Document:

Exhibit 10.14

 

October
21, 2004

 

AAR Corp.

AAR Receivables Corporation II

1100 North Wood Dale Road

Wood Dale, IL 60191

 

Re:                               Amendment
No. 2 to Purchase Agreement dated as of March 21, 2003 (this “Amendment”)

 

Gentlemen:

 

AAR
Receivables Corporation II, an Illinois corporation (“Seller”), AAR Corp., a
Delaware corporation in its  individual
capacity (in such capacity, “AAR”) and as initial servicer (in such capacity,
together with its successors and permitted assigns in such capacity, the “Servicer”),
have entered into a certain Receivables Purchase Agreement dated as of March
21, 2003 (as heretofore amended or otherwise modified, the “Agreement”;
capitalized terms used and not otherwise defined herein shall have the meanings
ascribed to them in the Agreement) with LaSalle Business Credit, LLC, a
Delaware limited liability company (“LaSalle”), as agent for itself and the
Purchasers referred to below (in such capacity, together with its successors
and assigns in such capacity, the “Agent”), and the financial institutions from
time to time parties thereto as “Purchasers.” 
The Seller, the Servicer, the Agent and the Purchasers now desire to
further amend the Agreement as provided herein, subject to the terms and
conditions hereinafter set forth.

 

In addition, AAR
executed and delivered a certain Performance Guaranty dated as of March 21,
2003 (the “Performance Guaranty”), which the Agent and Purchasers require to be
reaffirmed as a condition to the effectiveness hereof.

 

NOW,
THEREFORE, in consideration of the foregoing recitals, the mutual covenants and
agreements set forth herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

 

1.                                       In
accordance with Section 1.1(d) of the Agreement, following the request
of the Seller and a considered credit adjudication by the Agent and the
Purchasers, the Agent, the Purchasers, the Seller and the Servicer hereby agree
to extend the Facility Termination Date as follows and, in connection
therewith, hereby agree that

 

 

the definition of “Facility
Termination Date” set forth in Exhibit 1 of the Agreement shall hereby
amended and restated in its entirety to read as follows:

 

“‘Facility Termination Date’ means the earlier to occur of: (a) March
21, 2005, (b) the occurrence or declaration of the “Facility Termination Date”
pursuant to Section 2.2 of the Agreement, and (c) the date the Purchase
Limit is terminated or permanently reduced to zero pursuant to Section
1.1(b) of the Agreement.”

 

2.                                       AAR
expressly reaffirms, ratifies and assumes all of its obligations and
liabilities to the Agent as set forth in the Performance Guaranty.  AAR further agrees to be bound by and abide
by and operate and perform under and pursuant to and comply fully with all of
the terms, conditions, provisions, agreements, representations, undertakings,
warranties, obligations and covenants contained in the Performance Guaranty, in
so far as such obligations and liabilities may be modified by this Amendment,
as though such Performance Guaranty were being re-executed on the date hereof,
except to the extent that such terms expressly relate to an earlier date.

 

3.                                       Except
as expressly amended hereby and by any other supplemental documents or
instruments executed by either party hereto in order to effectuate the
transactions contemplated hereby, the Agreement, the Exhibits thereto and other
Transaction Documents are hereby reaffirmed, ratified and confirmed by the
parties hereto and remain in full force and effect in accordance with the terms
thereof. The Seller and the Servicer expressly ratify, confirm and reaffirm
without condition, all liens and security interests granted to the Agent
pursuant to the Agreement and the other Transaction Documents and to all
extensions, renewals, refinancings, amendments or modifications of any of the
foregoing.

 

4.                                       This
Amendment shall not become effective until fully executed by all parties
hereto.

 

5.                                       This
Amendment may be executed in one or more counterparts, each of which shall constitute
an original, but all of which taken together shall be one and the same
instrument. This Amendment may also be executed by facsimile and each facsimile
signature hereto shall be deemed for all purposes to be an original signatory
page.

