Document:

exv10w10

 

Exhibit 10.10

SALLY BEAUTY HOLDINGS, INC.

INDEPENDENT DIRECTOR COMPENSATION POLICY

The Board of Directors (the “Board”) of Sally Beauty Holdings, Inc. (the “Company”)
has adopted the following compensation policy, effective as of November 16, 2006, for independent
directors of the Company. The compensation policy has been developed to compensate certain
independent directors of the Company for their time, commitment and contributions to the Board.
This policy shall apply to directors of the Company who are not Company employees and who are not
affiliated with Clayton Dubilier & Rice, Inc., (each an “Independent Director”).

CASH COMPENSATION

Retainers for Serving on the Board

Independent Directors shall be paid an annual cash retainer of $35,000, payable in advance
in quarterly installments, for each calendar year of service on the Board. Cash retainers
for partial years of service shall be pro-rated to reflect the number of days served by an
Independent Director during any such quarter.

Retainers for Serving as Chairpersons

An additional annual cash retainer shall be paid to an Independent Director who serves as
chairperson of the Audit Committee, Compensation Committee, Nominating and Corporate
Governance Committee, or Finance Committee. Such additional retainer shall be payable in
advance in quarterly installments, in the following annualized amounts:

	 	 	 
	Audit Committee
	 	$10,000
	Compensation Committee
	 	$7,500
	Nominating & Corporate Governance Committee
	 	$5,000
	Finance Committee
	 	$5,000

Additional retainers paid to chairpersons for partial years of service shall be pro-rated to
reflect the number of days served by an Independent Director during any such quarter.

Meeting Fees

For in-person Board or committee meetings, each Independent Director in attendance shall
receive $2,000. For telephonic Board or committee meetings for which minutes are kept, each
independent director in attendance shall receive $1,000.

EQUITY-BASED COMPENSATION

Initial Grants

Upon the appointment or election of a new Independent Director to the Board, such
Independent Director shall receive, in accordance with the Company’s 2006 Omnibus Incentive
Plan (“Omnibus Plan”), an initial grant of options
(“Options”) to purchase shares of common stock of the Company (“Common Stock”). Such Options shall have a
grant date present value equal to $70,000, and shall become exercisable in four equal annual
installments beginning on the day before the first anniversary of the grant date.

Options granted to Independent Directors shall have an exercise price per share equal to the
Fair Market Value (as defined in the Omnibus Plan) of a share of Common Stock on the grant
date, and shall have a ten-year maximum term. In the event an Independent Director’s Board
service terminates because of death, disability or involuntary termination without Cause (as
defined in the Omnibus Plan), such Independent

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Director’s unvested Options shall become
exercisable upon such termination. If an Independent Director’s Board service is terminated
for any other reason than the foregoing, unvested Options shall be canceled upon such
termination.

Following the termination of an Independent Director’s Board service, such Independent
Director’s vested Options shall remain exercisable until the first to occur of (i) the third
anniversary of such termination or (ii) the Option’s normal expiration date.
Notwithstanding the foregoing, if an Independent Director’s Board service is terminated for
Cause, any outstanding Options shall be forfeited upon such termination.

Current Independent Directors

On December 5, 2006, the current Independent Directors each received an initial grant of
options to purchase 15,000 shares of Common Stock, in accordance with the Company’s 2003
Stock Option Plan for Non-Employee Directors, which grants exhausted the share reserve under
that plan. Because those grants had a grant date present value of less than $70,000 per
Independent Director, the Company intends to grant the current Independent Directors
additional options under the Omnibus Plan (subject to shareholder approval of the Omnibus
Plan) with a grant date present value equal to the difference between $70,000 and the grant
date present value of the December 5, 2006, grants.

Annual Grants

Each Independent Director shall be granted an annual equity-based retainer award with a
value at the time of issuance of approximately $70,000. Such award shall normally be made at
the first Board meeting each Company fiscal year in the form of grants of restricted stock
units (“RSUs”), in accordance the Omnibus Plan, and shall vest on the last day of
such fiscal year. Independent Directors whose Board service begins after the start of a
Company fiscal year shall receive a grant pro-rated to reflect the number of days remaining
in such fiscal year (the Company intends to grant current Independent Directors a full
annual grant with respect to fiscal year 2007 following shareholder approval of the Omnibus
Plan). Upon vesting, Independent Director RSUs shall be deferred into deferred stock units
that shall be distributed six months after such Independent Director’s Board service
terminates.

