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KAR Auction Services, Inc. – ‘10-K’ for 12/31/20 – ‘EX-10.1E’

On:  Thursday, 2/18/21, at 9:00am ET   ·   For:  12/31/20   ·   Accession #:  1395942-21-6   ·   File #:  1-34568

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  As Of               Filer                 Filing    For·On·As Docs:Size

 2/18/21  KAR Auction Services, Inc.        10-K       12/31/20  105:14M

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Form 10-K for the Year Ended December 31, 2020      HTML   1.75M 
 2: EX-10.1E    Exhibit 10.1E - Technical Amendment                 HTML     37K 
 5: EX-10.30    Exhibit 10.30 - Form of Nq Stock Option Agreement   HTML     52K 
 6: EX-10.37B   Exhibit 10.37B - Assignment and Assumption          HTML     36K 
                Agreement                                                        
 3: EX-10.6     Exhibit 10.6 - Employment Agreement                 HTML     75K 
 4: EX-10.8     Exhibit 10.8 - Aip Summary of Terms 2021            HTML     39K 
 7: EX-21.1     Exhibit 21.1 - List of Subsidiaries                 HTML     44K 
 8: EX-23.1     Exhibit 23.1 - Consent of Independent Registered    HTML     27K 
                Public Accounting Firm                                           
 9: EX-31.1     Exhibit 31.1 - CEO Sox 302 Certification            HTML     30K 
10: EX-31.2     Exhibit 31.2 - CFO Sox 302 Certification            HTML     30K 
11: EX-32.1     Exhibit 32.1 - CEO Sox 906 Certification            HTML     27K 
12: EX-32.2     Exhibit 32.2 - CFO Sox 906 Certification            HTML     27K 
19: R1          Document and Entity Information Cover               HTML     91K 
20: R2          Consolidated Statements of Income                   HTML    121K 
21: R3          Consolidated Statements of Comprehensive Income     HTML     48K 
                (Loss)                                                           
22: R4          Consolidated Balance Sheets                         HTML    163K 
23: R5          Consolidated Statements of Stockholders' Equity     HTML     99K 
24: R6          Consolidated Statements of Cash Flows               HTML    146K 
25: R7          Organization and Other Matters                      HTML     40K 
26: R8          Summary of Significant Accounting Policies          HTML     93K 
27: R9          Acquisitions                                        HTML     38K 
28: R10         IAA Separation and Discontinued Operations          HTML     65K 
29: R11         Stock and Stock-Based Compensation Plans            HTML     95K 
30: R12         Net Income (Loss) from Continuing Operations Per    HTML     51K 
                Share                                                            
31: R13         Allowance for Credit Losses and Doubtful Accounts   HTML     54K 
32: R14         Finance Receivables and Obligations Collateralized  HTML     64K 
                by Finance Receivables                                           
33: R15         Goodwill and Other Intangible Assets                HTML     80K 
34: R16         Property and Equipment                              HTML     46K 
35: R17         Self Insurance and Retained Loss Reserves           HTML     40K 
36: R18         Long-Term Debt                                      HTML     63K 
37: R19         Financial Instruments                               HTML     50K 
38: R20         Convertible Preferred Stock                         HTML     36K 
39: R21         Leases                                              HTML     79K 
40: R22         Income Taxes                                        HTML    124K 
41: R23         Employee Benefit Plans                              HTML     32K 
42: R24         Commitments and Contingencies                       HTML     32K 
43: R25         Accumulated Other Comprehensive Loss                HTML     35K 
44: R26         Segment Information                                 HTML    133K 
45: R27         Quarterly Financial Data (Unaudited)                HTML     94K 
46: R28         Summary of Significant Accounting Policies          HTML    166K 
                (Policies)                                                       
47: R29         Summary of Significant Accounting Policies          HTML     39K 
                (Tables)                                                         
48: R30         IAA Separation and Discontinued Operations          HTML     66K 
                (Tables)                                                         
49: R31         Stock and Stock-Based Compensation Plans (Tables)   HTML     96K 
50: R32         Net Income (Loss) from Continuing Operations Per    HTML     48K 
                Share (Tables)                                                   
51: R33         Allowance for Credit Losses and Doubtful Accounts   HTML     57K 
                (Tables)                                                         
52: R34         Finance Receivables and Obligations Collateralized  HTML     55K 
                by Finance Receivables (Tables)                                  
53: R35         Goodwill and Other Intangible Assets (Tables)       HTML     80K 
54: R36         Property and Equipment (Tables)                     HTML     45K 
55: R37         Self Insurance and Retained Loss Reserves (Tables)  HTML     38K 
56: R38         Long-Term Debt (Tables)                             HTML     57K 