 

6.                                       This
Amendment shall be construed in accordance with and governed by the internal
laws (as distinguished from the conflicts of law provisions) of the State of
Illinois.

 

7.                                       The
Seller and the Servicer hereby jointly and severally agree to reimburse the
Agent for all of its out-of-pocket legal fees and expenses incurred in the
preparation and documentation of this Amendment and related documents.

 

 

	
   

  	
  LASALLE BUSINESS CREDIT, LLC, as the

  sole Purchaser and as Agent

  	 

	
   

  	 

	
   

  	
  By:

  	
  /s/ John Mostofi

  	
   

  	 

	
   

  	
  Title:

  	
   Senior Vice President

  	
   

  	 

	
   

  	 

	
   

  	 

	
  ACKNOWLEDGED AND AGREED TO

  as of the date and year first above written

  	 

	
   

  	 

	
  AAR RECEIVABLES CORPORATION II, as Seller

  	 

	
   

  	 

	
   

  	 

	
  By:

  	
  /s/ Michael K. Carr

  	
   

  
	
   

  	
  Assistant Treasurer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  AAR CORP., as Servicer and Performance Guarantor

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Michael K. Carr

  	
   

  
	
  Title:

  	
  Vice PresidentExhibit
10.1

 

SECOND AMENDMENT TO RESTRICTED STOCK AWARD DESCRIPTION

 

The award descriptions evidencing the restricted
stock grants to you, dated as of November 25, 2001 and January 2, 2002, and as
amended by the Amendment to Restricted Stock Award Description effective as of
November 7, 2003 (as so amended, the “Grant Agreements”) by Providian Financial
Corporation, a Delaware corporation (the “Company”), are hereby further amended
as set forth below, effective as of the date of this amendment (the “Amendment”).  All capitalized terms used but not defined in
this Amendment shall have the meanings set forth in the employment agreement
dated as of November 25, 2001 between the Company and you.

 

1.             Notwithstanding
any provision in any Grant Agreement to the contrary, the shares of restricted
stock granted to you pursuant to the Grant Agreements that are scheduled to
vest on November 25, 2004 (the “Restricted Stock”) shall not vest on such date
and shall instead vest on June 30, 2005, subject to your continued employment
with the Company.  Notwithstanding the
foregoing, in the event that your employment is terminated by the Company
without Cause, by you for Good Reason or by reason of your death or Disability,
any Restricted Stock that you hold as of the date of such termination of
employment shall vest in full.

 

2.             Except as amended
by this Amendment, the terms of the Grant Agreements shall remain in full force
and effect.

 

IN WITNESS WHEREOF, the Company has caused this
Amendment to be executed and delivered by its duly authorized officer, and you
have executed and delivered this Amendment, this 19th day of October 2004.

 

 

	
   

  	
  PROVIDIAN FINANCIAL
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  /s/ Richard A. Leweke

  
	
   

  	
  By:

  	
  Richard A. Leweke

  
	
   

  	
  Title:

  	
  Vice Chairman and Chief
  Human

  Resources Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JOSEPH W. SAUNDERS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Joseph W. SaundersExhibit
10.2

 

PROVIDIAN FINANCIAL
CORPORATION

2000 STOCK INCENTIVE PLAN

 

RESTRICTED STOCK GRANT
AGREEMENT

 

Providian Financial Corporation, a Delaware corporation (the “Company”), hereby
awards shares of its Common Stock (“Shares”) as a stock award to the Participant
named below, subject to the terms and conditions set forth in this Restricted
Stock Grant Agreement (“Agreement”) and the Company’s 2000 Stock Incentive Plan
(the “Plan”), as amended from time to time.

 

 

	
  Date of Award:

  	
  October 19, 2004

  
	
   

  	
   

  
	
  Name of Participant “Grantee”:

  	
  Joseph Saunders

  
	
   

  	
   

  
	
  Number of Shares of Stock
  Awarded:

  	
  20,000

  

 

	
  The Plan and Other Agreements

  	
   

  	
  The terms and conditions of the Plan are
  incorporated into this Agreement by reference.

