Document:

EXECUTION VERSION

 

SECOND AMENDMENT dated as of April 28,
2020 (this “Amendment”), to the CREDIT AGREEMENT dated as of April 6, 2017 (as amended, supplemented or otherwise
modified prior to the date hereof, the “Existing Credit Agreement”, and as further amended, supplemented or
otherwise modified by this Amendment, the “Credit Agreement”; capitalized terms used and not defined herein
shall have the meanings assigned to such terms in the Credit Agreement), among AMERICAN AXLE & MANUFACTURING, INC., a Delaware
corporation (the “Borrower”), AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., a Delaware corporation (the
“Parent”), the LENDERS party thereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative
Agent”).

WHEREAS, the Borrower has requested that
certain provisions of the Existing Credit Agreement be amended as set forth herein; and

WHEREAS, the Lenders party hereto, constituting
a Majority in Interest of the Tranche A Term Lenders and a Majority in Interest of the Revolving Lenders, are willing to consent
to such amendments to the Existing Credit Agreement on the terms and subject to the conditions set forth herein.

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

SECTION 1. Rules of Interpretation.
The rules of interpretation set forth in Section 1.03 of the Credit Agreement are hereby incorporated by reference herein, mutatis
mutandis.

SECTION 2. Amendments to the Credit
Agreement.

(a) Section 1.01 of the Existing Credit
Agreement is hereby amended by inserting the following defined terms in the appropriate alphabetical order therein:

“Second Amendment Effective
Date” means April 28, 2020, which was the Amendment Effective Date under (and as defined in) the Second Amendment
relating to this Agreement, among the Borrower, the Parent, the Administrative Agent and the Lenders party thereto.

“Senior Secured Net
Leverage Ratio” means, on any date, the ratio of (a) an amount equal to (i) the Total Senior Secured Indebtedness as
of such date, minus (ii) the lesser as of such date of (A) $500,000,000 and (B) the aggregate amount of Unrestricted Cash to (b)
Consolidated EBITDA of the Parent for the period of four consecutive fiscal quarters of the Parent ended on such date (or, if such
date is not the last day of a fiscal quarter, ended on the last day of the fiscal quarter of the Parent most recently ended prior
to such date).

    	 	 	 

    	2 

    

“Total Senior Secured
Indebtedness” means, as of any date, the aggregate principal amount of Total Indebtedness that is secured by a Lien on
any property or asset of the Parent or any Restricted Subsidiary.

(b) The definition of “Adjusted
LIBO Rate” set forth in Section 1.01 of the Existing Credit Agreement is hereby amended by amending and restating the last
sentence thereof in its entirety as follows:

“Notwithstanding the foregoing,
in no event shall the Adjusted LIBO Rate at any time be less than 0.75% per annum.”

(c) The definition of “Applicable
Rate” set forth in Section 1.01 of the Existing Credit Agreement is hereby amended by (i) replacing the words “after
the First Amendment Effective Date, the Applicable Rate shall be the applicable rate per annum set forth below in Category 2”
with the words “after the Second Amendment Effective Date, the Applicable Rate shall be the applicable rate per annum set
forth below in Category 1” in each of paragraphs (b) and (c) therein, (ii) amending and restating the table set forth in
clause (b) therein in its entirety to read as follows:

	Category	Total Net Leverage Ratio	
        ABR

        Spread
	
        Eurodollar

        Spread

	 	 	 	 
	
        Category 1

         
	> 4.50 to 1.00	1.50%	2.50%
	Category 2	≤ 4.50 to 1.00 but > 3.00 to 1.00	1.00%	2.00%

	
        Category 3

         
	≤ 3.00 to 1.00 but > 2.00 to 1.00	0.75%	1.75%
	
        Category 4

         
	≤ 2.00 to 1.00 but > 1.25 to 1.00	0.50%	1.50%
	Category 5	≤ 1.25 to 1.00	0.25%	1.25%

 

    	 	 	 

    	3 

    

and (iii) amending and restating the
table set forth in clause (c) therein in its entirety to read as follows:

	Category	Total Net Leverage Ratio	
        ABR

        Spread
	
        Eurodollar

        Spread
	
        Commitment

        Fee Rate

	 	 	 	 	 
	
        Category 1

         
	> 4.50 to 1.00	1.50%	2.50%	0.375%
	Category 2 	≤ 4.50 to 1.00 but > 3.00 to 1.00	1.00%	2.00%	0.35%

	
        Category 3

         
	≤ 3.00 to 1.00 but > 2.00 to 1.00	0.75%	1.75%	0.30%
	
        Category 4

         
	≤ 2.00 to 1.00 but > 1.25 to 1.00	0.50%	1.50%	0.25%
	
        Category 5

         
	≤ 1.25 to 1.00	0.25%	1.25%	0.20%

 

(d) The definition of “Total
Net Leverage Ratio” in Section 1.01 of the Existing Credit Agreement is hereby amended and restated in its entirety to read
as follows:

“Total Net Leverage Ratio”
means, on any date, the ratio of (a) an amount equal to (i) the Total Indebtedness as of such date, minus (ii) the lesser as of
such date of (A) $500,000,000 and (B) the aggregate amount of Unrestricted Cash to (b) Consolidated EBITDA of the Parent for the
period of four consecutive fiscal quarters of the Parent ended on such date (or, if such date is not the last day of a fiscal quarter,
ended on the last day of the fiscal quarter of the Parent most recently ended prior to such date).