In the event an Independent Director’s Board service terminates because of death, disability
or involuntary termination without Cause (as defined in the Omnibus Plan), a pro rata
portion of such Independent Director’s unvested RSUs shall vest upon such termination. If an
Independent Director’s Board service is terminated for any other reason than the foregoing
RSUs shall be canceled upon such termination.

TRAVEL EXPENSE REIMBURSEMENT

Each of the Independent Directors shall be entitled to receive reimbursement for reasonable
travel expenses which they properly incur in connection with their functions and duties as a
director. With respect to air travel, reimbursements shall be limited to the cost of
first-class commercial airline tickets for the trip and date in question.

EFFECTIVE DATE, AMENDMENT, REVISION AND TERMINATION

This policy may be amended, revised or terminated by the Board at any time and from
time-to-time.

2exv10w43

 

Exhibit 10.43

EXECUTION COPY

FIRST AMENDMENT TO CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of October 13, 2006 (this
“Amendment”), to the Existing Credit Agreement (as defined below) is made by ASYST
TECHNOLOGIES, INC., a California corporation, and ASYST JAPAN, INC., a Japanese corporation
(collectively, the “Borrowers”) and certain of the Lenders (such capitalized term and other
capitalized terms used in this preamble and the recitals below to have the meanings set forth in,
or are defined by reference in, Article I below).

W I T N E S S E T H:

     WHEREAS, the Borrowers, the Lenders and Bank of America, N.A., as Administrative Agent, are
all parties to the Credit Agreement, dated as of June 22, 2006 (as amended or otherwise modified
prior to the date hereof, the “Existing Credit Agreement”, and as amended by this Amendment
and as the same may be further amended, supplemented, amended and restated or otherwise modified
from time to time, the “Credit Agreement”); and

     WHEREAS, the Borrowers have requested that the Lenders amend certain provisions of the
Existing Credit Agreement and the Lenders are willing, on the terms and subject to the conditions
hereinafter set forth, to modify the Existing Credit Agreement as set forth below;

     NOW, THEREFORE, the parties hereto hereby covenant and agree as follows:

ARTICLE I

DEFINITIONS

     SECTION 1.1. Certain Definitions. The following terms when used in this Amendment
shall have the following meanings (such meanings to be equally applicable to the singular and
plural forms thereof):

     “Amendment” is defined in the preamble.

     “Amendment Effective Date” is defined in Article III.

     “Borrowers” is defined in the preamble.

     “Credit Agreement” is defined in the first recital.

     “Existing Credit Agreement” is defined in the first recital.

 

 

     SECTION 1.2. Other Definitions. Terms for which meanings are provided in the Credit
Agreement are, unless otherwise defined herein or the context otherwise requires, used in this
Amendment with such meanings.

ARTICLE II

AMENDMENTS TO CREDIT AGREEMENT

     Subject to the occurrence of the Amendment Effective Date, the provisions of the Existing
Credit Agreement referred to below are hereby amended in accordance with this Article II.
Except as expressly so amended, the Existing Credit Agreement shall continue in full force and
effect in accordance with its terms.

     SECTION 2.1. Amendments to Section 1.01. Section 1.01 of the Existing Credit
Agreement is hereby amended as follows:

     (a) The definition of “Applicable Rate” is hereby amended by (i) deleting the date “June
30, 2006” set forth in clause (a) thereof and inserting the date “September 30, 2006” in lieu
thereof and (ii) inserting the text “; provided further that if Consolidated
EBITDA as of the four fiscal quarter period ended September 30, 2006 is less than $50,000,000,
the Applicable Rate shall be equal to the Applicable Rate then in effect plus 0.25% (it
being understood and agreed that, except as otherwise provided therein, any and all changes to
Applicable Rate set forth in the provisos to this sentence shall be cumulative)” immediately
following the second proviso contained therein. This amendment shall be effective for all
determinations of the Applicable Rate made on and after the Closing Date.

     (b) Clause (a) of the definition of “Consolidated EBITDA” is hereby amended by deleting the
word “and” immediately prior to clause (iii) of such clause (a) and inserting the text “and (iv)
any non-cash income expense determined pursuant to FAS 123R” immediately following such clause.
This amendment shall be effective for all calculations of Consolidated EBITDA made on and after
the Closing Date.