  Unless otherwise defined in this Agreement, capitalized terms used in this
  Agreement are used as defined in the Plan.

  

  This Agreement and the Plan constitute
  the entire understanding between Grantee and the Company regarding this
  Restricted Stock Grant. Any prior agreements or understandings related to the
  subject herein are superseded.

  
	
   

  	
   

  	
   

  
	
  Vesting

  	
   

  	
  As long as Grantee renders
  continuous Service to the Company, the Restricted Stock Grant will be fully
  vested on June 30, 2005. The Restricted Stock Grant shall fully vest, and all
  restrictions shall lapse, upon the occurrence of an “Acceleration Event” (as
  that term is defined in the Grantee’s Employment Agreement dated November 25,
  2001, as amended).

  
	
   

  	
   

  	
   

  
	
  Escrow

  	
   

  	
  The Shares will be deposited in escrow and remain in
  escrow until such time as the Shares are released to Grantee or forfeited in
  accordance with the provisions of the Plan. When Grantee’s interest in the Shares vests as described under the
  heading “Vesting” above, the vested Shares will be released from escrow
  within a reasonable period following the vesting date, net of any Shares
  necessary to satisfy applicable tax withholding requirements.

  
	
   

  	
   

  	
   

  
	
  Voting and Other Rights

  	
   

  	
  Grantee shall have all the
  rights and privileges of a stockholder of the Company while the Shares are
  held in escrow, including the right to vote and to receive dividends (if
  any).

  

 

 

	
  Code Section 83(b) Election

  	
   

  	
  Grantee may elect to be taxed
  at the time this award is made rather than when the Shares cease to be
  subject to forfeiture restrictions, by filing an election under Section 83(b)
  of the Internal Revenue Code with the Internal Revenue Service within 30 days
  after the Date of Award, and by providing a copy of such election to the
  Company. You should consult with your tax advisor regarding the consequences
  of such an election.

  
	
   

  	
   

  	
   

  
	
  Leaves of Absence

  	
   

  	
  For purposes of this
  Agreement, Grantee’s continuous Service does not terminate when Grantee goes
  on a bona fide leave of absence that was
  approved by the Company in writing, if the terms of the leave provide for
  continuous Service crediting. Grantee’s continuous Service terminates in any
  event when the approved leave ends, unless Grantee immediately returns to
  active work.  The Company shall
  have the right to determine in its discretion which leaves of absence are
  considered an interruption of continuous Service, and when Grantee’s
  continuous Service terminates, for all purposes under the Plan.

  
	
   

  	
   

  	
   

  
	
  Withholding
  Taxes

  	
   

  	
  The number of
  any Shares released to Grantee from escrow will be reduced by that number of
  Shares, if any, necessary to satisfy applicable tax withholding requirements.

  
	
   

  	
   

  	
   

  
	
  Restrictions
  on Resale

  	
   

  	
  Grantee agrees
  not to sell, transfer or otherwise dispose of any Shares prior to their
  vesting or at any time when applicable laws, regulations or Company policies
  prohibit such sale, transfer or other disposition. Grantee agrees to comply
  with the Company’s policies and procedures, including the Insider Trading
  Policy, and with applicable regulatory requirements, if any, in connection
  with the vesting or sale of Shares.

  
	
   

  	
   

  	
   

  
	
  No Retention Rights

  	
   

  	
  This Agreement is not an
  employment agreement and does not give Grantee the right to continue to be
  employed by the Company (or a Subsidiary or Affiliate). The Company (and any
  Subsidiary or Affiliate) reserves the right to terminate Grantee’s continuous
  Service at any time and for any reason.

  
	
   

  	
   

  	
   

  
	
  Applicable Law

  	
   

  	
  This Agreement will be
  construed under the laws of the State of California.

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