(e) Section 6.10 of the Existing Credit
Agreement is hereby amended and restated in its entirety to read as follows:

Net Leverage Ratios.

(a) Senior Secured Net Leverage
Ratio. For the benefit of the Revolving Lenders, the Issuing Banks and the Tranche A Term Lenders only (and the Administrative
Agent on their behalf), the Parent will not permit the Senior Secured Net Leverage Ratio as of the end of any fiscal quarter set
forth below to exceed the ratio set forth below with respect to such fiscal quarter:

	 	Fiscal Quarter(s)	Senior Secured Net Leverage Ratio
	 	April 1, 2020, through September 30, 2020	4.00 to 1.00
	 	October 1, 2020, through March 31, 2021	4.25 to 1.00
	 	April 1, 2021, through June 30, 2021	3.50 to 1.00
	 	July 1, 2021, through September 30, 2021	3.00 to 1.00
	 	October 1, 2021, through December 31, 2021	2.50 to 1.00
	 	January 1, 2022, through March 31, 2022	2.25 to 1.00

    	 	 	 

    	4 

    

(b) Total Net Leverage Ratio.
For the benefit of the Revolving Lenders, the Issuing Banks and the Tranche A Term Lenders only (and the Administrative Agent on
their behalf), the Parent will not permit the Total Net Leverage Ratio as of the end of any fiscal quarter set forth below to exceed
the ratio set forth below with respect to such fiscal quarter:

	 	Fiscal Quarter(s)	Total Net Leverage Ratio
	 	April 1, 2022, through December 31, 2022	4.25 to 1.00
	 	January 1, 2023, through June 30, 2023	4.00 to 1.00
	 	July 1, 2023, through December 31, 2023	3.75 to 1.00
	 	January 1, 2024, and thereafter	3.50 to 1.00

(f) Section 6.11 of the Existing Credit
Agreement is hereby amended and restated in its entirety to read as follows:

Cash Interest Expense Coverage
Ratio. For the benefit of the Revolving Lenders, the Issuing Banks and the Tranche A Term Lenders only (and the Administrative
Agent on their behalf), the Parent will not permit the Cash Interest Expense Coverage Ratio for any period of four consecutive
fiscal quarters ending during the dates set forth below to be less than the ratio set forth below with respect to such period:

	 	Period End Date	Cash Interest Expense

Coverage Ratio
	 	April 1, 2020, through September 30, 2020	2.00 to 1.00
	 	October 1, 2020, through March 31, 2021	1.50 to 1.00
	 	April 1, 2021, through June 30, 2021	2.00 to 1.00
	 	July 1, 2021, through September 30, 2021	2.25 to 1.00
	 	October 1, 2021, through December 31, 2021	2.50 to 1.00
	 	January 1, 2022, through March 31, 2022	2.75 to 1.00
	 	April 1, 2022, and thereafter	3.00 to 1.00

    	 	 	 

    	5 

    

SECTION 3. Covenants. Each of the
Borrower and the Parent covenants and agrees for the benefit of the Revolving Lenders, the Issuing Banks and the Tranche A Term
Lenders only (and the Administrative Agent on their behalf) that, during the period commencing April 1, 2020 to and including
March 31, 2022 (the “Amendment Period”):

(a) the Borrower shall not incur any
Incremental Extensions of Credit or any Alternative Incremental Facility Debt that is secured by the Collateral on a pari passu
basis with the Loan Document Obligations;

(b) the Parent shall not designate
any Restricted Subsidiary as an Unrestricted Subsidiary, unless (i) immediately before and after such designation, no Event of
Default shall have occurred and be continuing or would immediately result from such designation (including as a result of the covenants
contained in this Section 3) and (ii) immediately after giving effect to such designation, the Total Net Leverage Ratio, calculated
on a Pro Forma Basis, shall not exceed 4.25 to 1.00;

(c) neither the Parent nor the Borrower
shall, or shall permit any other Restricted Subsidiary to, assume or permit to exist Indebtedness otherwise permitted by Section
6.01(a)(vi)(A) of the Existing Credit Agreement, unless (x) such Indebtedness exists at the time such Person becomes a Restricted
Subsidiary (or is so merged or consolidated) or such assets are acquired and is not created in contemplation of or in connection
with such Person becoming a Restricted Subsidiary (or such merger or consolidation) or such assets being acquired and (y) immediately
after giving effect to the assumption of such Indebtedness, the Total Net Leverage Ratio, calculated on a Pro Forma Basis as of
the last day of the most recently ended fiscal quarter of the Parent, does not exceed 4.25 to 1.00;

(d) neither the Parent nor the Borrower
shall permit to exist Indebtedness of Foreign Subsidiaries otherwise permitted by Section 6.01(a)(vii) of the Existing Credit
Agreement in an aggregate principal amount (other than Indebtedness owing by a Foreign Subsidiary to another Foreign Subsidiary)
exceeding $350,000,000;

(e) neither the Parent nor the Borrower
shall, or shall permit any other Restricted Subsidiary to, create, incur, assume or permit to exist Indebtedness otherwise permitted
by Section 6.01(a)(xvi) of the Existing Credit Agreement exceeding the greater of (x) $150,000,000 and (y) 2% of Total Assets as
of the last day of the most recently ended fiscal quarter of the Parent prior to the date of incurrence;

    	 	 	 

    	6 

    

(f) neither the Parent nor the Borrower
shall permit to exist any Ratio Debt incurred by any Restricted Subsidiary that is not a Loan Party;

