)” and to replace such phrase with the following
phrase: “first to the Term Loans (ratably to the Initial Term Loans, the Third Amendment Term Loans and the Incremental Term Loans, in each case, in accordance with the principal amounts thereof)”. 
  

 3 

 (k) Clause (i) of Section 6.2 of the Credit Agreement is hereby amended to delete
the phrase “the Term Loans” and to replace such phrase with the following phrase: “the Initial Term Loans”. 
 (l)
Clause (iv) of Section 6.11 of the Credit Agreement is hereby amended to delete the amount “$75,000,000” set forth therein and to replace such figure with the following amount: “$100,000,000”. 

(m) Clause (xiii) of Section 6.11 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 (xiii) Additional Indebtedness of the Borrower and its Subsidiaries to the extent not permitted by the foregoing clauses
of this Section 6.11 not to exceed $35,000,000 in aggregate principal amount at any time outstanding. 
 (n) The Credit Agreement is
hereby amended to attach as Schedule 1.5 thereto Annex A to this Amendment. 
 1A. Additional Amendment.
Effective as of July 15, 2005 and subject to the satisfaction of the conditions precedent set forth in Section 3 below, Section 6.21(c)(i) of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 (i) 90% of Borrower and Domestic Subsidiaries. If, at any time after the Effective Date, (x) the
aggregate assets of the Borrower and the Guarantors shall fail to represent 90% or more of the aggregate assets of the Borrower and its Domestic Subsidiaries as of such time or (y) such entities on an aggregate basis shall fail to be
responsible for 90% or more of the aggregate operating income of the Borrower and its Domestic Subsidiaries for the four fiscal quarter period then ended, the Borrower shall promptly notify the Agent thereof, which notice shall specify the date as
of which such failure arose. Within 30 days after the date specified in such notice, the Borrower shall, and shall cause its Domestic Subsidiaries (whether or not they are Material Domestic Subsidiaries) to, comply with Section 6.21(a) (but
without duplication of the 30-day grace period provided in this clause (c)(i)) to the extent necessary to cure the conditions giving rise to such failure. 
 2. Third Amendment Term Loan Commitments. For the avoidance of doubt, effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 3 below,
each Lender identified on Schedule 1.5 to the Credit Agreement (after giving effect to this Amendment) shall have a Third Amendment Term Loan Commitment under and for purposes of the Credit Agreement in an amount equal to the amount set forth
opposite its name on such Schedule 1.5. 
 3. Conditions of Effectiveness. This Amendment shall become effective as of
the date hereof if, and only if, the Agent shall have received: 
 (a) executed copies of this Amendment from the Borrower and
each of the Lenders; 
  

 4 

 (b) executed copies of any Notes requested by a Lender pursuant to Section 2.13 of
the Credit Agreement in connection with this Amendment payable to the order of each such requesting Lender; 
 (c) executed
copies of the Reaffirmation attached hereto in the form of Exhibit A (the “Reaffirmation”) from each existing Guarantor and Pledgor; 
 (d) copies of the articles or certificate of incorporation (or comparable constituent document) of each Loan Party, together with all
amendments, and a certificate of good standing, each certified by the appropriate governmental officer in its jurisdiction of incorporation or organization; 
 (e) copies, certified by the Secretary or Assistant Secretary of each Loan Party, of its by-laws (or comparable governing document) and
resolutions of its board of directors (or comparable governing body) authorizing the execution of this Amendment or the Reaffirmation, as applicable; 
 (f) an incumbency certificate, executed by the Secretary or Assistant Secretary of each Loan Party, which shall identify by name and title and bear the signatures of the officers of such Loan Party authorized to sign
this Amendment or the Reaffirmation, as applicable; 
 (g) a written opinion of the Loan Parties’ counsel, addressed to
the Lenders and the Administrative Agent, in form and substance reasonably acceptable to the Administrative Agent; 
 (h) such
documentation as the Agent shall have reasonably requested to reaffirm the liens granted under the German-law pledge agreement executed by Engineered Solutions L.P. with respect to the capital stock of Enerpac GmbH; 
 (i) all fees (if any) agreed to be paid by the Borrower in connection with this Amendment; and 
 (j) such other instruments and documents as the Agent shall have reasonably requested in connection with this Amendment. 
 4. Representations and Warranties of the Borrower. The Borrower hereby represents and warrants as follows: 
 (a) The Borrower has the power and authority and legal right to execute and deliver this Amendment and to perform its obligations
hereunder and under the Credit Agreement (as modified hereby). The execution and delivery by the Borrower of this Amendment and the performance of its obligations hereunder and under the Credit Agreement (as modified hereby) have been duly
authorized by proper corporate proceedings, and this Amendment and the Credit Agreement (as modified hereby) constitute legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their terms, except as
enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 
  

