Document:

ex10-1.htm

Exhibit 10.1

 

EXECUTION VERSION

 

 

 

INCREMENTAL FACILITY AMENDMENT NO. 5 dated as of February 3, 2015 (this “Amendment”), to the CREDIT AGREEMENT dated as of January 31, 2012 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among CROWN CASTLE INTERNATIONAL CORP., a Delaware corporation (“Holdings”), CROWN CASTLE OPERATING COMPANY, a Delaware corporation (the “Borrower”), the LENDERS and ISSUING BANKS party thereto, THE ROYAL BANK OF SCOTLAND PLC, as Administrative Agent (the “Administrative Agent”), MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as Syndication Agent, and MORGAN STANLEY SENIOR FUNDING, INC., as Co-Documentation Agent.

WHEREAS, the Borrower, in accordance with Section 2.21 of the Credit Agreement, hereby requests that the Revolving Commitment Increase Lenders (as defined below) (a) provide a Revolving Commitment Increase (as defined in the Credit Agreement) on the Effective Date (as defined below) in an aggregate principal amount of up to $100,000,000 (the “Increase”) and (b) make Revolving Loans to the Borrower in respect thereof from time to time during the Revolving Availability Period subject to the terms and conditions set forth herein and in the Credit Agreement; and

WHEREAS, each Person party hereto whose name is set forth on Schedule 1 hereto under the heading “Revolving Commitment Increase Lenders” (each such Person, a “Revolving Commitment Increase Lender”) has agreed (a) to provide a portion of the Increase to the Borrower in the amount set forth opposite its name on such Schedule and (b) to make Revolving Loans to the Borrower in respect thereof from time to time during the Revolving Availability Period subject to the terms and conditions set forth herein and in the Credit Agreement.

WHEREAS, this Amendment is an Incremental Facility Amendment entered into pursuant to Section 2.21 of the Credit Agreement to provide for the Increase and the Revolving Loans made pursuant thereto referred to above.

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.  Defined Terms; Rules of Interpretation.  Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The rules of interpretation set forth in Section 1.03 of the Credit Agreement are hereby incorporated by reference herein, mutatis mutandis.

SECTION 2.  Revolving Commitment Increase.

 

 

  

  

  

 

(a)  Schedule 1 hereto sets forth the portion of the Increase of each Revolving Commitment Increase Lender as of the Effective Date (with respect to each Revolving Commitment Increase Lender, such Revolving Commitment Increase Lender’s “Increase Commitment”).  Each Revolving Commitment Increase Lender’s Increase Commitment shall be several and not joint.

(b)  On the Effective Date, (i) the aggregate principal amount of Revolving Borrowings outstanding immediately prior to the effectiveness of the Increase (the “Existing Revolving Borrowings”) shall be deemed to be repaid, (ii) each Revolving Commitment Increase Lender shall make such payments to the Administrative Agent as are required by clauses (ii) or (iii), as applicable, of Section 2.21(d) of the Credit Agreement with respect to its portion of the Increase, (iii) the Administrative Agent shall make such payments to the Revolving Lenders as are required by clause (iv) of Section 2.21(d) of the Credit Agreement with respect to the Increase, (iv) after the effectiveness of the Increase, the Borrower shall be deemed to have made new Revolving Borrowings (the “Resulting Revolving Borrowings”) in an aggregate principal amount equal to the aggregate principal amount of the Existing Revolving Borrowings and of the Types and for the Interest Periods specified in the Borrowing Request delivered pursuant to Section 4(d) hereof, (v) each Revolving Lender shall hold its Applicable Percentage of the Resulting Revolving Borrowings (calculated after giving effect to the effectiveness of the Increase) and (vi) the Borrower shall pay to each Revolving Lender (prior to the effectiveness of the Increase) any and all accrued but unpaid interest on its Loans comprising the Existing Revolving Borrowings, together with any amounts payable pursuant to Section 2.16 of the Credit Agreement in respect of the repayment contemplated by clause (i) of this paragraph (b), in each case as required by and pursuant to the terms of the Credit Agreement.