(g) neither the Parent nor the Borrower
shall, or shall permit any other Restricted Subsidiary to, create, incur, assume or permit to exist any Lien on any property or
asset now owned or hereafter acquired by it, which Lien is otherwise permitted by Section 6.02(f) of the Existing Credit Agreement,
except any (i) Lien on any property or asset of any Foreign Subsidiary in an aggregate amount at any time outstanding not exceeding
$350,000,000 and (ii) other Lien on any property or asset of any Foreign Subsidiary; provided that (A) in respect of this
sub-clause (ii), such Lien secures Indebtedness or other obligations of such Foreign Subsidiary that is not Guaranteed by any Loan
Party and (B) with respect to Indebtedness such Indebtedness is permitted by Section 6.01 of the Existing Credit Agreement
and clauses (c), (d), (e) and (f) of this Section 3;

(h) neither the Parent nor the Borrower
shall, or shall permit any Restricted Subsidiary to, (i) declare or make, or agree to pay or make, directly or indirectly,
any Restricted Payment, or incur any obligation (contingent or otherwise) to make any Restricted Payment, that is otherwise permitted
by Sections 6.07(a)(vii), (a)(viii) and (a)(ix)(A) (solely with respect to unused amounts carried over to the succeeding fiscal
year) of the Existing Credit Agreement or (ii) agree to pay or make, directly or indirectly, any voluntary payment or other
distribution (whether in cash, securities or other property) of or in respect of any Junior Debt, or any payment or other distribution
(whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the repayment, repurchase,
redemption, retirement, acquisition, cancellation or termination of any Junior Debt, that is otherwise permitted by Sections 6.07(b)(iii)
through (b)(v) of the Existing Credit Agreement; and

(i) neither the Parent nor the Borrower
shall, or shall permit any Restricted Subsidiary to, make or agree to pay or make, directly or indirectly, any voluntary payment
or other distribution (whether in cash, securities or other property) of or in respect of any of the Borrower’s senior unsecured
notes other than the Existing Senior Notes described in clause (c) of the definition thereof set forth in the Existing Credit Agreement
(the “Senior Unsecured Notes”), or any payment or other distribution (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the repayment, repurchase, redemption, retirement, acquisition, cancellation
or termination of any of the Senior Unsecured Notes, except (i) any refinancing of Senior Unsecured Notes with Permitted Refinancing
Indebtedness and (ii) regularly scheduled payments of principal or interest in respect thereof.

    	 	 	 

    	7 

    

SECTION 4. Representations and Warranties.
The Borrower represents and warrants to the Administrative Agent and to each of the Lenders that:

(a) This Amendment and the transactions
contemplated hereby are within the corporate powers of each of the Borrower and the Parent and have been duly authorized by all
necessary corporate and, if required, stockholder action.

(b) This Amendment has been duly executed
and delivered by each of the Borrower and the Parent and constitutes a legal, valid and binding obligation of such Loan Party,
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law.

SECTION 5. Effectiveness. This Amendment
shall become effective as of the date first above written (the “Amendment Effective Date”) when:

(a) the Administrative Agent shall
have received counterparts of this Amendment, duly executed and delivered on behalf of (i) the Borrower, (ii) the Parent and (iii)
Lenders constituting a Majority in Interest of the Tranche A Term Lenders and a Majority in Interest of the Revolving Lenders,
or as to any of the foregoing parties, advice reasonably satisfactory to the Administrative Agent that each of the foregoing parties
has executed a counterpart of this Amendment;

(b) each of the representations and
warranties set forth in Section 4 hereof shall be true and correct as of the Amendment Effective Date;

(c) The representations and warranties
of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (or, in the case of representations
and warranties qualified as to materiality, in all respects) on and as of the Amendment Effective Date, except to the extent any
such representation and warranty expressly relates to a prior date, in which case such representation and warranty shall be true
and correct in all material respects (or in all respects, as applicable) as of such earlier date;

(d) At the time of and immediately
after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing;

    	 	 	 

    	8 

    

(e) the Administrative Agent shall
have received a certificate of a Responsible Officer of the Borrower confirming compliance with the conditions set forth in paragraphs
(b), (c) and (d) of this Section 5; and

(f) the Administrative Agent shall
have received payment of all fees and expenses required to be paid or reimbursed by the Borrower under or in connection with this
Amendment, including those fees and expenses set forth in Section 10 hereof, to the extent such fees and expenses are invoiced
at least one Business Day prior to the proposed Amendment Effective Date.

SECTION 6. Reaffirmation. Each of
the Borrower, Parent and each other Loan Party hereby (a) reaffirms its obligations under the Credit Agreement and each other Loan
Document to which it is a party, in each case as modified by this Amendment, (b) reaffirms all Liens on the Collateral which have
been granted by it in favor of the Collateral Agent (for the benefit of the Secured Parties) pursuant to the Loan Documents and
(c) acknowledges and agrees that the guarantees of the Loan Parties contained in the Guarantee Agreement and the grants of security
interests by the Loan Parties contained in the Collateral Agreement and the other Security Documents are, and shall remain, in
full force and effect in respect of, and to secure, the Secured Obligations.

SECTION 7. Credit Agreement. Except
as expressly set forth herein, this Amendment (a) shall not by implication or otherwise limit, impair, constitute a waiver
of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Borrower or any other Loan Party under
the Credit Agreement or any other Loan Document and (b) shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are
ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle the
Borrower or any other Loan Party to any future consent to, or waiver, amendment, modification or other change of, any of the terms,
conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different
circumstances. After the Amendment Effective Date, any reference in the Loan Documents to the Credit Agreement shall mean the Credit
Agreement as modified hereby. This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement
and the other Loan Documents and, for the avoidance of doubt, any breach of this Amendment by the Borrower or the Parent shall
constitute an Event of Default.