 5 

 (b) Neither the execution and delivery by the Borrower of this Amendment, nor the
consummation of the transactions contemplated herein or in the Credit Agreement (as modified hereby), nor compliance with the provisions hereof or thereof will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or
award binding on the Borrower, (ii) the Borrower’s articles or incorporation or by-laws or (iii) the provisions of any indenture, instrument or agreement to which the Borrower is a party or is subject, or by which it, or its Property,
is bound, or conflict with or constitute a default thereunder, or result in, or require, the creation or imposition of any Lien in, of or on the Property of the Borrower pursuant to the terms of any such indenture, instrument or agreement.

 (c) No order, consent, adjudication, approval, license, authorization, or validation of, or filing, recording or
registration with, or exemption by, or other action in respect of any governmental or public body or authority, or any subdivision thereof, which has not been obtained by the Borrower, is required to be obtained by the Borrower in connection with
the execution and delivery of this Amendment or the legality, validity, binding effect or enforceability of the Credit Agreement (as modified hereby). 
 (d) As of the date hereof and giving effect to the terms of this Amendment, (i) there exists no Default or Unmatured Default and (ii) the representations and warranties contained in Article V of the
Credit Agreement (as modified hereby) are true and correct except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct on and
as of such earlier date. 
 5. Reference to and Effect on the Credit Agreement and Loan Documents. 
 (a) Upon the effectiveness of Section 1 and Section 1A hereof, each reference to the Credit Agreement in the
Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as modified hereby. This Amendment is a Loan Document pursuant to the Credit Agreement and shall (unless expressly indicated otherwise herein or
therein) be construed, administered, and applied, in accordance with all of the terms and provisions of the Credit Agreement. 
 (b) The Borrower (i) agrees that this Amendment and the transactions contemplated hereby shall not limit or diminish the obligations of the Borrower arising under or pursuant to the Credit Agreement and the other Loan Documents to
which it is a party, (ii) reaffirms its obligations under the Credit Agreement and each and every other Loan Document to which it is a party (including, without limitation, each applicable Collateral Document), (iii) reaffirms all Liens on
any collateral (including the Pledged Collateral) which have been granted by it in favor of the Agent (for itself, the Lenders and the other holders of Secured Obligations) pursuant to any of the Loan Documents, and (iv) acknowledges and agrees
that except as specifically modified above, the Credit Agreement and all other Loan Documents executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 
  

 6 

 (c) The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of the Agent or the Lenders, nor constitute a waiver of or consent to any provision of the Credit Agreement or any other Loan Documents executed and/or delivered in
connection therewith. 
 6. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (INCLUDING,
WITHOUT LIMITATION, 735 ILCS SECTION 105/5-1 ET SEQ., BUT OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS) OF THE STATE OF ILLINOIS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 
 7. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of
this Amendment for any other purpose. 
 8. Counterparts. This Amendment may be executed by one or more of the parties hereto
on any number of separate counterparts (including by means of facsimile or electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
 9. Agreement of New Lenders. Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in
Section 3 above, each Lender identified on Schedule 1.5 to the Credit Agreement (after giving effect to this Amendment) that was not a Lender immediately prior to the effectiveness of this Amendment (each such Lender being referred to
herein as a “New Lender”) shall become a party to the Credit Agreement as a Lender and shall have all of the rights and obligations of a Lender thereunder. Each New Lender hereby (a) confirms that it has received a copy of the
Credit Agreement, together with copies of the financial statements and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to become a Lender under the Credit Agreement; (b) agrees that
it will, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the
Credit Agreement; (c) appoints and authorizes the Agent to take such action as contractual representative on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Agent by the
terms thereof, together with such powers as are reasonably incidental thereto; (d) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it
as a Lender; and (e) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) agrees that its payment instructions and notice instructions have been delivered to the Agent, (iii) confirms that none of the funds, monies, assets or other consideration to be used to make the loans
contemplated hereunder are or will be “plan assets” as defined under ERISA and that its rights, benefits and interests in and under the Loan Documents will not be “plan assets” under ERISA and (iv) it has delivered to the
Agent any documentation required to be delivered by the New Lender with respect to its tax status pursuant to the terms of the Credit Agreement, duly completed and executed by the New Lender. 
  