(c)  Each Revolving Commitment Increase Lender, by delivering its signature page to this Amendment on the Effective Date, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or any Class of Lenders on the Effective Date.

SECTION 3.  Representations and Warranties.  Each of the Loan Parties represents and warrants to the Administrative Agent and to each of the Revolving Commitment Increase Lenders that:

(a)  This Amendment has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against such Loan Party 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.

(b)  The representations and warranties of each Loan Party set forth in the Loan Documents are 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 Effective Date, except in the case of any such representation and warranty that expressly relates to a prior date, in which case such representation and warranty is true and correct in all material respects (or in all respects, as applicable) as of such earlier date.

 

 

  

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

SECTION 4.  Effectiveness.  This Amendment shall become effective as of the date first above written (the “Effective Date”) when (a) the Administrative Agent shall have received counterparts of this Amendment that, when taken together, bear the signatures of Holdings, the Borrower, each of the other Loan Parties and each of the Revolving Commitment Increase Lenders, (b) each of the conditions set forth in subclauses (A) through (D) (inclusive) of the proviso in Section 2.21(a) of the Credit Agreement shall have been satisfied, (c) each of the representations and warranties set forth in Section 3 hereof shall be true and correct, (d) the Borrower shall have delivered a Borrowing Request with respect to the Resulting Revolving Borrowings, (e) the Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of this Amendment and the transactions contemplated hereby and any other legal matters relating to the Borrower, the Loan Documents or the transactions contemplated hereby (including certified resolutions from the board of directors of the Borrower authorizing the execution, delivery and performance of this Amendment), all in form and substance reasonably satisfactory to the Administrative Agent, (f) the Administrative Agent shall have received a legal opinion reasonably satisfactory to it from Cravath, Swaine & Moore LLP, special New York counsel for the Loan Parties, and (g) the Administrative Agent shall have received payment of all fees and expenses required to be paid or reimbursed by Holdings, the Borrower or any other Loan Party under or in connection with this Amendment, including those fees and expenses set forth in Section 8 hereof.

SECTION 5.  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, Holdings, 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 Holdings, 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 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.

 

 

  

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SECTION 6.  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.

(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 7.  Counterparts; Amendment.  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 a manually 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 Holdings, the Borrower, the Administrative Agent and the Revolving Commitment Increase Lenders.

SECTION 8.  Fees and Expenses.  (a)  Holdings and the Borrower agree to pay to the Administrative Agent, for the account of each Revolving Commitment Increase Lender, an amendment fee equal to 0.20% of the aggregate amount of such Revolving Commitment Increase Lender’s Increase Commitment, which fee will be paid on the Effective Date.

(b)  Holdings and the Borrower agree 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 9.  Reaffirmation.  Each of the Borrower 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 amended by this Amendment, (b) reaffirms all Liens on the Collateral which have been granted by it in favor of the Administrative Agent (for the benefit of the Secured Parties) pursuant to the Loan Documents and (c) acknowledges and agrees that the grants of security interests by and the guarantees of the Loan Parties contained in the Collateral Agreement and the other Security Documents are, and shall remain, in full force and effect immediately after giving effect to this Amendment.

SECTION 10.  Headings.  The 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]

 

 

 

 

  

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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.

	 	CROWN CASTLE INTERNATIONAL CORP., 	 
	 	 	 	 
	 	By 	 	 
	 	 	/s/ Jay A. Brown	 
	 	 	Name:  Jay A. Brown	 
	 	 	Title:    Senior Vice President, Chief Financial Officer and Treasurer	 

 

	 	CROWN CASTLE OPERATING COMPANY, 	 
	 	 	 	 
	 	By	 	 
	 	 	/s/ Jay A. Brown	 
	 	 	Name:  Jay A. Brown	 
	 	 	Title:    Senior Vice President, Chief Financial Officer and Treasurer	 

 

	 	CROWN CASTLE OPERATING LLC, 	 
	 	 	 	 
	 	By 	 	 
	 	 	/s/ Jay A. Brown	 
	 	 	Name:  Jay A. Brown	 
	 	 	Title:    Senior Vice President, Chief Financial Officer and Treasurer	 

 