SECTION 8. Applicable Law; Waiver of
Jury Trial.

(a) THIS AMENDMENT AND ANY
CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING
TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

    	 	 	 

    	9 

    

(b) EACH PARTY HERETO HEREBY
AGREES AS SET FORTH IN SECTION 9.10 OF THE CREDIT AGREEMENT AS IF SUCH SECTION WERE SET FORTH IN FULL HEREIN.

SECTION 9. Counterparts; Amendment;
Effectiveness.

(a) This Amendment may be executed
in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all
of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this
Amendment by facsimile transmission or other electronic imaging shall be effective as delivery of an original executed counterpart
of this Amendment. This Amendment may not be amended nor may any provision hereof be waived except pursuant to a writing signed
by the Borrower, the Administrative Agent and the Lenders party hereto.

(b) The words “execution”,
“signed”, “signature”, “delivery” and words of like import in or relating to any document to
be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include any electronic
sound, symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to
sign, authenticate or accept such contract or record (each, an “Electronic Signature”), and deliveries or the
keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
New York State Electronic Signatures and Records Act or any other similar State laws based on the Uniform Electronic Transactions
Act; provided that nothing herein shall require the Administrative Agent to accept electronic signatures in any form or
format without its prior written consent. Without limiting the generality of the foregoing, the Borrower (i) agrees that, for all
purposes, including in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation
among the Administrative Agent, the Lenders and the Loan Parties, electronic images of this Amendment (including with respect to
any signature pages hereto) shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives
any argument, defense or right to contest the validity or enforceability of this Amendment based solely on the lack of paper original
copies of this Amendment, including with respect to any signature pages hereto.

SECTION 10. Fees and Expenses.

(a) The Borrower hereby agrees
to pay to the Administrative Agent on the Amendment Effective Date, for the account of each Tranche A Term Lender and Revolving
Lender that shall have executed and irrevocably delivered to the Administrative Agent an executed signature page to this Amendment,
an amendment fee equal to 0.25% of the sum of such Lender’s outstanding Tranche A Term Loans and outstanding Revolving Commitment
(whether used or unused).

    	 	 	 

    	10 

    

(b) The Borrower agrees to reimburse
the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Amendment to the extent required under
Section 9.03 of the Credit Agreement.

SECTION 11. Headings. Section headings
used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or
to be taken into consideration in interpreting, this Amendment.

 

[Signature Pages Follow]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	 	 

     

    

IN WITNESS WHEREOF, the parties hereto
have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first written above.

 

	 	
        AMERICAN AXLE & MANUFACTURING, INC.

        AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.

         

	 	By
	 	 	/s/ Shannon J. Curry
	 	 	Name:  Shannon J. Curry
	 	 	
        Title:     Vice President & Treasurer

         

 

 

 

 

 

 

 

 

 

 

 

    	 	 	 

     

    

Solely with respect to the provisions of Section
6 hereof:

 

	 	AAM International Holdings, Inc.
	 	Auburn Hills Manufacturing, Inc.
	 	Oxford Forge, Inc.
	 	Colfor Manufacturing, Inc.
	 	AccuGear, Inc.
	 	MSP Industries Corporation
	 	Metaldyne Performance Group Inc.
	 	MPG Holdco I Inc.
	 	Metaldyne BSM, LLC
	 	Metaldyne M&A Bluffton, LLC
	 	Metaldyne Powertrain Components, Inc.
	 	Metaldyne Sintered Ridgway, LLC
	 	Metaldyne SinterForged Products, LLC
	 	Punchcraft Machining and Tooling, LLC
	 	HHI FormTech, LLC
	 	Jernberg Industries, LLC
	 	Impact Forge Group, LLC
	 	ASP HHI Holdings, Inc.
	 	ASP HHI Acquisition Co., Inc.
	 	ASP MD Holdings, Inc.
	 	MD Investors Corporation
	 	Metaldyne, LLC
	 	Gear Design and Manufacturing, LLC
	 	AAM Powder Metal Components, Inc.
	 	ASP Grede Intermediate Holdings LLC
	 	HHI Holdings, LLC
	 	Rochester Manufacturing, LLC
	 	AAM Casting Corp.

 

 

	 	By
	 	 
	 	
        /s/ Shannon J. Curry                               

        Name: Shannon J. Curry
	 
	 	
        Title: Vice President & Treasurer

         
	 

 

 

 

 

    	 	 	 

     

    

	 	JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent 
	 	By
	 	 	/s/ Gene Riego de Dios
	 	 	Name:  Gene Riego de Dios
	 	 	Title:    Executive Director
	 	 	 

 

 

 

 

 

 

 

 

 

 

 

    	 	 	 

     

    

	 	
        LENDERS

         

        SIGNATURE PAGE TO THE SECOND AMENDMENT TO THE CREDIT AGREEMENT DATED
        AS OF APRIL 6, 2017, AMONG AMERICAN AXLE & MANUFACTURING, INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS
        AND ISSUING BANKS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT

         

         

	 	Name of Institution:
	 	 
	 	 
	 	BANK OF AMERICA, N.A.
	 	 
