Document:

exv10w1

 

Exhibit 10.1

Badger Meter, Inc.

2007 Director Stock Grant Plan

     1. Purpose. The purpose of the Badger Meter, Inc. 2007 Director Stock Grant Plan
(“Plan”) is to promote the best interests of Badger Meter, Inc. (“Company”) and its shareholders by
providing a means to attract and retain outstanding independent directors and to provide
opportunities for additional stock ownership by such directors which will further increase their
proprietary interest in the Company and, consequently, their identification with the interests of
the shareholders of the Company.

     2. Administration. The Plan shall be administered by the Corporate Governance Committee (the
“Committee”) of the Board of Directors (“Board”) as such Committee may be constituted from time to
time, subject to oversight by the Board. The Committee shall consist of not less than three
members of the Board selected by the Board, each of whom shall qualify as a “non-employee director”
within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934, as amended, or any
successor rule or regulation thereto. A majority of the members of the Committee shall constitute
a quorum. All determinations of the Committee shall be made by a majority of its members. Any
decision or determination reduced to writing and signed by all of the members of the Committee
shall be fully effective as if it had been made by a majority vote at a meeting duly called and
held. The Committee may adopt such rules and regulations for carrying out the Plan as it may deem
proper and in the best interests of the Company. The interpretation by the Committee of any
provision of the Plan or any related documents shall be final.

     3. Stock Subject to the Plan. Subject to adjustment in accordance with the provisions of
Paragraph 6, the total number of shares of the Company’s Common Stock, $1 par value (including the
associated Common Share Purchase Rights) (“Common Stock”), available for awards under the Plan
shall be Thirty Thousand (30,000). Shares of Common Stock to be delivered under the Plan shall be
from presently authorized and issued but not outstanding shares of Common Stock which are held by
the Company as treasury shares. In no event shall the Company be required to issue fractional
shares of Common Stock under the Plan. Whenever under the terms of the Plan a fractional share of
Common Stock would otherwise be required to be issued, the fractional share of Common Stock shall
be disregarded.

     4. Grants of Stock. Commencing with the 2007 annual meeting of shareholders of the Company,
each Company director who is not an employee of the Company or any subsidiary of the Company shall
receive a Director Stock Grant (as defined below) annually on the first business day following the
annual meeting of shareholders of the Company. “Director Stock Grant” shall mean such number of
whole shares of Common Stock equal to Forty Thousand Dollars ($40,000), divided by the closing
market price for a share of Common Stock on the date of grant, rounded down to the nearest whole
share. Awards made under the Plan shall be evidenced by a Stock Award Agreement and such other
appropriate documentation as the Committee may prescribe. Any shares of Common Stock granted
pursuant to the Plan to a director may be evidenced in such manner as the Committee may deem
appropriate, including, without limitation, book-entry registration or issuance of a stock
certificate or certificates.

     5. Restrictions on Transfer. Shares of Common Stock acquired under the Plan may not be sold
or otherwise disposed of except pursuant to an effective registration statement under the
Securities Act of 1933, as amended (“1933 Act”), or except in a transaction which, in the opinion of the Company’s legal
counsel, is exempt from registration under the 1933 Act. All certificates evidencing shares
acquired pursuant to a Director Grant shall bear an appropriate legend evidencing such transfer
restriction. The Committee may require each person receiving a Director Grant to execute and
deliver a written representation that such person is acquiring the shares of Common Stock without a
view to the distribution thereof.

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     6. Adjustment Provisions. In the event of any change in the Common Stock, whether by reason
of a declaration of a stock dividend (other than a stock dividend declared in lieu of an ordinary
cash dividend), spin-off, merger, consolidation, recapitalization, split-up, combination or
exchange of shares, or otherwise, the aggregate number of shares available under the Plan shall be
appropriately adjusted in order to prevent dilution or enlargement of the benefits intended to be
made available under the Plan.

     7. Amendment of the Plan. The Board shall have the right to amend the Plan at any time or
from time to time in any manner that it may deem appropriate, subject to applicable law.

     8. Governing Law. The Plan, all awards hereunder, and all determinations made and actions
taken pursuant to the Plan shall be governed by the internal law of the State of Wisconsin and
applicable federal law.

     9. Effective Date and Term of Plan. Assuming approval of the Plan by the shareholders of the
Company at the 2007 annual meeting of shareholders, (i) the Plan shall be effective as of that date
and (ii) no further grants shall be made pursuant to the Company’s 2002 Director Stock Grant Plan
(although the adjustment and similar provisions of such plan shall continue to be operative). The
Plan shall terminate on such date as may be determined by the Board.

22exv10w1

 

EXECUTION VERSION

EXHIBIT 10.1

THIS FIRST AMENDMENT AGREEMENT is dated as of the 5th day of July, 2007.

