Document:

EX-10.6

 Exhibit 10.6 

We are pleased to extend to you the following amendment (this “Amendment”) to the Offer Letter dated July 2, 2014 (the
“Offer Letter”). 
 1. Paragraph 8. Payments on Termination of Employment. Clause ii of Subsection b. Termination by Company
Without Cause or by Employee for Good Reason of Paragraph 8 is deleted in its entirety and is replaced in its entirety as follows: 

“ii. Continued payment of Employee’s Base Salary for the salary continuation period specified below (the “Salary
Continuation Period”); provided that such amount shall be increased to one times the sum of Employee’s (i) Base Salary plus (ii) Target bonus for the year of termination if such termination occurs during the 18-month period after
a Change in Control (as defined in the Company’s 2009 Omnibus Incentive Plan); and” 
 2. New Paragraph 20 –
Section 409A Compliance, is hereby added to the Offer Letter to read in its entirety as follows: 
 “Section 409A
Compliance. 
 (a) General. If Employee notifies the Company (with specificity as to the reason therefor) that
Employee believes that any provision of this Offer Letter (or of any award of compensation or benefits) would cause Employee to incur any additional tax or interest under Internal Revenue Code Section 409A and the regulations and guidance
promulgated thereunder (collectively “Code Section 409A”) and the Company concurs with such belief or the Company (without any obligation whatsoever to do so) independently makes such determination, the Company shall, with the consent
of Employee, reform such provision to attempt to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code Section 409A. To the extent that any provision hereof is
modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Employee and the Company of the
applicable provision without violating the provisions of Code Section 409A. 
 (b) “Separation from
Service”; “Specified Employee”; Six-Month Delay. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Offer Letter providing for the payment of any amounts or benefits upon or
following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Offer Letter, references to a
“termination,” “termination of employment” or like terms shall mean “separation from service.” If Employee is deemed on the date of termination to be a “specified employee” within the meaning of that term
under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or
benefit shall be made or provided at the date which is the earlier of (i) the expiration of the six (6)-month period measured from the date of such “separation from service” of Employee, and (ii) the date of Employee’s
death. Upon the expiration of such six-month delay period, all payments and benefits delayed pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or
reimbursed to Employee in a lump sum, and any remaining payments and benefits due under this Offer Letter shall be paid or provided in accordance with the normal payment dates specified for them herein. 

(c) Reimbursement of Expenses. Notwithstanding anything to the contrary in this Offer Letter, with respect to any
reimbursement of expenses of, or any provision of in-kind benefits to, Employee, as specified under this Offer Letter, the reimbursement of expenses or provision of in-kind benefits shall be subject to the following conditions: (i) the expenses
eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of 

  
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in-kind benefits provided in any other taxable year; (ii) the reimbursement of an eligible expense shall be made no later than the end of the taxable year after the taxable year in which
such expense was incurred; and (iii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit. 

(d) Installment Payments; Specified Payment Periods. For purposes of Code Section 409A, the right to a series of
installment payments under this Offer Letter shall be treated as a right to a series of separate payments. Whenever a payment under this Offer Letter specifies a payment period with reference to a number of days, the actual date of payment within
the specified period shall be within the sole discretion of the Company. 
 (e) Change in Control Definition.
Notwithstanding anything to the contrary in this Offer Letter, for purposes of the payment of any deferred compensation hereunder, an event shall not be considered to be a “Change in Control” hereunder unless such event is also a
“change in ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Code Section 409A.” 

3. Affirmation. This Amendment is to be read and construed with the Offer Letter as constituting one and the same agreement. Except as
specifically modified by this Amendment, all remaining provisions, terms and conditions of the Offer Letter shall remain in full force and effect. 

4. Defined Terms. All terms not herein defined shall have the meanings ascribed to them in the Offer Letter. 

5. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original but all of
which together shall constitute one and the same instrument. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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	Sincerely,
	
	

	Suzanne Alexander
	Vice President – Human Resources

  

	
	I Hereby Accept and Agree to the Terms and Condition Set Forth Herein as of the Date Below Written
	
	

	(Signature) Holly Paul
	
	7/27/14
	(Date)

  
 3Pool Corp 5th Amendment

EXECUTION VERSION

Exhibit 10.1

July 25, 2014

Wells Fargo Bank, National Association
MAC D1053-150
301 S. College Street, 14th Floor
Charlotte, NC 28202
Attention:  Irena Stavreska, Vice President

Pool Corporation
109 Northpark Boulevard
Covington, Louisiana 70433
Attention: Mark Joslin, Chief Financial Officer
		
	Re:
	Fifth Amendment to the Credit Agreement (this “Amendment”)