	 	CCGS HOLDINGS CORP.,	 
	 	 	 	 
	 	By 	 	 
	 	 	/s/ Jay A. Brown	 
	 	 	Name:  Jay A. Brown	 
	 	 	Title:    Senior Vice President, Chief Financial Officer and Treasurer	 
	 	 	 	 

 

 

 

[Incremental Facility Amendment No. 5 Signature Page]

  

  

 

	 	GLOBAL SIGNAL OPERATING PARTNERSHIP, L.P.,	 
	 	 	 	 
	 	By 	 	 
	 	 	/s/ Jay A. Brown	 
	 	 	Name:  Jay A. Brown	 
	 	 	Title:    Senior Vice President, Chief Financial Officer and Treasurer	 

 

 

	 	CROWN CASTLE SOLUTIONS CORP.,	 
	 	 	 	 
	 	By 	 	 
	 	 	/s/ Jay A. Brown	 
	 	 	Name:  Jay A. Brown	 
	 	 	Title:    Senior Vice President, Chief Financial Officer and Treasurer	 

 

	 	GLOBAL SIGNAL ACQUISITIONS III LLC,	 
	 	 	 	 
	 	By 	 	 
	 	 	/s/ Jay A. Brown	 
	 	 	Name:  Jay A. Brown	 
	 	 	Title:    Senior Vice President, Chief Financial Officer and Treasurer	 

 

 

	 	GLOBAL SIGNAL ACQUISITIONS IV LLC, 	 
	 	 	 	 
	 	By 	 	 
	 	 	/s/ Jay A. Brown	 
	 	 	Name:  Jay A. Brown	 
	 	 	Title:    Senior Vice President, Chief Financial Officer and Treasurer	 

 

 

 

[Incremental Facility Amendment No. 5 Signature Page]

  

  

 

	 	CROWN CASTLE TOWERS 06-2 LLC,	 
	 	 	 	 
	 	By 	 	 
	 	 	/s/ Jay A. Brown	 
	 	 	Name:  Jay A. Brown	 
	 	 	Title:    Senior Vice President, Chief Financial Officer and Treasurer	 

 

	 	CROWN CASTLE NG NETWORKS LLC,	 
	 	 	 	 
	 	By 	 	 
	 	 	/s/ Jay A. Brown	 
	 	 	Name:  Jay A. Brown	 
	 	 	Title:    Senior Vice President, Chief Financial Officer and Treasurer	 

 

 

	 	CROWN CASTLE NG EAST LLC,	 
	 	 	 	 
	 	By 	 	 
	 	 	/s/ Jay A. Brown	 
	 	 	Name:  Jay A. Brown	 
	 	 	Title:    Senior Vice President, Chief Financial Officer and Treasurer	 

 

	 	CROWN CASTLE NG WEST LLC, 	 
	 	 	 	 
	 	By 	 	 
	 	 	/s/ Jay A. Brown	 
	 	 	Name:  Jay A. Brown	 
	 	 	Title:    Senior Vice President, Chief Financial Officer and Treasurer	 

 

 

 

[Incremental Facility Amendment No. 5 Signature Page]

  

  

 

	 	THE ROYAL BANK OF SCOTLAND PLC, individually and as 	 
	 	Administrative Agent, Issuing Bank and Swingline Lender, 	 
	 	 	 
	 	By 	 	 
	 	 	/s/ Matthew Pennachio	 
	 	 	Name:  Matthew Pennachio	 
	 	 	Title:    Director	 
	 	 	 	 

 

 

 

 

 

 

 

[Incremental Facility Amendment No. 5 Signature Page]

  

  

 

 

	 	REVOLVING COMMITMENT INCREASE LENDERS	 
	 	 	 
	 	
SIGNATURE PAGE TO INCREMENTAL FACILITY AMENDMENT NO. 5 DATED AS OF FEBRUARY 3, 2015, TO THE CREDIT AGREEMENT DATED AS OF JANUARY 31, 2012, AMONG CROWN CASTLE INTERNATIONAL CORP., CROWN CASTLE OPERATING COMPANY, THE LENDERS AND ISSUING BANKS PARTY THERETO, THE ROYAL BANK OF SCOTLAND PLC, AS ADMINISTRATIVE AGENT, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, AS SYNDICATION AGENT, AND MORGAN STANLEY SENIOR FUNDING, INC., AS CO-DOCUMENTATION AGENT