     (c) The definition of “Consolidated Senior Leverage Ratio” is hereby amended in its
entirety to read as follows:

“Consolidated Senior Leverage Ratio” means, as of any date of
determination, the ratio of (a) Consolidated Senior Indebtedness as of such
date minus, solely with respect to the determination of the
Consolidated Senior Leverage Ratio for the fiscal quarter ended September
30, 2006 for purposes of determining compliance with Section
7.11(b), cash and Cash Equivalents of the Company and its Subsidiaries
on a consolidated basis as of such date in excess of $70,000,000, to (b)
Consolidated EBITDA of

2

 

the Company and its Subsidiaries on a consolidated basis for the most
recently completed Measurement Period;

     (d) The definition of “Consolidated Total Leverage Ratio” is hereby amended in its entirety
to read as follows:

“Consolidated Total Leverage Ratio” means, as of any date of
determination, the ratio of (a) Consolidated Funded Indebtedness as of such
date minus, solely with respect to the determination of the
Consolidated Total Leverage Ratio for the fiscal quarter ended September 30,
2006 for purposes of determining compliance with Section 7.11(a),
cash and Cash Equivalents of the Company and its Subsidiaries on a
consolidated basis as of such date in excess of $70,000,000, to (b)
Consolidated EBITDA of the Company and its Subsidiaries on a consolidated
basis for the most recently completed Measurement Period;

     SECTION 2.2. Amendment to Section 7.11. Section 7.11 of the Existing Credit Agreement
is hereby amended by inserting the following “clause (d)” immediately following clause (c) thereof:

(d) Minimum Consolidated EBITDA. Permit Consolidated EBITDA as of the
four fiscal quarter period ended September 30, 2006 to be less than
$48,500,000.

     SECTION 2.3. Compliance Certificate. The Compliance Certificate is hereby amended in
its entirety to read as set forth in Exhibit A.

ARTICLE III

CONDITIONS TO EFFECTIVENESS

     This Amendment shall become effective on the date (the “Amendment Effective Date”)
when the Administrative Agent shall have received counterparts hereof executed on behalf of the
Borrowers and the Lenders.

ARTICLE IV

MISCELLANEOUS

     SECTION 4.1. Cross-References. References in this Amendment to any Article or Section
are, unless otherwise specified, to such Article or Section of this Amendment.

3

 

     SECTION 4.2. Loan Document Pursuant to Existing Credit Agreement. This Amendment is a
Loan Document executed pursuant to the Existing Credit Agreement and shall (unless otherwise
expressly indicated therein) be construed, administered and applied in accordance with all of the
terms and provisions of the Existing Credit Agreement, as amended hereby, including Article X
thereof.

     SECTION 4.3. Successors and Assigns. This Amendment shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns.

     SECTION 4.4. Counterparts. This Amendment may be executed by the parties hereto in
several counterparts, each of which when executed and delivered shall be an original and all of
which shall constitute together but one and the same agreement. Delivery of an executed
counterpart of a signature page to this Amendment by facsimile shall be effective as delivery of a
manually executed counterpart of this Amendment.

     SECTION 4.5. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK.

     SECTION 4.6. Full Force and Effect; Limited Amendment. Except as expressly amended
hereby, all of the representations, warranties, terms, covenants, conditions and other provisions
of the Existing Credit Agreement and the Loan Documents shall remain unchanged and shall continue
to be, and shall remain, in full force and effect in accordance with their respective terms. The
amendments set forth herein shall be limited precisely as provided for herein to the provisions
expressly amended herein and shall not be deemed to be an amendment to, waiver of, consent to or
modification of any other term or provision of the Existing Credit Agreement or any other Loan
Document or of any transaction or further or future action on the part of any Loan Party which
would require the consent of the Lenders under the Existing Credit Agreement or any of the Loan
Documents.

     SECTION 4.7. Representations and Warranties. In order to induce the Lenders to
execute and deliver this Amendment, the Borrowers hereby represent and warrant to the Lenders, on
the Amendment Effective Date, after giving effect to this Amendment, all statements set forth in
clauses (a) and (b) of Section 4.02 of the Credit Agreement are true and correct as of such date,
except to the extent that any such statement expressly relates to an earlier date (in which case
such statement was true and correct on and as of such earlier date).

4

 

     IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the
date first above written.

	 	 	 	 	 
	 	ASYST TECHNOLOGIES, INC.

 	 
	 	By:  	/s/ Stephen S. Schwartz
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	ASYST JAPAN, INC.