 7 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

  

			
	 ACTUANT CORPORATION,
 as the Borrower
and a Pledgor

		
	By:	 	 /s/ Terry M. Braatz

	Name:	 	Terry M. Braatz
	Title:	 	Treasurer
	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (successor by merger to Bank One, NA (Illinois)), as a Lender and as Agent
		
	By:	 	 /s/ James M. Sumoski

	Name:	 	James M. Sumoski
	Title:	 	Vice President
	
	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 as a Lender

		
	By:	 	 /s/ C. Jeffrey Seaton

	Name:	 	C. Jeffrey Seaton
	Title:	 	Managing Director
	
	 U.S. BANK, NATIONAL ASSOCIATION,
 as a
Lender

		
	By:	 	 Caroline V. Krider

	Name:	 	Caroline V. Krider
	Title:	 	Vice President & Senior Lender
	
	 BANK OF AMERICA, N.A.,
 as a
Lender

		
	By:	 	 /s/ Thomas R. Durham

	Name:	 	Thomas R. Durham
	Title:	 	Senior Vice President

 Signature Page to Amendment No. 3 to Credit Agreement 

			
	 HARRIS, N.A.,
 as a
Lender

		
	By:	 	 /s/ Christopher C. Cavaiani

	Name:	 	Christopher C. Cavaiani
	Title:	 	Vice President
	
	 M&I MARSHALL & ILSLEY BANK,
 as a Lender

		
	By:	 	 /s/ Ronald J. Carey

	Name:	 	Ronald J. Carey
	Title:	 	Vice President
	
	 LASALLE BANK NATIONAL ASSOCIATION,
 as
a Lender

		
	By:	 	 /s/ Rob Squires

	Name:	 	Rob Squires
	Title:	 	Assistant Vice President
	
	 NATIONAL CITY BANK OF THE MIDWEST,
 as
a Lender

		
	By:	 	 /s/ Jennifer L. Kofod

	Name:	 	Jennifer L. Kofod
	Title:	 	Senior Vice President
	
	 CREDIT INDUSTRIEL ET COMMERCIAL,
 as a
Lender

		
	By:	 	 /s/ Brian O’Leary

	Name:	 	Brian O’Leary
	Title:	 	Managing Director
		
	By:	 	 /s/ Anthony Rock

	Name:	 	Anthony Rock
	Title:	 	Managing Director

 Signature Page to Amendment No. 3 to Credit Agreement 

			
	ASSOCIATED BANK, N.A.,
	as a Lender
		
	By:	 	 /s/ Daniel Holzhauer

	Name:	 	Daniel Holzhauer
	Title:	 	Vice President
	
	 MIZUHO CORPORATE BANK, LTD.,
 as a
Lender

		
	By:	 	 /s/ Robert Gallagher

	Name:	 	Robert Gallagher
	Title:	 	Senior Vice President
	
	 UBS LOAN FINANCE LLC,
 as a
Lender

		
	By:	 	 /s/ Richard L. Tavrow

	Name:	 	Richard L. Tavrow
	Title:	 	Director
		
	By:	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director
	
	 ROYAL BANK OF CANADA,
 as a
Lender

		
	By:	 	 /s/ James F. Disher

	Name:	 	James F. Disher
	Title:	 	Authorized Signatory
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as a Lender

		
	By:	 	 /s/ Paul J. Hennessy

	Name:	 	Paul J. Hennessy
	Title:	 	Vice President

 Signature Page to Amendment No. 3 to Credit Agreement 

			
	KEYBANK NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Suzannah Harris

	Name:	 	Suzannah Harris
	Title:	 	Vice President

 Signature Page to Amendment No. 3 to Credit Agreement 

 ANNEX A 
 Schedule 1.5 to Credit Agreement 
 Third Amendment Term Loan Commitments 
  

			
	 Lenders
	  	Third Amendment Term Loan Commitment
	 JPMorgan Chase Bank, National Association
	  	$12,500,000
		