	 
	 	 	 
	 	 	 
	 	Name of Institution: 	 
	 	 	 
	 	FIFTH THIRD BANK 	 
	 	 	 	 
	 	By 	 	 
	 	 	/s/ Glen Mastey	 
	 	 	Name:  Glen Mastey	 
	 	 	Title:    Managing DirectorEX-10.6

 Exhibit 10.6 

CHAIRMAN’S AGREEMENT 

Effective January 1, 2015 

This Chairman’s Agreement (the “Agreement”) is made and entered into between Stephen G. Newberry (the “Chairman”) and
Lam Research Corporation, a Delaware corporation (the “Company”). 
 R E C I T A L S 

A. The Company and Chairman desire to enter into this Agreement with respect to the Chairman’s service as Chairman of the Board of the
Company. 
 In consideration of the mutual covenants herein contained, and in consideration of the retainer of the Chairman by the Company,
the parties agree as follows: 
 1. Duties and Scope. 

(a) Position. During the Term (as defined in Section 2(a) below), the Chairman shall serve as the chairman of the board of
directors (the “Board”) of the Company (and not as an employee or officer). The Chairman shall perform all duties enumerated in the Company’s bylaws and corporate governance guidelines; perform such other duties as the Board may
reasonably request from time to time; and perform such duties as the Chief Executive Officer may reasonably request from time to time for the purpose of enhancing the Chairman’s familiarity with the Company and it executives, such as attending
the annual Executive Strategic Planning Conference as a representative of the Board, and by meeting with the members of management at the request of the Chief Executive Officer or Chief Operating Officer. 

(b) Chairman’s Obligations. Chairman shall comply with all of the Company’s policies and procedures governing service as a
director and chairman of the Board. During the Term, the Chairman shall not devote substantial business efforts and time to another for profit company except as authorized by the lead independent director. The foregoing, however, shall not preclude
the Chairman from engaging in such activities and services as do not interfere or conflict with his responsibilities to the Company, such as serving on the board of directors of other for-profit companies except as set forth in Section 7(b).

 2. Term. 
 (a)
Term. The Company shall retain the Chairman, on the terms and subject to the conditions set forth in this Agreement, for the period commencing on January 1, 2015, and ending on December 31, 2015 (such period, the “Term”).

 (b) Termination. This Agreement will terminate at the conclusion or earlier termination of the Term. The parties may mutually
agree in writing to extend the Term for additional one (1) year terms. In addition, the Term will also terminate automatically if the Chairman is no longer a member of the Board or if he is no longer the chairman of the Board, for any reason,
including death, disability, or the Company’s stockholders’ failure to elect the chairman to the Board. 

 3. Compensation and Benefits Elements. 

(a) Annual Retainers. During the Term, as compensation for the Chairman’s service as chairman of the board of directors, the
Company shall pay the Chairman a retainer equal to: (i) the annual cash and equity retainers payable to all non-employee Directors of the Company for calendar year 2015 and (ii) an additional cash retainer equal to $280,000 for calendar
year 2015. Both cash retainers and the equity retainer shall be payable at the same time, and on the same terms, as the annual cash and equity retainers payable to other non-employee Directors. In addition, the Chairman may receive increases in the
Chairman’s cash retainer (prong (ii) above) as may be determined from time to time in the sole discretion of the independent members of the Board. 

(b) Deferred Compensation. The Chairman shall be entitled to participate in the Company’s Elective Deferred Compensation Plan
pursuant to the terms thereof on the same terms as other non-employee Directors, subject to the generally applicable terms and conditions of the plan. 

