Document:

exh10_1.htm

EXHIBIT 10.1

FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT

THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "Amendment") is dated as of March 29, 2012 (the "Amendment Date"), among FFE TRANSPORTATION SERVICES, INC., a Delaware corporation ("FFE"), LISA MOTOR LINES, INC., a Delaware corporation ("LML"), CONWELL CORPORATION, a Delaware corporation ("Conwell"), FFE LOGISTICS, INC., a Delaware corporation ("Logistics") (each of FFE, LML, Conwell and Logistics is, individually, a "Borrower" and they are, collectively, "Borrowers"), FROZEN FOOD EXPRESS INDUSTRIES, INC., a Texas corporation ("Parent"), CONWELL LLC, a Delaware limited liability company ("Conwell LLC"), FX HOLDINGS, INC., a Delaware corporation ("FX"), COMPRESSORS PLUS, INC., a Texas corporation ("CPI"), FFE DRIVER ACADEMY, INC., a Texas corporation ("FFE Driver"), the financial institutions party to this Amendment as lenders (collectively, "Lenders"), and BANK OF AMERICA, N.A., a national banking association, as agent for Lenders ("Agent").

R E C I T A L S:

A.           Borrowers, Guarantors, Lenders and Agent are parties to that certain Loan and Security Agreement dated as of March 28, 2011 (as the same may be amended, restated, modified, extended or renewed from time to time, the "Loan Agreement").

B.           Borrowers, Guarantors, Lenders and Agent desire to amend the Loan Agreement and to address certain other matters, in each case as provided herein.

NOW, THEREFORE, for good and valuable consideration hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION 1.  DEFINITIONS

 

Section 1.1                      Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

 

SECTION 2.  AMENDMENT TO THE LOAN AGREEMENT

 

Section 2.1                      Amendment to Section 11.1.   Clause (m) of Section 11.1 of the Loan Agreement is hereby amended and restated to read in its entirety as follows:

(m)           A Change of Control occurs.

 

  

  

  

 

SECTION 3.  CONDITIONS PRECEDENT

 

Section 3.1                      Conditions Precedent.  The effectiveness of this Amendment is subject to the satisfaction of the condition precedent that Agent shall have received this Amendment as duly executed by all parties hereto, which parties shall include all Borrowers, Guarantors and Lenders.

 

SECTION 4.  MISCELLANEOUS

 

Section 4.1                      Representations and Warranties.  Each of Obligors represents and warrants to Agent and Lenders that (a) all representations and warranties relating to such Obligor contained in the Loan Agreement or any other Loan Document are true and correct as of the date hereof as if made again on and as of the date hereof (except to the extent that such representations and warranties were expressly, in the Loan Documents, made only in reference to another specific date, in which case they are true and correct as of such specific date), (b) no Default or Event of Default has occurred and is continuing (after giving effect to this Amendment), (c) such Obligor has all requisite power and authority to execute and deliver this Amendment, and (d) the execution and delivery of this Amendment by such Obligor has been duly authorized by all necessary corporate or other organizational action, and does not and will not violate or result in any breach or contravention of any Material Contract to which such Obligor is a party or subject, any Organic Document of such Obligor or any Applicable Law.

 

Section 4.2                      Ratifications.  Except as expressly modified and superseded by this Amendment, the terms and provisions of the Loan Agreement and other Loan Documents are ratified and confirmed and shall continue in full force and effect.  Obligors, Lenders and Agent agree that the Loan Agreement and other Loan Documents shall continue to be legal, valid, binding and enforceable in accordance with their terms except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally and general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

Section 4.3                      Reference to Loan Agreement, etc.  Each of the Loan Documents, including the Loan Agreement and any and all other agreements, documents or instruments now or hereafter executed and/or delivered pursuant to the terms hereof or pursuant to the terms of the Loan Agreement as amended hereby, is hereby amended so that any reference in such Loan Document to the Loan Agreement shall mean a reference to the Loan Agreement as amended hereby.  This Amendment shall constitute a Loan Document.

 

Section 4.4                      Effect of Amendment.  Each Obligor hereby (a) agrees that this Amendment shall not limit or diminish the obligations of any Borrower or other Obligor under the Loan Agreement or any other Loan Document, and (b) reaffirms its obligations under the Loan Agreement and each of the other Loan Documents.