	 	 
	 	By
	 	 	/s/ Brian Lukehart
	 	 	Name: Brian Lukehart
	 	 	Title:    Managing Director

 

 

 

 

 

 

    	 	 	 

     

    

	 	Name of Institution:
	 	 
	 	 
	 	BARCLAYS BANK PLC
	 	 
	 	 
	 	By
	 	 	/s/ Craig Malloy
	 	 	Name: Craig Malloy
	 	 	Title:    Director

 

 

 

 

 

 

    	 	 	 

     

    

	 	Name of Institution:
	 	 
	 	 
	 	ROYAL BANK OF CANADA
	 	 
	 	 
	 	By
	 	 	/s/ Nikhil Madhok
	 	 	Name: Nikhil Madhok
	 	 	Title: Authorized Signatory

 

 

 

 

 

 

    	 	 	 

     

    

	 	Name of Institution:
	 	 
	 	 
	 	CITIBANK, N.A.
	 	 
	 	 
	 	By
	 	 	/s/ Matthew S. Burke 
	 	 	Name: Matthew S. Burke
	 	 	Title: Vice President & Managing Director

 

 

 

 

 

 

 

 

    	 	 	 

     

    

	 	Name of Institution:
	 	 
	 	 
	 	BMO HARRIS BANK N.A.
	 	 
	 	 
	 	By
	 	 	/s/ Andrew Berryman
	 	 	Name: Andrew Berryman
	 	 	Title: Vice President

 

 

 

 

 

    	 	 	 

     

    

	 	Name of Institution:
	 	 
	 	 
	 	PNC BANK, NATIONAL ASSOCIATION
	 	 
	 	 
	 	By
	 	 	/s/ Scott Neiderheide
	 	 	Name:  Scott Neiderheide
	 	 	Title: Senior Vice President

 

 

 

 

 

 

 

    	 	 	 

     

    

	 	Name of Institution:
	 	 
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION
	 	 
	 	 
	 	By
	 	 	/s/ Jeffrey S. Johnson
	 	 	Name:  Jeffrey S. Johnson
	 	 	Title: Senior Vice President

 

 

 

 

 

 

    	 	 	 

     

    

	 	Name of Institution:
	 	 
	 	 
	 	CITIZENS BANK, N.A.
	 	 
	 	 
	 	By
	 	 	/s/ Stephen A. Maenhout
	 	 	Name:  Stephen A. Maenhout
	 	 	Title: Senior Vice President

 

 

 

 

 

    	 	 	 

     

    

	 	Name of Institution:
	 	 
	 	 
	 	MIZUHO BANK, LTD.
	 	 
	 	 
	 	By
	 	 	/s/ Donna DeMagistris
	 	 	Name:  Donna DeMagistris
	 	 	Title: Authorized Signatory  

 

 

 

 

 

    	 	 	 

     

    

	 	Name of Institution:
	 	 
	 	 
	 	THE HUNTINGTON NATIONAL BANK
	 	 
	 	 
	 	By
	 	 	/s/ Steve J. McCormack
	 	 	Name:  Steve J. McCormack
	 	 	Title:  Senior Vice President   

 

 

 

 

 

 

    	 	 	 

     

    

	 	Name of Institution:
	 	 
	 	 
	 	KEYBANK NATIONAL ASSOCIATION
	 	 
	 	 
	 	By
	 	 	/s/ Eric W. Domin
	 	 	Name:  Eric W. Domin
	 	 	Title:  Vice President    

 

 

 

 

 

    	 	 	 

     

    

	 	Name of Institution:
	 	 
	 	 
	 	HSBC BANK USA, NATIONAL ASSOCIATION
	 	 
	 	 
	 	By
	 	 	/s/ Kyle Patterson
	 	 	Name:  Kyle Patterson
	 	 	Title:  Senior Vice PresidentExhibit

The Retirement Plan for Specified Non-United States International Staff of Citibank, N.A. and Participating Companies As Amended and Restated Effective January 1, 2000 (with amendments through December 31, 2008)

ARTICLE I
NAME, PURPOSE, AND EFFECTIVE DATE

The Retirement Plan for Specified Non-United States International Staff of Citibank, N.A. and Participating Companies (the "Plan"), also known as the "Head Office Guarantee Plan", was amended and restated through December 31, 1995 and was further amended effective January 1, 2000 to reflect the establishment of the Citigroup Pension Plan and the benefits of former Citibank employees thereunder.  The Plan was further amended effective December 31, 2007 to close the Plan to new members and to cease all future cash balance benefit credits under this Plan.  This amendment and restatement was prepared with amendments through December 31, 2008 to establish documentary compliance with Section 409A (as defined below).  Rights and benefits of Participants for periods before January 1, 2000 shall be determined under prior Plan restatements.

The Plan is intended to be unfunded and maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees.  The Plan is also intended to comply with the requirements imposed by Section 409A of the Code on nonqualified deferred compensation plans (and the applicable guidance issued thereunder) and the terms of the Plan shall be interpreted consistent therewith.

Benefits of Plan participants that commenced payment before January 1, 2005 are not subject to Section 409A.  All Plan benefits commencing on or after January 1, 2005 are intended to be administered in compliance with Section 409A, and accordingly, the Plan shall be interpreted consistent therewith.