(c) Benefits. During the Term, the Chairman shall be eligible to participate in the benefit plans and compensation programs maintained
by the Company of general applicability to non-employee Directors of the Company, subject in each case to the generally applicable terms and conditions of the plan or program in question and to the determination of the independent members of the
Board or the Compensation Committee or any committee administering such plan or program, as appropriate. 
 (d) Reimbursement of Business
Expenses. The Company shall reimburse the Chairman for all reasonable and necessary business expenses incurred by the Chairman in the performance of his duties hereunder upon proper submission of expense reports in accordance with Company
policies regarding such reimbursement for non-employee Directors. 
 (e) Administrative Support. During the Term, the Company will
provide the Chairman with a reasonable level of administrative support. This may either be provided by the Company directly or may be reimbursed by the Company pursuant to appropriately incurred expenses by the Chairman. 

4. Termination Benefits. 

(a) Accrued Rights. In the event of a termination of the Term for any reason, Chairman shall be entitled to receive the Accrued Rights.
“Accrued Rights” shall mean: i) any unpaid retainer(s) through the date of termination of service, ii) reimbursement for any unreimbursed business expenses properly incurred by Chairman in accordance with the applicable Company
policy, and iii) such Employee Benefits, if any, as to which Chairman may be entitled under the Elective Deferred Compensation Plan and the Retiree Health Plan of the Company in accordance with their respective terms. 

 5. Successors. 

(a) Company’s Successors. The Company shall require a successor to the Company (whether direct or indirect and whether by
purchase, lease, merger, consolidation, liquidation or otherwise) or to all or substantially all of the Company’s business and/or assets (each a “Successor Company”) to assume the Company’s obligations under this Agreement and
agree expressly to perform such obligations in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes of this Agreement, the term “Company” shall
include any Successor Company which executes and delivers the assumption agreement described in this subsection (a) or which becomes bound by the terms of this Agreement by operation of law. 

(b) Chairman’s Successors. The terms of this Agreement and all rights of the Chairman hereunder shall inure to the benefit of, and
be enforceable by, the Chairman’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

6. Notice. 
 (a)
General. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by Federal Express or a comparable air courier company. In
the case of the Chairman, notices sent by courier shall be addressed to him at the home address that he most recently communicated to the Company in writing. In the case of the Company, notices sent by courier shall be addressed to its corporate
headquarters, and all notices shall be directed to the attention of its Chief Legal Officer. 
 7. Non-Compete; Non-Solicit. 

(a) The parties hereto recognize that the Chairman’s services are special and unique and that his level of compensation is partly in
consideration of and conditioned upon the Chairman’s not competing with the Company, and that the covenant on his part not to compete and not to solicit as set forth in this Section 7 is essential to protect the business and goodwill of
the Company. 
 (b) The Chairman agrees that prior to the end of the Term, the Chairman will not either directly or indirectly, whether as a
director, officer, consultant, employee or advisor or in any other capacity (1) render any services to any company, business, agency, partnership or entity engaged in a business competitive with the Company (“Restricted Business”)
other than the Company, or (2) make or hold any investment in any Restricted Business in the United States other than the Company, whether such investment be by way of loan, purchase of stock or otherwise, provided that there shall be excluded
from the foregoing the ownership of not more than 2% of the listed or traded stock of any publicly held corporation. For purposes of this Section7, the term “Company” shall mean and include the Company, any subsidiary or affiliate of the
Company, any Successor Company and any other corporation or entity of which the Chairman may serve as a director, officer or employee at the request of the Company or any Successor Company. 

 (c) Prior to the end of the Term, and for the period extending six (6) months thereafter,
the Chairman will not directly induce or attempt to influence any employee of the Company to leave its employ and join any Restricted Business in or within 50 miles of Fremont, California. 

(d) The Chairman agrees that the Company would suffer an irreparable injury if he were to breach the covenants contained in subparagraphs
(b) or (c) and that the Company would by reason of such breach or threatened breach be entitled to injunctive relief in a court of appropriate jurisdiction, and the Chairman hereby stipulates to the entering of such injunctive relief
prohibiting him from engaging in such breach. 
 (e) If any of the restrictions contained in this Section 7 shall be deemed to be
unenforceable by reason of the extent, duration or geographical scope or other provisions thereof, then the parties hereto contemplate that the court shall reduce such extent, duration, geographical scope or other provisions hereof (but only to the
extent necessary to render such restrictions enforceable) and then enforce this Section 7 in its reduced form for all purposes in the manner contemplated hereby. 