 

Section 4.5                      Severability.  If any provision of this Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby and (b) the parties hereto shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 4.6                      Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF ANOTHER LAW (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS).

 

Section 4.7                      Successors and Assigns.  This Amendment is binding upon and shall inure to the benefit of Obligors, Lenders and Agent and their respective successors and permitted assigns, provided that none of Obligors may assign or transfer any of its rights or delegate any of its duties or obligations hereunder without the prior written consent of Agent and Required Lenders.

 

Section 4.8                      Counterparts; Electronic Signatures.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Executed counterparts of a signature page to this Amendment may be delivered by facsimile or electronic messaging system, and if so delivered shall have the same force and effect as manually signed originals for all purposes.

 

  

  

  

 

Section 4.9                      Headings.  The headings, captions and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.

 

Section 4.10                    Entire Agreement.  THIS AMENDMENT, THE LOAN AGREEMENT AND ALL OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENTS BETWEEN OR AMONG THE PARTIES HERETO AND THERETO RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO OR THERETO.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG ANY OF THE PARTIES HERETO OR THERETO.

 

Section 4.11                    Costs and Expenses.  Borrowers agree to pay all reasonable out of pocket costs and expenses of Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of counsel to Agent.

  

  

  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

	  	
BORROWERS:

 

FFE TRANSPORTATION SERVICES, INC.

 

 

By:           /s/ John R. McManama                                                      

Name:           John R. McManama

Title:           Senior Vice President

 

 

	  	
LISA MOTOR LINES, INC.

 

 

By:           /s/ John R. McManama                                                      

Name:           John R. McManama

Title:           Senior Vice President

 

 

	  	
CONWELL CORPORATION

 

 

By:           /s/ John R. McManama                                                      

Name:           John R. McManama

Title:           Senior Vice President

 

 

	  	
FFE LOGISTICS, INC.

By:           /s/ John R. McManama                                                      

Name:           John R. McManama

Title:           Senior Vice President

	  	
GUARANTORS:

 

	  	
FROZEN FOOD EXPRESS INDUSTRIES, INC.

 

 

By:           /s/ John R. McManama                                                      

Name:           John R. McManama

Title:           Senior Vice President

 

 

	  	
CONWELL LLC

 

 

By:           /s/ John R. McManama                                                      

Name:           John R. McManama

Title:           Senior Vice President

 

 

	  	
FX HOLDINGS, INC.

 

 

By:           /s/ John R. McManama                                                      

Name:           John R. McManama

Title:           Senior Vice President

 

 

	  	
COMPRESSORS PLUS, INC.

By:           /s/ John R. McManama                                                      

Name:           John R. McManama

Title:           Senior Vice President

 

	  	
FFE DRIVER ACADEMY, INC.

 

 

By:           /s/ John R. McManama                                                      

Name:           John R. McManama

Title:           Senior Vice President

 

 

	  	  
	  	
AGENT AND LENDERS:

 

BANK OF AMERICA, N.A.,

as Agent and a Lender

 

 

By:           /s/ Mark Porter                                

      Mark Porter

Title:           Senior Vice PresidentTSO1Q2012- EX.10.2

Exhibit 10.2

AMENDMENT NO. 1 TO
OMNIBUS AGREEMENT
 
This Amendment No. 1, dated as of February 28, 2012 (this "Amendment"), to that certain Omnibus Agreement, dated as of April 26, 2011 (the "Omnibus Agreement"), by and among the parties thereto, is hereby adopted, executed and agreed to by and among Tesoro Corporation ("Tesoro"), Tesoro Refining and Marketing Company, Tesoro Companies, Inc., Tesoro Alaska Company, Tesoro Logistics LP, and Tesoro Logistics GP, LLC (each a "Party" and, collectively, the "Parties").  Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the Omnibus Agreement.
 
WHEREAS, the Parties desire to amend the Omnibus Agreement in the manner herein provided in order to reflect the original intent of the Parties with respect to the allocation of certain severance and change-of-control benefits; and

WHEREAS, Section 9.5 of the Omnibus Agreement provides that the Omnibus Agreement may be amended or modified from time to time only by written agreement of all the Parties.
 