57: R39         Financial Instruments (Tables)                      HTML     44K 
58: R40         Leases (Tables)                                     HTML     83K 
59: R41         Income Taxes (Tables)                               HTML    125K 
60: R42         Accumulated Other Comprehensive Loss (Tables)       HTML     34K 
61: R43         Segment Information (Tables)                        HTML    128K 
62: R44         Quarterly Financial Data (Unaudited) (Tables)       HTML     94K 
63: R45         Organization and Other Matters (Details)            HTML     71K 
64: R46         Summary of Significant Accounting Policies          HTML    114K 
                (Details)                                                        
65: R47         Acquisitions (Details)                              HTML     74K 
66: R48         IAA Separation and Discontinued Operations          HTML    120K 
                (Details)                                                        
67: R49         Stock and Stock-Based Compensation Plan Summary     HTML     49K 
                (Details)                                                        
68: R50         KAR Auction Services, Inc. Stock-Based              HTML     94K 
                Compensation Plans (Details)                                     
69: R51         Service and Exit Options (Details)                  HTML     96K 
70: R52         Employee Stock Purchase Plan (Details)              HTML     40K 
71: R53         Share Repurchase Plan (Details)                     HTML     43K 
72: R54         Net Income (Loss) from Continuing Operations Per    HTML     76K 
                Share (Details)                                                  
73: R55         Allowance for Credit Losses and Doubtful Accounts   HTML     39K 
                (Details)                                                        
74: R56         Allowance for Credit Losses and Doubtful Accounts   HTML     34K 
                (Details 2)                                                      
75: R57         Finance Receivables and Obligations Collateralized  HTML     85K 
                by Finance Receivables (Details)                                 
76: R58         Goodwill and Other Intangible Assets (Details)      HTML     53K 
77: R59         Goodwill and Other Intangible Assets (Details 2)    HTML     47K 
78: R60         Goodwill and Other Intangible Assets (Details 3)    HTML     67K 
79: R61         Property and Equipment (Details)                    HTML     68K 
80: R62         Self Insurance and Retained Loss Reserves           HTML     46K 
                (Details)                                                        
81: R63         Long-Term Debt Summary and Future Principle         HTML     85K 
                Payments (Details)                                               
82: R64         Credit Facilities (Details)                         HTML    141K 
83: R65         Senior Notes (Details)                              HTML     31K 
84: R66         Other Debt (Details)                                HTML     47K 
85: R67         Financial Instruments (Details)                     HTML     70K 
86: R68         Financial Instruments (Details 2)                   HTML     41K 
87: R69         Convertible Preferred Stock (Details)               HTML     85K 
88: R70         Components of Lease Expense (Details)               HTML     36K 
89: R71         Leases Supplemental Cash Flow Information Related   HTML     40K 
                to Leases (Details)                                              
90: R72         Leases Supplemental Balance Sheet Information       HTML     65K 
                Related to Leases (Details)                                      
91: R73         Leases Maturities of Lease Liabilities (Details)    HTML     67K 
92: R74         Leases Prior Year Leases Under ASC 840 (Details)    HTML     27K 
93: R75         Income Taxes (Details)                              HTML    170K 
94: R76         Income Taxes (Details 2)                            HTML     32K 
95: R77         Income Taxes (Details 3)                            HTML     48K 
96: R78         Employee Benefit Plans (Details)                    HTML     34K 
97: R79         Commitments and Contingencies (Details)             HTML     29K 
98: R80         Accumulated Other Comprehensive Loss (Details)      HTML     36K 
99: R81         Segment Information (Details)                       HTML    124K 
100: R82         Segment Information (Details 2)                     HTML     47K  
101: R83         Quarterly Financial Data (Unaudited) (Details)      HTML     86K  
103: XML         IDEA XML File -- Filing Summary                      XML    184K  
18: XML         XBRL Instance -- kar-20201231_htm                    XML   3.42M 
102: EXCEL       IDEA Workbook of Financial Reports                  XLSX    153K  
14: EX-101.CAL  XBRL Calculations -- kar-20201231_cal                XML    311K 
15: EX-101.DEF  XBRL Definitions -- kar-20201231_def                 XML    979K 
16: EX-101.LAB  XBRL Labels -- kar-20201231_lab                      XML   2.53M 
17: EX-101.PRE  XBRL Presentations -- kar-20201231_pre               XML   1.58M 
13: EX-101.SCH  XBRL Schema -- kar-20201231                          XSD    237K 
104: JSON        XBRL Instance as JSON Data -- MetaLinks              550±   806K  
105: ZIP         XBRL Zipped Folder -- 0001395942-21-000006-xbrl      Zip    672K  