8. Existing Confidentiality and Non-Compete Agreements. 

Chairman represents and warrants (1) that prior to the date hereof he has provided the Company with true and complete copies of any and
all written confidentiality and/or non-compete agreements to which Chairman is a party as of the date hereof (together with a written description of any such oral agreements), and (2) to the best of Chairman’s knowledge, full compliance
with the terms of each such agreement will not materially interfere with Chairman’s duties hereunder (except to the extent that Chairman reasonably may determine to absent himself from certain Company meetings and communication). The Chairman
further covenants that he will not willfully and knowingly fail to fully abide by the terms of any and all such agreements and will work in good faith with the Company to avoid any breach thereof. 

9. Arbitration. 
 At the
option of either party, any and all disputes or controversies whether of law or fact and of any nature whatsoever arising from or respecting this Agreement shall be decided by arbitration under the rules of the American Arbitration Association in
accordance with the rules and regulations of that Association with the exception of any claim for temporary, preliminary or permanent injunctive relief arising from or respecting this Agreement which may be brought by the Company in any court of
competent jurisdiction irrespective of Chairman’s desire to arbitrate such a claim. 
 The arbitrator shall be selected as follows. In
the event the Company and the Chairman agree on one arbitrator, the arbitration shall be conducted by such arbitrator. If the parties cannot agree on an arbitrator, the Company and the Chairman shall each select one independent, qualified arbitrator
and the two arbitrators so selected shall select the third arbitrator. The Company reserves the right to object to any individual arbitrator who shall be employed by or affiliated with a competing organization. 

 Arbitration shall take place in San Jose, California, or any other location mutually agreeable to
the parties. At the request of either party, arbitration proceedings will be conducted in the utmost secrecy; in such case all documents, testimony and records shall be received, heard and maintained by the arbitrators in secrecy under seal,
available for the inspection only by the Company and the Chairman and their respective attorneys and their respective experts who shall agree in advance and in writing to receive all such information confidentially and to maintain such information
in secrecy unless and until such information shall become generally known. The arbitrator, who, if more than one, shall act by majority vote, shall have the power and authority to decree any and all relief of an equitable nature including, but not
limited to, such relief as a temporary restraining order, a temporary and/or permanent injunction, and shall also have the power and authority to award damages, with or without an accounting and costs, provided, that punitive damages shall not be
awarded, and provided, further, that the Chairman shall be entitled to reimbursement for his reasonable attorney’s fees to the extent that he prevails as to the material issues in such dispute. The reimbursement of attorney’s fees shall be
made promptly following delivery of an invoice therefor. The decree or judgment of an award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

Reasonable notice of the time and place of arbitration shall be given to all persons, other than the parties, as shall be required by law, in
which case such persons or those authorized representatives shall have the right to attend and/or participate in all the arbitration hearings in such a manner as the law shall require. 

10. Excise Tax on Payments. Notwithstanding anything to the contrary contained herein, in the event that any payment by the Company to
or for the benefit of the Chairman, whether paid or payable, would be subject to the excise tax imposed by Section 4999 of the Code or any comparable federal, state, or local excise tax (such excise tax, together with any interest and
penalties, are hereinafter collectively referred to as the “Excise Tax”), then the Chairman shall receive either the full amount or a lesser amount that does not trigger an excise tax, whichever produces a greater after-tax benefit to the
Chairman, as determined by the Company. 
 11. Miscellaneous Provisions. 

(a) No Duty to Mitigate. The Chairman shall not be required to mitigate the amount of any payment contemplated by this Agreement, nor
shall any such payment be reduced by any earnings that the Chairman may receive from any other source. 
 (b) Waiver. No provisions
of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Chairman and by an authorized officer of the Company. No waiver by either party of any breach of, or of
compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(c) Whole Agreement; Amendment. This Agreement and the documents expressly referred to herein represent the entire agreement of the
parties with respect to the matters set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto. Nothing herein affects the continued

 
enforceability of either the Company’s Employment, Confidential Information and Invention Assignment Agreement previously executed by the Chairman, or the Chairman’s Indemnification
Agreement with the Company. Notwithstanding the foregoing, in no event shall Chairman be entitled to any payment or benefit under this Agreement which duplicates a payment or benefit received or receivable by Chairman under any severance or similar
plan or policy of Company, and in any such case Chairman shall only be entitled to receive the greater of the two payments. 
 (d) Choice
of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the state of California, without regard to conflicts of law provisions thereof. 