	 Wachovia Bank, National Association
	  	$12,500,000
		
	 Bank of America, N.A.
	  	$15,000,000
		
	 Harris, N.A.
	  	$10,000,000
		
	 LaSalle Bank National Association
	  	$10,000,000
		
	 Associated Bank, N.A.
	  	$10,000,000
		
	 M&I Marshall & Ilsley Bank
	  	$10,000,000
		
	 Mizuho Corporate Bank, Ltd.
	  	$15,000,000
		
	 National City Bank of the Midwest
	  	$  5,000,000
		
	 UBS Loan Finance LLC
	  	$  5,000,000
		
	 KeyBank National Association
	  	$15,000,000
		
	 Royal Bank of Canada
	  	$15,000,000
		
	 Wells Fargo Bank, National Association
	  	$15,000,000

 EXHIBIT A 
 Reaffirmation 
 Each of the undersigned hereby acknowledges receipt of a copy of Amendment No. 3
dated as of February 16, 2007 (the “Amendment”) to the Amended and Restated Credit Agreement, dated as of December 22, 2004, by and among Actuant Corporation, a Wisconsin corporation (the “Borrower”), the financial
institutions from time to time parties thereto (the “Lenders”) and JPMorgan Chase Bank, National Association, as the administrative agent for the Lenders (the “Agent”) (as amended by Amendment No. 1 thereto
dated as of July 15, 2005, Amendment No. 2 thereto dated as of May 1, 2006 and by the Amendment, and as the same may from time to time hereafter be amended, restated, supplemented or otherwise modified, the “Credit Agreement”).
Capitalized terms used in this Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement. 
 Each of
the undersigned, by its signature below, hereby (a) acknowledges and consents to the execution and delivery of the Amendment by the parties thereto, (b) agrees that the Amendment and the transactions contemplated thereby shall not limit or diminish
the obligations of such Person arising under or pursuant to the Collateral Documents and the other Loan Documents to which it is a party (including, in the case of each Guarantor, without limitation, the Guaranty and, in the case of each Pledgor,
without limitation, each applicable Pledge Agreement), (c) reaffirms all of its obligations under the Loan Documents to which it is a party, (d) reaffirms all Liens on any collateral (including the Pledged Collateral) which have been granted by
it in favor of the Agent (for itself and the other Lenders and holders of Secured Obligations) pursuant to any of the Loan Documents, and (e) acknowledges and agrees that each Loan Document executed by it remains in full force and effect and is
hereby reaffirmed, ratified and confirmed. All references to the Credit Agreement contained in any Loan Document shall be a reference to the Credit Agreement as so modified by the Amendment and as the same has previously been, or may from time to
time hereafter be, amended, restated, supplemented or otherwise modified. The Amendment is a Loan Document pursuant to the Credit Agreement and shall (unless expressly indicated therein) be construed, administered, and applied, in accordance with
all of the terms and provisions of the Credit Agreement. 

 IN WITNESS WHEREOF, this Reaffirmation has been duly executed as of this 16th day of February, 2007.

  

			
	ACME ELECTRIC CORPORATION
	ATLANTIC GUEST, INC.
	B.W. ELLIOTT MANUFACTURING CO., LLC
	GB TOOLS AND SUPPLIES, INC.
	GITS MANUFACTURING COMPANY, LLC
	KEY COMPONENTS, INC.
	KEY COMPONENTS, LLC
	MARINE INDUSTRIES COMPANY, LLC
	TURNER ELECTRIC, LLC
	VERSA TECHNOLOGIES, INC.,
	in each case, as a Guarantor
		
	By:	 	 /s/ Terry M. Braatz

	Name:	 	Terry M. Braatz
	Title:	 	Treasurer
	
	 ENGINEERED SOLUTIONS, L.P.,
 as a
Guarantor and a Pledgor

		
	By:	 	Versa Technologies, Inc.,
		 	its general partner
		
	By:	 	 /s/ Terry M. Braatz

	Name:	 	Terry M. Braatz
	Title:	 	Treasurer
	
	 APPLIED POWER INVESTMENTS II, INC.,
 as a Guarantor

		
	By:	 	 /s/ Patrick C. Dorn

	Name:	 	Patrick C. Dorn
	Title:	 	President

 Signature Page to Reaffirmation

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]