‘EX-10.1E’   —   Exhibit 10.1E – Technical Amendment


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



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  Document  


Exhibit 10.1e
TECHNICAL AMENDMENT
This TECHNICAL AMENDMENT, dated as of May 28, 2020 (this “Agreement”), is entered into by and between KAR AUCTION SERVICES, INC., a Delaware corporation (the “Borrower”) and JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative Agent”).
PRELIMINARY STATEMENTS
WHEREAS, reference is made to the Amended and Restated Credit Agreement, dated as of March 11, 2014 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”; the Existing Credit Agreement as amended hereby, the “Credit Agreement”; capitalized terms used but not otherwise defined herein are used with the meanings given in the Credit Agreement), among the Borrower, the lenders and issuing banks party thereto from time to time and the Administrative Agent;
WHEREAS, pursuant to the final paragraph of Section 11.1 of the Existing Credit Agreement, the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement any Loan Document to cure any technical ambiguity, omission, mistake, defect or inconsistency; and
WHEREAS, in accordance with the final paragraph of Section 11.1 of the Existing Credit Agreement, the Borrower and the Administrative Agent have agreed to amend the Existing Credit Agreement to correct certain technical mistakes, defects or inconstancies as provided in Section 1 hereof on the Technical Amendment Effective Date (as defined below).
NOW, THEREFORE, the parties hereto agree as follows:
SECTION 1. Amendments to Existing Credit Agreement. Effective as of the Technical Amendment Effective Date, the Existing Credit Agreement shall be amended, in accordance with the final paragraph of Section 11.1 of the Existing Credit Agreement, as follows:
(a) Section 4.17(c)(v) of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:
“(v) the final maturity date of any Incremental Term Loans or Incremental Term Loan Commitments shall be no earlier than the Latest Maturity Date and the Weighted Average Life to Maturity of any Incremental Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Term Loans;”; and
(b) Section 8.3(aa) of the Existing Credit Agreement is hereby amended by deleting the phrase “Section 8.2(v)” and adding in lieu thereof the phrase “Section 8.2(w)”.
SECTION 2. Conditions to the Technical Amendment Effective Date. This Agreement shall become effective upon execution by the Administrative Agent and the Borrower without any further action or consent of any other party to any Loan Document (the date such condition is satisfied, the “Technical Amendment Effective Date”).
SECTION 3. Reference to and Effect on the Loan Documents.
(a) On and after the Technical Amendment Effective Date, each reference in the Existing Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Existing Credit Agreement and each reference in the other Loan Documents to “the Credit




Agreement”, “thereunder”, “thereof” or words of like import referring to the Existing Credit Agreement, shall mean and be a reference to the Credit Agreement.
(b) The Credit Agreement and the other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Security Documents and all of the Collateral described therein do and shall continue to secure the payment of all Obligations under and as defined in the Credit Agreement.
(c) The execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents or constitute a waiver or amendment of any provision of any of the Loan Documents. This Agreement shall not constitute a novation of the Existing Credit Agreement or any other Loan Document.
(d) The Borrower and the other parties hereto acknowledge and agree that, on and after the Technical Amendment Effective Date, this Agreement shall constitute a Loan Document for all purposes of the Credit Agreement.
(e) The provisions of Sections 11.12 and 11.16 of the Credit Agreement shall apply with like effect to this Agreement.
SECTION 4. Counterparts. This Agreement (including all consents and authorizations relating hereto) may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement (or any consent or authorization relating hereto) by electronic transmission or facsimile shall be effective and enforceable as delivery of a manually executed counterpart thereof. The Administrative Agent will not have any responsibility for determining whether (and makes no representation as to whether) any such counterpart has been duly authorized, executed or delivered or is enforceable against any party hereto. The words “execution,” “signed,” “signature,” and words of like import in this Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
SECTION 5. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
[signature pages follow]

2





IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first written above.
BORROWER:

KAR AUCTION SERVICES, INC.



By:     /s/ James P. Hallett
Name: James P. Hallett
Title: Chief Executive Officer



[Signature Page to KAR Technical Amendment]



    JPMORGAN CHASE BANK, N.A.,
    as Administrative Agent

    By: /s/ Brendan Korb
Name: Brendan Korb
Title: Vice President



[Signature Page to KAR Technical Amendment]

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:2/18/21S-3ASR
For Period end:12/31/20
5/28/20
3/11/144,  8-K,  CT ORDER
 List all Filings 