ARTICLE II DEFINITIONS

When used herein, the following terms shall have the following meanings unless a different meaning is clearly required by the context of the Plan:

"Affiliated Company" means any corporation which is a member of a controlled group of corporations (within the meaning of Section 414(b) of the Code) which includes the Company, any trade or business (whether or not incorporated) which is under common control with the Company (within the meaning of Section 414(c) of the Code), any organization (whether or not incorporated which is a member of an affiliated service group (as defined in Section 414(m) of the Code)) which includes the Company, and any other entity required to be aggregated with the Company pursuant to Section 414(o) of the Code.

"Beneficiary'' means the person or persons who are entitled to receive benefits under the Citigroup Pension Plan in the event of the Participant's death (whether or not such person or persons are expressly so designated by the Participant).

"Benefit Distribution Date" is the 90th day after the Participant's Payment Event Date.

"Change in Control" has the meaning set forth in Treas. Reg. Sec. 1.409A-3(i)(5) and is applied with respect to the Participant's employer.

"Code" means the Internal Revenue Code of 1986, as amended from time to time.

"Committee" means the Plans Administration Committee of Citigroup Inc., or its successor, established to administer the Plan and the Citigroup Pension Plan.

"Company" means Citigroup Inc., a Delaware corporation, or any successor thereto.

"Disability" means a Participant's "separation from service" within the meaning Treas. Reg. Sec. 1.409A-1(h) from the Company and all Affiliated Companies on account  of a Participant's total and permanent disability (as defined under the Company long-term disability plan applicable to the Participant).

"ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time.

"Grandfathered Participant" means a Participant who is also a "grandfathered participant" in the Citibank final average pay pension plan formula of the Citigroup  Pension Plan, as defined in Section 1.30 of Part I of the Citigroup Pension Plan.

"Life Annuity" means those forms of actuarially equivalent life annuities offered under the legacy Citibank benefit formula of the Citigroup Pension Plan using the actuarial assumptions applicable to such formula.

"Non-Grandfathered Participant" means a Participant who is not a Grandfathered Participant and who has a benefit that is subject to Section 409A.

"Participant" means an individual who is entitled to a benefit under the terms of this Plan.  For Plan benefits commencing after December 31, 2004, the term Participant shall include only those Participants who have a benefit that is subject to Section 409A.  A Participant shall remain a Participant until all amounts due the Participant under the Plan have been distributed to the Participant or the Participant's Beneficiary, as the case may be.
"Plan Year" means the 12 consecutive month period commencing January 1.

"Payment Event Date" means the later of (a) a Participant's Separation from Service or (b) the date the Participant attains or would have attained age 55; provided, however, that a Payment Event Date shall also occur upon a Change in Control.

"Section 409A" means Section 409A of the Code and applicable guidance issued thereunder.

"Separation from Service" means a "separation from service" within the meaning Treas. Reg. Sec. 1.409A-1(h) from the Company and all Affiliated Companies, and for purposes of this Plan, such term shall also include a Participant's termination of employment on account of death or Disability.  A "separation from service" shall occur after six months of paid or unpaid leave, except where the right to return to work is protected by statute (such as through the Family and Medical Leave Act or protected  military leaves), or in the case of a disability leave.

"Specified Employee" means a Participant who, as of the date of the Participant's Separation from Service, is a "specified employee" of the Company for purposes of Section 409A, as determined under the specified employee determination policy established by the Company in accordance with Section 409A.

ARTICLE III
ELIGIBILITY

Any designated international staff or expatriate member who is not a U.S. citizen and whose designated home country is the U.S. shall be eligible for a benefit under this Plan. Eligible Participants must be designated by the Employer as such on the records of the Plan.  No new Participants may join the Plan after December 31, 2007.

ARTICLE IV
EXCESS BENEFIT

4.01    Accrued Benefit.

(a)Grandfathered Participants.  For Grandfathered Participants, the accrued benefit under the Plan is the monthly benefit calculated under Part III of the Citigroup Pension Plan, offset by any benefits payable under the Citigroup Pension Plan.  Limits on compensation or benefits imposed by Section 401(a)(17) and 415 of the Code are not taken into account in calculating benefits under this Plan for Grandfathered Participants.

(b)Non-Grandfathered Participants.  For Non-Grandfathered Participants, the accrued benefit under the Plan is the monthly benefit calculated under Parts I and/or III of the Citigroup Pension Plan, offset by any benefits payable under the Citigroup Pension Plan. Beginning January 1, 2000, compensation shall be limited to $500,000, annually, and effective January 1, 2002, the Section 401(a)(17) limit shall apply to benefits payable from this Plan for Non-Grandfathered Participants.  Limits on benefits imposed by Section 415 of the Code are not taken into account in calculating benefits under this Plan for Non-Grandfathered Participants.

(c)For all Participants, compensation and service earned under local retirement plans are excluded from consideration for Plan benefits.

(d)In the event of a Participant's death, the accrued benefit under the Plan shall be made available to Beneficiaries in accordance with the terms of the Citigroup    Pension Plan applicable to Grandfathered or Non-Grandfathered Participants, respectively.

4.02    Optional Forms of Benefit.  The forms of benefit payable under this Plan are the forms of benefit payable under the applicable provisions of the Citigroup Pension Plan; provided, however, that a lump sum option on Plan benefits is available to Participants who have a Separation from Service after attaining age 55 with at least 10 years of vesting service, as determined under the Citigroup Pension Plan.  Actuarial equivalence for all optional forms of benefit under this Plan commencing after December 31, 2008, including the lump sum, shall be determined using then current 417(e) or GATT factors as described in the Citigroup Pension Plan.  For benefits commencing prior to December 31, 2008, actuarial equivalence for the lump sum shall be determined using then current 417(e) or GATT factors as described in the Citigroup Pension Plan and all other factors shall be determined under the relevant provisions of the Citigroup Pension Plan.