B E T W E E N:

ANIXTER CANADA INC.

a corporation incorporated under the laws of Canada

as Borrower

- and -

THE GUARANTORS FROM TIME TO TIME PARTY

TO THE CREDIT AGREEMENT

as Guarantors

- and -

THE LENDERS FROM TIME TO TIME PARTY

TO THE CREDIT AGREEMENT

as Lenders

- and -

THE BANK OF NOVA SCOTIA

a bank to which the Bank Act (Canada) applies,

in its capacity as administrative agent hereunder

as Administrative Agent

RECITALS:

	A.	 	The Borrower, the Guarantors, the Agent and the Lenders are parties to a Credit Agreement
dated as of 18 November 2005 (the “Existing Credit Agreement”).

	B.	 	The Borrower and the Lenders have agreed to certain amendments to the terms and conditions in
the Existing Credit Agreement and the parties are entering into this First Amendment Agreement
to give effect thereto and to the other matters set forth herein.

     NOW THEREFORE in consideration of the premises and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound
hereby, the parties agree as follows:

First Amendment Agreement

 

 

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Section 1 – Amendment to Definitions

     Section 1.1.86 of the Existing Credit Agreement is deleted and replaced with the following
provision:

	 	 	 	 	 
	 	1.1.86

	 	 	“Maturity Date” means 20 April 2012.

     

Section 2 – Amendment to Credit

     Section 2.6(1) of the Existing Credit Agreement is deleted and replaced with the following
provision:

	 	 	 	 	 
	 	2.6(1)

	 	 	The Applicable Margin relating to interest rates, Banker’s Acceptance Fees,
L/C commissions and Standby Fees will vary and be calculated based on the
Relevant Rating as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Banker's Acceptance	 	 	 	 	 
	 	 	 	Applicable Margin	 	 	 	Fees, L/C	 	 	 	Standby Fee	 
	 	 	 	for Prime Rate	 	 	 	Commissions and	 	 	(% per annum)	 
	 	 	 	Advances and Base	 	 	 	Applicable Margin	 	 	 	 	 	 	 	 	 
	 	 	 	Rate Advances	 	 	 	for LIBOR Advances	 	 	 	350%	 	 	 	<50%	 
	Relevant Rating	 	 	(% per annum)	 	 	 	(% per annum)	 	 	 	utilization	 	 	 	utilization	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Greater than BBB/Baa2
	 	 	 	0.080%	 	 	 	 	0.375%	 	 	 	 	0.080%	 	 	 	 	0.160%	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	BBB/Baa2
	 	 	 	0.100%	 	 	 	 	0.500%	 	 	 	 	0.100%	 	 	 	 	0.200%	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	BBB-/Baa3
	 	 	 	0.125%	 	 	 	 	0.625%	 	 	 	 	0.125%	 	 	 	 	0.250%	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	BB+/Ba1
	 	 	 	0.150%	 	 	 	 	0.750%	 	 	 	 	0.150%	 	 	 	 	0.300%	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	BB/Ba2
	 	 	 	0.175%	 	 	 	 	0.875%	 	 	 	 	0.175%	 	 	 	 	0.350%	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Less than BB/Ba2
	 	 	 	0.200%	 	 	 	 	1.000%	 	 	 	 	0.200%	 	 	 	 	0.400%	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

Section 3 – Amendment to Financial Covenants

     Section 7.1 of the Existing Credit Agreement is deleted and replaced with the following
provision:

	 	 	 	 	 
	 	7.1

	 	 	The Borrower shall at all times maintain a Total Leverage Ratio of not
greater than 3.25 to 1.00. The Total Leverage Ratio shall be calculated on a
rolling four quarter basis, based on the most recently completed four fiscal
quarters of the Borrower.

Section 4 – Conditions Precedent to Effectiveness of this First Amendment Agreement

     This First Amendment Agreement shall become binding on the Lenders only upon satisfaction of
the following conditions precedent:

	 	(a)	 	execution and delivery of this First Amendment Agreement by each of the
Borrower and the Guarantors;
	 
	 	(b)	 	execution and delivery of this First Amendment Agreement by the Lenders in
accordance with Section 9.2 of the Existing Credit Agreement;

First Amendment Agreement

 

-3-

	 	(c)	 	no Event of Default or Pending Event of Default having occurred and being
continuing as at the date of satisfaction of all of the foregoing conditions precedent;
and
	 
	 	(d)	 	the Agent having received such corporate resolutions, incumbency and other
certificates of each of the Borrower and the Guarantors as the Agent may reasonably
request in connection with this First Amendment Agreement and the transactions
contemplated hereby.

Section 5 – Representations and Warranties of the Obligors

     Each of the Obligors acknowledge that this First Amendment Agreement is a Loan Document and
that all of their respective representations and warranties concerning Loan Documents that are
contained in the Existing Credit Agreement apply to this First Amendment Agreement and are deemed
to be repeated on their execution of this First Amendment Agreement as if set out in full in this
First Amendment Agreement. The other representations and warranties made in Section 6.1 of the
Existing Credit Agreement, other than those expressly stated to be made as of a specific date or
otherwise expressly modified pursuant to the provisions of Section 6.2 of the Existing Credit
Agreement, are true and correct on and as of the date hereof with the same force and effect as if
such representations and warranties had been made on and as of the date hereof, but subject to the
same qualifications as are contained in Section 6.2 of the Existing Credit Agreement.