 	 
	 	By:  	/s/ Stephen S. Schwartz
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

5

 

	 	 	 	 	 

	 	 	 	 	 
	 	Acknowledged by

BANK OF AMERICA, N.A.,

as Administrative Agent

 	 
	 	By:  	/s/ Ken Puro
 	 
	 	 	Name:  	Ken Puro 	 
	 	 	Title:  	Vice President 	 
	 

6

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.,	 	 
	 	 	as a Lender, L/C Issuer and Swing Line Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Lee A. Merkle-Raymond
 

Lee A. Merkle-Raymond
	 	 
	 

	 	Title:
	 	Managing Director	 	 

7

 

	 	 	 	 	 	 	 
	 	 	COMERICA BANK,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Stephanie Karic
 

Stephanie Karic
	 	 
	 

	 	Title:
	 	Vice President	 	 

8

 

	 	 	 	 	 	 	 
	 	 	KEYBANK NATIONAL ASSOCIATION	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Kevin D. Smith
 

Kevin D. Smith
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

9

 

	 	 	 	 	 	 	 
	 	 	UNION BANK OF CALIFORNIA, N.A.	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Allan B. Miner
 

Allan B. Miner
	 	 
	 

	 	Title:
	 	Vice President	 	 

10

 

	 	 	 	 	 	 	 
	 	 	DEVELOPMENT BANK OF JAPAN	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Z. Yamazaki
 

Zenya Yamazaki
	 	 
	 

	 	Title:
	 	Director General	 	 
	 

	 	 	 	Department for International Affairs	 	 

11

 

EXHIBIT A

Compliance Certificate

12

 

FORM OF COMPLIANCE CERTIFICATE

Financial
Statement Date:                     ,

To:      Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

          Reference is made to that certain Credit Agreement, dated as of June 22, 2006 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among Asyst
Technologies, Inc., a California corporation (the “Company”) and Asyst Japan, Inc., a
Japanese corporation, the Designated Borrowers from time to time party thereto, the Lenders from
time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and
Swing Line Lender.

          The undersigned Responsible Officer1, acting in such capacity and position on
behalf of the Company, hereby certifies as of the date hereof that he/she is the
                                                             of the Company, and that, as such, he/she is authorized to
execute and deliver this Certificate to the Administrative Agent on the behalf of the Company, and
that:

[Use following paragraph 1 for fiscal year-end financial

statements]

          1. Attached hereto as Schedule 1 are the year-end audited financial statements
required by Section 6.01(a) of the Agreement for the fiscal year of the Company ended as of
the above date, together with the report and opinion of an independent certified public accountant
required by such section.

[Use following paragraph 1 for fiscal quarter-end financial

statements]

          1. Attached hereto as Schedule 1 are the unaudited financial statements required by
Section 6.01(b) of the Agreement for the fiscal quarter of the Company ended as of the
above date. Such financial statements fairly present the financial condition, results of
operations and cash flows of the Company and its Subsidiaries in accordance with GAAP as at such
date and for such period, subject only to normal year-end audit adjustments and the absence of
footnotes.

          2. The undersigned has reviewed and is familiar with the terms of the Agreement and has made,
or has caused to be made under his/her supervision, a detailed review

 

			
	1	 	This Certificate should be from the Chief Executive Officer or Treasurer of the Company.

13

 

of the transactions and condition (financial or otherwise) of the Company during the
accounting period covered by the attached financial statements.

          3. A review of the activities of the Company during such fiscal period has been made under the
supervision of the undersigned with a view to determining whether during such fiscal period the
Company performed and observed all its Obligations under the Loan Documents, and

[select one:]

          [to the best knowledge of the undersigned during such fiscal period, the Company performed and
observed each covenant and condition of the Loan Documents applicable to it, and no Default has
occurred and is continuing.]

—or—

          [the following covenants or conditions have not been performed or observed and the following
is a list of each such Default and its nature and status:]

          4. The representations and warranties of the Borrowers contained in Article V of the
Agreement and (ii) each Loan Party contained in each other Loan Document or in any document
furnished at any time under or in connection with the Loan Documents, are true and correct on and
as of the date hereof, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they are true and correct as of such earlier date, and
except that for purposes of this Compliance Certificate, the representations and warranties
contained in clauses (a) and (b) of Section 5.05 of the Agreement shall be
deemed to refer to the most recent statements furnished pursuant to clauses (a) and
(b), respectively, of Section 6.01 of the Agreement, including the statements in
connection with which this Compliance Certificate is delivered.

          5. The financial covenant analyses and information set forth on Schedules 2 and
3 attached hereto are true and accurate on and as of the date of this Certificate. The
line item descriptions on the attached Schedules 2 and 3 are in summary form for
ease of use only and the provisions of the related definitions shall control.

14

 

          IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
                                         ,                     .