4.03    Distribution of Plan Benefit.

(a)Except as otherwise provided for in this section 4.03, each Participant (or Beneficiary, in the case of a Participant's death before benefit commencement) shall be entitled to a distribution of his or her Plan benefits on the Payment Event Date.  Notwithstanding anything in this Plan to the contrary, if a Participant commences his or her benefit under the Citigroup Pension Plan (or any other plan) in-service by reason of attainment of age 701⁄2, such Participant shall not be entitled to benefit commencement under this Plan until his or her Separation from Service, provided that some portion of the Plan benefit is subject to Section 409A.

(b)Except as otherwise provided for in this section 4.03, each Participant's annuity starting date for purposes of calculating the value of the Participant's Plan benefits shall be the first of the month following the Participant's Payment Event Date, and benefits under the Plan shall commence on the first of the month following the Benefit Distribution Date, but in no event later than the last date permitted under Section 409A.  Except as otherwise provided for in this section 4.03, each Participant (or Beneficiary, if applicable) shall be required to make a form of benefit election by the date prescribed by the Committee.  In the event a Participant (or Beneficiary, as applicable) fails to make a timely form of benefit election, the Participant's Plan benefits shall be paid in a single sum, unless another form of benefit is prescribed herein.  Notwithstanding the foregoing, if the calculation of any payment amount is not administratively practicable due to events beyond the control of the Participant (or the Participant's Beneficiary, if applicable), the payment will be treated as timely made during the first taxable year of the Participant in which the calculation of the amount of the payment is administratively practicable.  Furthermore, the inability of the Plan to calculate the amount or timing of a payment due to the failure of a Participant (or a Participant's Beneficiary) to provide reasonably available information to make such calculation does not constitute an event beyond the control of the Participant.

(c)Each Participant who had not commenced benefits was given, before December 31, 2008, the opportunity to make a one-time, irrevocable election to have his or her entire Plan benefit payable in the form of either a (i) a single sum or (ii) a Life Annuity.  Such election shall be applicable to all benefits payable under this Plan.  Any Participant (or his or her Beneficiary, if applicable) who failed to make a timely election in accordance with the preceding sentence or who otherwise did not make an effective election shall receive his or her entire Plan benefits in the form of a single sum, and such Plan benefits shall be paid in accordance with the applicable subsection under this section 4.03.

(d)With respect to the entire Plan benefit of each Participant who has made a timely election to receive a Life Annuity in accordance with subsection (c) above, each such Participant (or his or her Beneficiary, if applicable) shall be required to elect a particular form of Life Annuity no later than 30 days prior to the Benefit Distribution Date; provided, however, that the Committee may, in its discretion, permit a Participant (or a Beneficiary, if applicable) to submit a form of benefit election after the deadline so long as benefit payments have not commenced and such action will not give rise to adverse tax consequences under Section 409A.  If the Committee fails to receive a Participant's timely election, the Participant's Plan benefits shall commence on the Benefit Distribution Date in the normal form of annuity benefit applicable to the Participant under the Citigroup Pension Plan.

(e)Each Participant, who, as of December 31, 2008, has (i) attained age 55 and (ii) accrued a deferred vested benefit under this Plan that is subject to Section 409A but is not in pay status, shall commence benefits on April 1, 2009.  Each Participant, who, as of December 31, 2008, has (i) not attained age 55 and (ii) has accrued a deferred vested benefit under this Plan that is subject to Section 409A but is not in pay status, shall commence benefits as of the first of the month following the attainment of age 55.

(f)In the case of any Participant who has a Separation from Service and, at the time of such Separation from Service, is continuing to earn benefits under the Citigroup Pension Plan by reason of a disability, such Participant's accrued benefit under this Plan shall be a calculated as if he or she had remained disabled for the maximum amount of time permissible under the Citigroup Pension Plan.  The benefit under this Plan shall commence at the times and in the form provided under this section 4.03.  This approach to the calculation of Plan benefits shall apply to terminated vested disabled participants who have not commenced Plan benefits as of December 31, 2008 and who make elections or are otherwise described under subparagraph (e) above.

(g)In the case of a Participant's death before his or her commencement of benefits under this Plan, the Beneficiary shall be bound by any irrevocable election as to time or form of benefit commencement made by the Participant.  Any Life Annuity election made by the Beneficiary shall be made in accordance with the procedures set forth in the preceding section of this section 4.03.

(h)Notwithstanding anything herein to the contrary, the distribution of Plan benefits to any Participant who is (i) a Specified Employee and (ii) entitled to a distribution on account of his or her "separation from service," as defined in Treas. Reg. Sec. 1.409A-1(h), shall commence on the first of the month following the earlier of the date that is six months after the date of such separation from service or the date of the participant's death.  Upon the expiration of such six-month period or the Participant's death, retroactive benefit payments plus interest at the Citigroup Pension Plan's rate of interest shall be paid to the Participant or Beneficiary, if applicable.

(i)Once Plan benefit payments commence, the form or the date of such payments shall not be changed, modified or altered in any manner, or under any circumstance, that would give rise to adverse tax consequences under Section 409A, including, but not limited to, a Participant's being rehired by the Company or any Affiliated Company.

ARTICLE V
ADMINISTRATION

5.01    Plan Administration.  The Plan shall be administered by the Committee in accordance with its terms and purposes.  The Committee shall determine the amount and manner of payment of the benefits due to or on behalf of each Participant from the Plan and shall cause them to be paid in cash by the appropriate employer accordingly.