(e) Severability. If any provision of this Agreement is determined to be invalid or unenforceable, the Agreement shall remain in full
force and effect as to the remaining provisions, and the parties shall replace the invalid or unenforceable provision with one which reflects the parties’ original intent in agreeing to the invalid/unenforceable one. 

(f) No Assignment of Benefits. Except as otherwise provided herein, the rights of any person to payments or benefits under this
Agreement shall not be made subject to option or assignment, either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other creditor’s process, and any action in
violation of this subsection (f) shall be void. 
 (g) Withholding Taxes. The Company may withhold from any amounts payable
under this Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 

(h) Section 409A of the Code. Notwithstanding anything herein to the contrary, if at the time of the Chairman’s termination
of service with the Company, the Company has determined that the Chairman is a “specified employee” as defined in Section 409A of the Code and any payments and benefits to Chairman are considered a “deferral of compensation”
under Section 409A of the Code (the “Deferred Payments”), such Deferred Payments that are otherwise payable within the first six months following the termination date will become payable on the first business day of the seventh month
following the Chairman’s termination date, or if earlier the date of the Chairman’s death. In the event that payments under this Agreement are deferred pursuant to this Section 11(h), then such payments shall be paid at the time
specified in this Section 11(h) without interest. The Company shall consult with the Chairman in good faith regarding the implementation of the provisions of this Section 11(h) provided, that neither the Company nor any of its
employees or representatives shall have any liability to the Chairman with respect thereto. Any amount under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the
Treasury Regulations will not constitute Deferred Payments for purposes of this Agreement. Any amounts scheduled for payment hereunder when they are ordinarily paid out or when they are made to non-employee directors, will nonetheless be paid to
Chairman on or before March 15th of the year following the year when the payment is no longer subject to a substantial risk of forfeiture. For purposes of Section 409A of the Code, the
right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments, and references herein to the 

 
Chairman’s termination of service shall refer to Chairman’s separation of services with the Company within the meaning of Section 409A of the Code. Notwithstanding anything to the
contrary herein, except to the extent any expense, reimbursement or in-kind benefit provided pursuant to this Agreement does not constitute a “deferral of compensation” within the meaning of
Section 409A of the Code: (x) the amount of expenses eligible for reimbursement or in-kind benefits provided to the Chairman during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits
provided to the Chairman in any other calendar year, (y) the reimbursements for expenses for which the Chairman is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the
applicable expense is incurred, and (z) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit. 

(i) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
will constitute one and the same instrument. 
 (j) Survival of Obligations. Except as otherwise described herein, and except to the
extent that as of the termination date rights to payment hereunder have accrued, the obligations of Sections 4 through 11 shall survive termination of this Agreement. 

 (k) Company Release. As a condition to the Company’s obligations pursuant to this
Agreement, the Chairman agrees to execute a release of claims against the Company within sixty (60) days following the Chairman’s termination date (the “Release”). If the Company has not received an irrevocable Release by the
sixtieth (60th) day following the termination date, the Company shall be under no obligation to make payments or provide benefits unless otherwise required by law; provided such sixty (60) day period shall be tolled during the pendency of
any arbitration proceeding under this Agreement. 
 IN WITNESS WHEREOF, the parties have executed this Agreement. 

LAM RESEARCH CORPORATION 
  

			
	By:		 /s/ Sarah A. O’Dowd

			Sarah A. O’ Dowd
	 Its:
		Senior Vice President, Chief Legal Officer
and Secretary

 DATED:  January 13, 2014 

 

	
	 /s/ Stephen G. Newberry

Stephen G. Newberry

	  
 DATED:  January 12, 2014

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