	 	 	 	 	 	 	 
	 	 	ASYST TECHNOLOGIES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

15

 

For the Quarter/Year ended ___________________, ____ (“Statement Date”)

SCHEDULE 2

TO THE COMPLIANCE CERTIFICATE

($ IN 000’S)

	 	 	 	 	 	 	 	 	 
	I.	 	Section 7.11(a) – Consolidated Total Leverage Ratio.	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	A.	 	Consolidated Funded Indebtedness at Statement Date	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	B.	 	Consolidated EBITDA for Measurement Period ending on above date (“Subject Period”):	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	1. Consolidated Net Income for Subject Period:	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	2. Consolidated Interest Charges for Subject Period:	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	3. Provision for income taxes for Subject Period:	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	4. Depreciation expenses for Subject Period:	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	5. Amortization expenses for Subject Period:	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	6. Income Tax credits for Subject Period:	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	8. Consolidated EBITDA (Lines II.A.1 + 2 + 3 + 4 + 5  – 6):	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	C.	 	Consolidated Total Leverage Ratio (Line I.A  ̧ Line I.B):	 	                     to 1
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	Maximum permitted:	 	 	 	 

	 	 	 	 	 
	 	 	Maximum Consolidated Total
	Four Fiscal Quarters Ending	 	Leverage Ratio
	 
	Closing Date through
June 29, 2006
	 	 	3.75:1	 
	June 30, 2006 and each fiscal quarter thereafter
	 	 	3.50	 

	 	 	 	 	 	 	 	 	 
	II.	 	Section 7.11 (b) – Consolidated Senior Leverage Ratio.	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	A.	 	Consolidated Senior Indebtedness at Statement Date	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	B.	 	Consolidated EBITDA for Subject Period (Line I.B.9 above):	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	C.	 	Consolidated Senior Leverage Ratio (Line II.A  ̧ Line II.B):	 	                     to 1
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	Maximum permitted:	 	 	 	 

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	 	 	Maximum Consolidated Senior
	Four Fiscal Quarters Ending	 	Leverage Ratio
	 
	Closing Date through December 30, 2006
	 	 	2.25:1	 
	December 31, 2006 and each fiscal quarter thereafter
	 	 	2.00:1	 

	 	 	 	 	 	 	 	 	 
	III.	 	Section 7.11(c) — Consolidated Fixed Charge Coverage Ratio	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	A.	 	Consolidated EBITDA for Subject Period (Line I.B.9 above):	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	B.	 	Cash Capital Expenditures for Subject Period:	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	C.	 	Federal, State, Local and Foreign Cash Income Taxes	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	D.	 	Consolidated Interest Charges for Subject Period:	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	E.	 	Scheduled Principal payments, etc. for Subject Period:	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	F.	 	Consolidated Fixed Charge Coverage
Ratio ([Line III.A – Line III.B – Line III.C]  ̧ [Line III.D + Line III.E]):	 	 	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	Minimum required:	 	 	 	 

	 	 	 	 	 
	 	 	Minimum Consolidated Fixed
	Four Fiscal Quarters Ending	 	Charge Coverage Ratio
	 
	Closing Date through December 30, 2006
	 	 	2.00:1	 
	December 31, 2006 and each fiscal quarter thereafter
	 	 	2.50:1	 

17

 

	 	 	 	 	 	 	 	 	 
	IV.	 	Section 7.11 — Capital Expenditures.
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	A.	 	Capital Expenditures made during fiscal year to date:	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	B.	 	Maximum permitted Capital Expenditures ($                                        :	 	$	                    	 
	 
	 	 	 	 	 	 	 	 
	 
	 	C.	 	Excess (deficient) for covenant compliance (Line IV.B – IV.A):	 	$	                    	 

18

 

For the
Quarter/Year ended ___________________ (“Statement Date”)

SCHEDULE 3

TO THE COMPLIANCE CERTIFICATE

($ IN 000’S)

CONSOLIDATED EBITDA

(IN ACCORDANCE WITH THE DEFINITION OF CONSOLIDATED EBITDA

AS SET FORTH IN THE AGREEMENT)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Twelve	 
	Consolidated	 	Quarter	 	 	Quarter	 	 	Quarter	 	 	Quarter	 	 	Months	 
	EBITDA	 	Ended	 	 	Ended	 	 	Ended	 	 	Ended	 	 	Ended	 
	Consolidated
Net Income
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	+ Consolidated
Interest Charges
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	+ income taxes
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	+ depreciation
expense
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	+ amortization
expense
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	- income tax credits
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	= Consolidated EBITDA
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

19

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