5.02    Finality of Decisions.  Except as otherwise provided in Article VII, the Committee shall have full discretionary authority to determine eligibility for benefits and to construe the terms of the Plan, including all questions of fact and law.  In addition, the decisions made by and the actions taken by the Committee in the administration of the Plan shall be final and conclusive on all persons, and the Committee shall not be subject to any liability whatsoever with respect to the administration of the Plan.

5.03    Plan Expenses.  Administrative expenses of the Plan shall be paid from the general assets of the Company, but investment returns on Participants' notional accounts may be reduced to reflect administrative and investment expenses.

ARTICLE VI
AMENDMENT AND TERMINATION OF PLAN

6.01    Amendment and Termination.  While the Company intends to maintain the Plan in conjunction with the Citigroup Pension Plan for as long as necessary, the Company reserves the right to amend and/or fully or partially terminate the Plan at any time for whatever reasons it may deem appropriate, provided that no amendment or termination of the Plan shall affect any Employer's obligation to pay the benefits due to the Participants hereunder but only to the extent of the value of such benefits which have accrued up to the date of the amendment or termination. Notwithstanding the preceding sentence, the Company may amend the Plan unilaterally to the extent necessary to comply with the Code and ERISA, including, but not limited to, Section 409A of the Code, with such determination of necessity to be made by the Committee in its sole discretion.

6.02    Plan Distributions Upon Termination.  Upon the termination of the Plan in whole or in part, all Plan benefits that have accrued as of the date of termination shall be paid to the Participants, to the extent permitted in accordance with the guidance issued under Section 409A, in a single lump sum payment as soon as practicable following the termination of the Plan.  If such benefits cannot be distributed in accordance with the guidance issued under Section 409A, the Plan shall continue in existence for the sole purpose of distributing such benefits in accordance with Section 4.03.

6.03    Prohibited Acceleration.  Notwithstanding anything to the contrary contained herein, the Plan may not permit the acceleration of the time or schedule of any payment or amount scheduled to be paid under the Plan except as otherwise permitted under Section 409A and the applicable guidance issued thereunder.

ARTICLE VII
BENEFIT CLAIM PROCEDURES

7.01    Initial Benefit Determination.  Claims for benefits under the Plan may be filed with the Committee on forms supplied by the Company.  Written notice of the disposition of a claim shall be furnished to the claimant within 90 days after the application is filed.  In the event the claim is denied, the reason for the denial shall be specifically set forth in the notice in language calculated to be understood by the claimant, pertinent provisions of the Plan shall be cited, and, where appropriate, an explanation as to how the claimant can perfect the claim will be provided.  In addition, the claimant shall be furnished with an explanation of the Plan's claims review procedure.

7.02    Appeal of Adverse Benefit Determinations.  Any employee, former employee, or beneficiary of either, who has been denied a benefit by a decision of the Committee pursuant to Section 7.01 shall be entitled to request that the Committee give further consideration to his or her claim by filing with the Committee a request for a claim review in accordance with the Plan's procedures.  Such request, together with a written statement of the reasons why the claimant believes his or her claim should be allowed, shall be filed with the Committee no later than 60 days after receipt of the written notification provided for in Section 7.01.  A final decision as to the allowance of the claim shall be made by the Committee no later than the first available meeting date of the Committee following the Plan's receipt of a request for review; provided; however, any request for review that is filed within 30 days preceding any such meeting date shall be decided at the second available meeting date.  The Committee shall hold regularly scheduled meetings at least quarterly.  If special circumstances require a further extension of time for processing, a benefit determination shall be rendered not later than the third available meeting date of the Committee following receipt of a request for review; provided, the claimant shall receive written notice prior to the commencement of the extension that describes the special circumstances and the date as of which the benefit determination will be made.  The Committee shall reply to the claimant in writing, in a manner calculated to be understood by the claimant, regarding the Committee's decision on such review.

7.03    Limitation on Filing Suit.  A claimant must file any lawsuit or similar enforcement proceeding, commenced in any forum whatsoever, with respect to the Plan within 12 consecutive months after the date of receiving a final adverse determination on review, or if earlier, within two years from the date on which the claimant was aware, or should have been aware, of the claim at issue in the proceeding.  The two-year limitation shall be increased by any time a claim or appeal on the issue is under consideration by the appropriate fiduciary.

ARTICLE VIII MISCELLANEOUS

8.01    No Enlargement of Employee Rights.  Nothing contained in the Plan shall be construed as a contract of employment between the Employer and a Participant or as a right of any Participant to be continued in the employment of the Employer, or as a limitation of the right of the Employer to discharge any Participant at any time, with or without notice and with or without cause.

8.02    Assignment.  Except for qualified domestic relations orders within the meaning of Section 206(d)(3) of ERISA, the benefits payable under this Plan may not be assigned, alienated, transferred, pledged or otherwise encumbered.  For purposes of this Section 8.02, the Committee shall have the sole discretion to determine whether a domestic relations order is a qualified domestic relations order within the meaning of Section 206(d)(3) of ERISA and the Committee's determination shall be binding on all persons.

8.03    Governing Law.  To the extent not preempted by ERISA, this Plan shall be governed by the laws of the State of New York.

8.04    Taxes.  Participants and Beneficiaries are liable for all income and other taxes due as a result of benefits payable under this Plan, including, but not limited to, incomes taxes imposed by Section 409A.

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