Ladies and Gentleman:

Reference is hereby made to that certain Credit Agreement dated as of October 19, 2011 (as amended by the First Amendment to Credit Agreement dated as of December 21, 2011, the Second Amendment to Credit Agreement dated as of April 1, 2013, the Third Amendment to Credit Agreement dated as of June 14, 2013, and the Fourth Amendment to Credit Agreement dated as of September 30, 2013, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Pool Corporation, a Delaware corporation (the “US Borrower”), SCP Distributors Canada Inc. (formerly known as SCP Distributors Inc.), a company organized under the laws of Ontario (the “Canadian Borrower”), SCP Pool B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated under the laws of the Netherlands, having its seat (statutaire zetel) in Rotterdam, registered with the trade register of the Chambers of Commerce (Kamers van Koophandel) under file number 24293315 (the “Dutch Borrower” and, collectively with the US Borrower and the Canadian Borrower, the “Borrowers”), the Subsidiary Guarantors party hereto, each Lender party hereto and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).

The Borrowers have requested that the Administrative Agent and the Lenders agree to a certain amendment to the Credit Agreement as more fully set forth herein.  The Administrative Agent and the Lenders identified on the signature pages hereto have approved the requested amendment on the terms and conditions set forth herein.

Accordingly, the parties hereto agree that, effective as of the date hereof, clause (k) of Section 11.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“(k)    additional Indebtedness of the US Borrower and its Subsidiaries not otherwise permitted pursuant to this Section in an aggregate amount outstanding not to exceed (i) during the period prior to the Fourth Amendment Effective Date, $10,000,000 and (ii) on or after the Fourth Amendment Effective Date, the greater of (A) three percent (3%) of Consolidated Total Assets (determined at the time of incurrence thereof based on the financial data for the most recently ended Fiscal Year for which audited financial statements of the US Borrower and its Subsidiaries are available), and (B) $20,000,000;” 

Each Borrower hereby represents and warrants that (a) no Default or Event of Default has occurred and is continuing as of the date hereof or would result after giving effect hereto and (b) the representations and warranties contained in Credit Agreement are true and correct in all material respects on and as of the date hereof (except to the extent such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case such representation and warranty shall be true and correct in all respects) as of the date hereof as if fully set forth herein, other than any such representations or warranties that, by their express terms, refer to an earlier date, in which case they shall have been true and correct as of such earlier date. 

By its execution hereof, each Credit Party hereby represents and warrants as follows:  (a) such Credit Party has the right, power and authority and has taken all necessary corporate, limited liability and other action to authorize the execution, delivery and performance of this Amendment and each other document executed in connection herewith to which it is a party in accordance with their respective terms; and (b) this Amendment and each other document executed in connection herewith has been duly executed and delivered by its duly authorized officers, and each such document constitutes the legal, valid and binding obligation of such Credit Party, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies.

By their execution hereof, each Credit Party hereby expressly (a) consents to this Amendment and (b) acknowledges that such Credit Party’s covenants, representations, warranties and other obligations set forth in the Credit Agreement, the Notes, the Letter of Credit Applications and the other Loan Documents to which such Credit Party is a party remains in full force and effect and are hereby ratified and confirmed. 

This Amendment is a Loan Document.  Except as expressly modified hereby, all terms and provisions of the Credit Agreement and all other Loan Documents remain in full force and effect and nothing contained in this Amendment shall in any way impair the validity or enforceability of the Credit Agreement or the Loan Documents, or alter, waive, annul, vary, affect, or impair any provisions, conditions, or covenants contained therein or any rights, powers, or remedies granted therein.

This Amendment and the rights and obligations of the parties under this Amendment shall be governed by, and construed and interpreted in accordance with, the law of the state of New York.  Sections 15.3, 15.6 and 15.7 of the Credit Agreement are hereby incorporated herein by this reference.

This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission or other electronic imaging means shall be effective as delivery of a manually executed counterpart hereof.  This Amendment shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of the Credit Parties and the Required Lenders.  