16 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/22/24  OPENLANE, Inc.                    S-3ASR      2/22/24    4:426K
 2/21/24  OPENLANE, Inc.                    10-K       12/31/23  112:14M
11/02/23  OPENLANE, Inc.                    10-Q        9/30/23   68:7.4M
 8/03/23  OPENLANE, Inc.                    10-Q        6/30/23   66:7.3M
 5/03/23  OPENLANE, Inc.                    10-Q        3/31/23   60:6.8M
 3/22/23  OPENLANE, Inc.                    10-Q/A      9/30/22   62:7.2M
 3/22/23  OPENLANE, Inc.                    10-Q/A      6/30/22   61:7M
 3/22/23  OPENLANE, Inc.                    10-Q/A      3/31/22   61:6.1M
 3/09/23  OPENLANE, Inc.                    10-K       12/31/22  111:15M
11/02/22  OPENLANE, Inc.                    10-Q        9/30/22   62:9.3M
 8/03/22  OPENLANE, Inc.                    10-Q        6/30/22   58:7.4M
 5/04/22  OPENLANE, Inc.                    10-Q        3/31/22   59:6.4M
 2/23/22  OPENLANE, Inc.                    10-K       12/31/21  110:15M
11/03/21  OPENLANE, Inc.                    10-Q        9/30/21   57:6.9M
 8/04/21  OPENLANE, Inc.                    10-Q        6/30/21   55:6.8M
 5/05/21  OPENLANE, Inc.                    10-Q        3/31/21   57:5.6M


32 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/04/20  OPENLANE, Inc.                    10-Q        9/30/20   68:9.7M
 9/08/20  OPENLANE, Inc.                    8-K:1,8,9   9/02/20   13:1.2M                                   Toppan Merrill/FA
 8/05/20  OPENLANE, Inc.                    10-Q        6/30/20   67:8.8M
 6/29/20  OPENLANE, Inc.                    8-K:1,3,9   6/29/20   13:498K
 6/10/20  OPENLANE, Inc.                    8-K:1,3,5,9 6/09/20   14:1M
 6/01/20  OPENLANE, Inc.                    8-K:1,9     5/29/20   13:468K
 5/27/20  OPENLANE, Inc.                    8-K:1,3,8,9 5/26/20   13:2M                                     Broadridge Fin’l So… Inc
 5/07/20  OPENLANE, Inc.                    10-Q        3/31/20   62:6.7M
 3/13/20  OPENLANE, Inc.                    8-K:5,9     3/09/20   14:503K
 2/19/20  OPENLANE, Inc.                    10-K       12/31/19  108:15M
11/06/19  OPENLANE, Inc.                    10-Q        9/30/19   68:9.1M
 9/20/19  OPENLANE, Inc.                    8-K:1,2,9   9/19/19   11:2.6M                                   Broadridge Fin’l So… Inc
 8/07/19  OPENLANE, Inc.                    10-Q        6/30/19   65:8.7M
 6/28/19  OPENLANE, Inc.                    8-K:1,2,5,8 6/28/19    6:1.3M                                   Broadridge Fin’l So… Inc
 2/21/19  OPENLANE, Inc.                    10-K       12/31/18  104:14M
 2/21/18  OPENLANE, Inc.                    10-K       12/31/17  101:14M
 5/31/17  OPENLANE, Inc.                    8-K:1,2,9   5/31/17    3:2.9M                                   Toppan Merrill/FA
 2/24/17  OPENLANE, Inc.                    10-K       12/31/16  102:19M
 8/03/16  OPENLANE, Inc.                    10-Q        6/30/16   55:7.1M
 3/09/16  OPENLANE, Inc.                    8-K:1,2,9   3/09/16    2:1.8M                                   Toppan Merrill/FA
 2/18/16  OPENLANE, Inc.                    10-K       12/31/15  106:14M
11/04/14  OPENLANE, Inc.                    8-K:5,9    11/04/14    2:279K
 4/29/14  OPENLANE, Inc.                    DEF 14A     6/10/14    1:1.3M                                   Toppan Merrill-FA
 3/12/14  OPENLANE, Inc.                    8-K:1,2,9   3/11/14    3:1.7M                                   Donnelley … Solutions/FA
12/17/13  KAR Auction Services, Inc.        8-K:5,9    12/11/13    6:418K                                   Toppan Merrill/FA
 2/28/12  KAR Auction Services, Inc.        10-K       12/31/11   54:7.9M                                   Toppan Merrill-FA
 8/04/10  KAR Auction Services, Inc.        10-Q        6/30/10    9:1.4M                                   Donnelley … Solutions/FA
12/10/09  KAR Auction Services, Inc.        S-1/A                  6:6.4M                                   Donnelley … Solutions/FA
12/04/09  KAR Auction Services, Inc.        S-1/A                 14:883K                                   Donnelley … Solutions/FA
11/13/08  KAR Auction Services, Inc.        10-Q        9/30/08    7:1.5M                                   Donnelley … Solutions/FA
 9/09/08  KAR Auction Services, Inc.        8-K:1,9     9/04/08   20:3.2M                                   Donnelley … Solutions/FA
 1/25/08  IAA Acquisition Corp.             S-4                  167:19M                                    Donnelley … Solutions/FA
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