NOW, THEREFORE, in consideration of the premises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 
SECTION 1.Amendment to the Omnibus Agreement. 

(a)The introductory portion of Section 4.1(c) of the Omnibus Agreement is hereby amended and restated in its entirety as follows:

"(c) The Partnership Group shall reimburse Tesoro for all other direct or allocated costs and expenses incurred by Tesoro and its Affiliates on behalf of the Partnership Group, including, but not limited to the following; provided, however, that the costs and expenses described in subsections (i) through (vi) below shall not apply with respect to employees of the General Partner, Tesoro or its Affiliates that are providing the services listed on Schedule IV:"

(b)Section 4.1(c)(ii) of the Omnibus Agreement is hereby amended and restated in its entirety as follows:

"(ii)  except as otherwise provided in Section 4.1(c)(vi) below, the cost of employee benefits relating to employees of the General Partner, Tesoro or its Affiliates, including 401(k), pension, bonuses and health insurance benefits (but excluding Tesoro stock-based compensation expense), to the extent, but only to the extent, such employees perform services for the Partnership Group, provided that for employees that do not devote all of their business time to the Partnership Group, such expenses shall be based on the annual weighted average of time spent and number of employees devoting their services to the Partnership Group;"

(c)The following clause (vi) is hereby added to Section 4.1(c): 
 
"(vi)  any severance or similar amounts ("Severance Amounts") due to the President of the General Partner or the Vice President, Logistics of the General 

Partner in the event of a Change of Control (or similar term, in each case as defined in the applicable management stability agreement) of Tesoro under the terms of their respective management stability agreements with Tesoro, provided that such reimbursement shall be based on the percentage of time spent by such employee on the business of the Partnership Group during the last completed payroll period immediately preceding the date of such Change of Control. Notwithstanding anything in this Agreement to the contrary, in no event will the Partnership Group reimburse Tesoro for, or otherwise in any way be responsible for, (A) any Severance Amounts due to any employee of the General Partner, Tesoro or its Affiliates (other than the President of the General Partner or the Vice President, Operations of the General Partner) in the event of a Change of Control (or similar term, in each case as defined in the applicable Employment Agreement) of Tesoro, or (B) any Tesoro stock-based compensation expense related to accelerated vesting of Tesoro equity awards.  For the purposes of this Section 4.1(c)(vi), the term "Employment Agreement" shall include any employment agreement, management stability agreement or similar agreement between Tesoro and any employee of the General Partner, Tesoro or its Affiliates."
 
SECTION 2.Effective Date.  Notwithstanding anything in this Amendment to the contrary, this Amendment is effective for all purposes as of the Closing Date.

SECTION 3.Effect of Amendment.  Except as amended hereby, the Omnibus Agreement shall remain in full force and effect as previously executed.

SECTION 4.Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of Texas, excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Amendment to the laws of another state. 

SECTION 5.Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.  Delivery of an executed signature page of this Amendment by facsimile transmission or in portable document format (.pdf) shall be as effective as delivery of a manually executed counterpart hereof.

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first above written.
TESORO CORPORATION

By:    /s/ CHARLES S. PARRISH    
Charles S. Parrish
Executive Vice President, General Counsel and Secretary

TESORO REFINING AND MARKETING COMPANY

By:    /s/ CHARLES S. PARRISH    
Charles S. Parrish
Executive Vice President and Secretary

TESORO COMPANIES, INC.

By:    /s/ CHARLES S. PARRISH    
Charles S. Parrish
Executive Vice President, General Counsel and Secretary

TESORO ALASKA COMPANY

By:    /s/ CHARLES S. PARRISH    
Charles S. Parrish
Executive Vice President, General Counsel and Secretary

[Signature Page to Amendment No. 1 to Omnibus Agreement]

TESORO LOGISTICS LP

		
	By:
	Tesoro Logistics GP, LLC,

its general partner

By:    /s/ PHILLIP M. ANDERSON        
Phillip M. Anderson
President

TESORO LOGISTICS GP, LLC

By:    /s/ PHILLIP M. ANDERSON    
Phillip M. Anderson
President

[Signature Page to Amendment No. 1 to Omnibus Agreement]

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