[Signature Pages Follow]

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

		
	BORROWERS:
	POOL CORPORATION, 

as US Borrower
	
		
	By: 
	/s/  Mark W. Joslin

	Name:
	Mark W. Joslin

	Title:
	Vice President and Chief Financial Officer

 
SCP DISTRIBUTORS CANADA INC., 
as Canadian Borrower
	
		
	By: 
	/s/  Mark W. Joslin

	Name:
	Mark W. Joslin

	Title:
	Secretary and Treasurer

 
SCP POOL B.V., as Dutch Borrower
	
		
	By: 
	/s/  Mark W. Joslin

	Name:
	Mark W. Joslin

	Title:
	Director

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

		
	GUARANTORS:
	SCP DISTRIBUTORS LLC, 

as Subsidiary Guarantor
	
		
	By: 
	/s/  Mark W. Joslin

	Name:
	Mark W. Joslin

	Title:
	Vice President and Chief Financial Officer

 
SPLASH HOLDINGS, INC., 
as Subsidiary Guarantor
	
		
	By: 
	/s/  Mark W. Joslin

	Name:
	Mark W. Joslin

	Title:
	Vice President and Secretary

 
ALLIANCE TRADING, INC.,
as Subsidiary Guarantor
	
		
	By: 
	/s/  Melanie Housey

	Name:
	Melanie Housey

	Title:
	President and Secretary

 
CYPRESS, INC.,
as Subsidiary Guarantor
	
		
	By: 
	/s/  Melanie Housey

	Name:
	Melanie Housey

	Title:
	President and Secretary

 
SUPERIOR POOL PRODUCTS LLC, 
as Subsidiary Guarantor
	
		
	By: 
	/s/  Mark W. Joslin

	Name:
	Mark W. Joslin

	Title:
	Vice President and Chief Financial Officer

 
SCP ACQUISITION CO. LLC, 
as Subsidiary Guarantor
	
		
	By: 
	/s/  Mark W. Joslin

	Name:
	Mark W. Joslin

	Title:
	Vice President and Secretary

 
SCP INTERNATIONAL, INC., 
as Subsidiary Guarantor
	
		
	By: 
	/s/  Mark W. Joslin

	Name:
	Mark W. Joslin

	Title:
	Vice President and Secretary

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

POOL DEVELOPMENT LLC, 
as Subsidiary Guarantor
	
		
	By: 
	/s/  Mark W. Joslin

	Name:
	Mark W. Joslin

	Title:
	Vice President and Chief Financial Officer

 
HORIZON DISTRIBUTORS, INC., 
as Subsidiary Guarantor
	
		
	By: 
	/s/  Mark W. Joslin

	Name:
	Mark W. Joslin

	Title:
	Vice President

 
POOLCORP FINANCIAL MORTGAGE, LLC, 
as Subsidiary Guarantor
	
		
	By: 
	/s/  Mark W. Joslin

	Name:
	Mark W. Joslin

	Title:
	President and Treasurer

 
POOLCORP FINANCIAL INC., 
as Subsidiary Guarantor
	
		
	By: 
	/s/  Mark W. Joslin

	Name:
	Mark W. Joslin

	Title:
	President and Treasurer

 
POOLFX SUPPLY LLC, 
as Subsidiary Guarantor
	
		
	By: 
	/s/  Mark W. Joslin

	Name:
	Mark W. Joslin

	Title:
	President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

ADMINISTRATIVE AGENT
		
	AND LENDERS:
	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent, the Canadian Dollar Lender, the Euro Lender and a Lender
	
		
	By: 
	/s/  Irena Stavreska

	Name:
	Irena Stavreska

	Title:
	Vice President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

BANK OF AMERICA, N.A., as Lender
	
		
	By: 
	/s/  Brian Huddleston

	Name:
	Brian Huddleston

	Title:
	Vice President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

MUFG Union Bank, N.A. f/k/a Union Bank N.A., as Lender
	
		
	By: 
	/s/  Pierre Bury

	Name:
	Pierre Bury

	Title:
	Director

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

CAPITAL ONE, N.A., as Lender
	
		
	By: 
	/s/  David E. Maheu

	Name:
	David E. Maheu

	Title:
	Vice President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

FIFTH THIRD BANK, as Lender
	
		
	By: 
	/s/  Jon C. Long

	Name:
	Jon C. Long

	Title:
	Vice President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

JP MORGAN CHASE BANK, N.A., as Lender
	
		
	By: 
	/s/  Robin J. Wallace, Jr.

	Name:
	Robin J. Wallace, Jr.

	Title:
	Officer

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

REGIONS BANK, as Lender
	
		
	By: 
	/s/  Jorge E. Goris

	Name:
	Jorge Goris

	Title:
	Senior Vice President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

BRANCH BANKING AND TRUST COMPANY, as Lender
	
		
	By: 
	/s/  Elizabeth Willis

	Name:
	Elizabeth Willis

	Title:
	Vice President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

Comerica Bank, as Lender
	
		
	By: 
	/s/  L. J. Perenyi

	Name:
	L. J. Perenyi

	Title:
	Vice President

Pool Corporation
Fifth Amendment to Credit Agreement
Signature Pages

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