Section 6 – Continuing Effect of Existing Credit Agreement

     Except as amended by this First Amendment Agreement, the Existing Credit Agreement shall
remain in full force and effect, without amendment, and is hereby ratified and confirmed. Without
in any way limiting the terms of the Existing Credit Agreement or any other Loan Document, each
Obligor confirms that the Security made or granted by it pursuant to the Existing Credit Agreement
remains in full force and effect notwithstanding the amendments to the Existing Credit Agreement
contained herein and that such Security shall continue to secure all of the debts, liabilities and
obligations described in Section 3.2 of the Existing Credit Agreement, including but not limited to
those debts, liabilities and obligations arising as a result of this First Amendment Agreement.

Section 7 – Further Assurances

     The Borrower shall promptly do, make, execute or deliver, or cause to be done, made, executed
or delivered, all such further acts, documents and things as the Agent may require from time to
time for the purposes of giving effect to this First Amendment Agreement and shall use reasonable
efforts and take all such steps as may be within its power to implement, to the full extent, the
provisions of this First Amendment Agreement.

Section 8 – Counterparts and Facsimile

     This First Amendment Agreement may be executed in any number of counterparts, each of which
when executed and delivered shall be deemed to be an original, and such counterparts together shall
constitute one and the same agreement. For the purposes of this Section, the

First Amendment Agreement

 

-4-

delivery of a facsimile copy of an executed counterpart of this First Amendment Agreement
shall be deemed to be valid execution and delivery thereof.

Section 9 – Governing Law

     The parties agree that this First Amendment Agreement shall be conclusively deemed to be a
contract made under, and shall for all purposes be governed by and construed in accordance with,
the laws of the Province of Ontario and the laws of Canada applicable in the Province of Ontario.

Section 10 – Interpretation

     Capitalized terms used herein, unless otherwise defined or indicated herein, have the
respective meanings defined in the Existing Credit Agreement. This First Amendment Agreement and
the Existing Credit Agreement shall be read together and have effect so far as practicable as
though the provisions thereof and the relevant provisions hereof are contained in one document.

Section 11 – Effective Date

     This First Amendment Agreement may be referred to as being dated as of July 5, 2007,
notwithstanding the actual date of execution by the parties hereto as set forth on their respective
signing pages.

[EXECUTION PAGES FOLLOW]

First Amendment Agreement

 

-S1-

     IN WITNESS WHEREOF, the parties have duly executed this First Amendment Agreement on July
___, 2007.

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA, as Agent

 	 
	 	By:  	 	 
	 	 	E. Read 	 
	 	 	Director 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	S. Corey 	 
	 	 	Associate Director 	 
	 

[signature page for First Amendment Agreement to Credit Agreement relating to Anixter Canada Inc. et al.]

First Amendment Agreement

 

-S2-

     IN WITNESS WHEREOF, the parties have duly executed this First Amendment Agreement on July
___, 2007.

	 	 	 	 	 
	 	ANIXTER CANADA INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[signature page for First Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

First Amendment Agreement

 

-S3-

     IN WITNESS WHEREOF, the parties have duly executed this First Amendment Agreement on July
___, 2007.

	 	 	 	 	 
	 	ANIXTER INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[signature page for First Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

First Amendment Agreement

 

-S4-

     IN WITNESS WHEREOF, the parties have duly executed this First Amendment Agreement on July
___, 2007.

	 	 	 	 	 
	 	ANIXTER INTERNATIONAL INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[signature page for First Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

First Amendment Agreement

 

-S5-

     IN WITNESS WHEREOF, the parties have duly executed this First Amendment Agreement on July
___, 2007.

	 	 	 	 	 
	 	ANIXTER-REAL ESTATE, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[signature page for First Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

First Amendment Agreement

 

-S6-

     IN WITNESS WHEREOF, the parties have duly executed this First Amendment Agreement on July
___, 2007.

	 	 	 	 	 
	 	ANIXTER INFORMATION SYSTEMS CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[signature page for First Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

First Amendment Agreement

 

 

-S7-

     IN WITNESS WHEREOF, the parties have duly executed this First Amendment Agreement on July
___, 2007.

	 	 	 	 	 
	 	ANIXTER FINANCIAL INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[signature page for First Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

First Amendment Agreement

 

-S8-

IN WITNESS WHEREOF, the parties have duly executed this First Amendment Agreement on July
___, 2007.

	 	 	 	 	 
	 	ANIXTER PROCUREMENT CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[signature page for First Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

First Amendment Agreement

 

-S9-

     IN WITNESS WHEREOF, the parties have duly executed this First Amendment Agreement on July
___, 2007.

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA, as Lender

 	 
	 	By:  	 	 
	 	 	R. Lockie

Managing Director & Industry Head 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	S. Corey 	 
	 	 	Associate Director 	 
	 

[signature page for First Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

 

First Amendment Agreement

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