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Exhibit 10.26
 
 
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
 
 
THIS FIRST AMENDMENT (this “Amendment“) is entered into between Accellent Inc.
(the “Company”), and Jeremy Friedman (the “Executive”) under the following
circumstances.
 
 
WHEREAS, the Company and the Executive entered into an Employment Agreement on
September 4, 2007 (the “Employment Agreement”); and
 
 
WHEREAS, the parties would like to make certain changes to the terms of the
Employment Agreement;
 
 
NOW THEREFORE, the Executive agrees with the Company, in consideration for good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged and accepted, to amend the Employment Agreement as follows,
effective as of the date this Amendment is executed as written below:
 
 
1. Section 5 (Equity Arrangements) is hereby amended by substituting the phrase
“In connection with his employment” for the phrase “Prior to or simultaneously
with the commencement of the Employment Term” as it appears in the first
sentence thereof.
 
 
2. Section 5 (Equity Arrangements) is hereby amended by inserting the phrase
“(the “Investment Amount”)” after the number “150,000” as it appears in the
first sentence thereof.
 
 
3. Section 5 (Equity Arrangements) is hereby amended by removing the phrase “of
$4.00” as it appears in the first sentence thereof.
 
 
4. Section 5 (Equity Arrangements) is hereby amended by adding the following
sentence after the first sentence thereof:
 
 
“In the event that Executive has not paid the full Investment Amount to the
Company as of the time that Executive’s Annual Bonus for either of the fiscal
years ended December 31, 2007 and 2008 becomes payable, then, notwithstanding
the provisions of Section 4 and instead of the payment of such Annual Bonus in
cash, the Company shall issue to Executive, on the date the applicable Annual
Bonus could have been paid in cash under the applicable bonus plan, a number of
fully vested shares of Common Stock having an aggregate Fair Market Value on
such date equal to the Annual Bonus for such fiscal year.
 
 
In connection with the foregoing, if $135,917, which equals the remaining
Investment Amount after deducting $14,083 (which represents the amount that the
Company will actually pay to Executive as an Annual Bonus in respect of the
Company’s fiscal year ending December 31, 2007) (the “Remaining Investment
Amount”), exceeds the amount actually paid to Executive as an Annual Bonus with
respect to the Company’s fiscal year ending December 31, 2008 (the “Actual 2008
Bonus”), then Executive shall pay to the Company in cash, no later than March
31, 2009, an amount equal to the excess of (x) the Remaining Investment Amount
over (y) the Actual 2008 Bonus, and the Company shall issue to Executive in
exchange therefor a number of shares of Common Stock having an aggregate Fair
Market Value on the date of such issuance equal to such payment. However, if the
Actual 2008 Bonus exceeds the Remaining Investment Amount then the Company shall
pay to Executive an amount equal to the excess of (x) the Actual 2008 Bonus over
(y) the Remaining Investment Amount in accordance with Section 4 and pursuant to
the Company’s 2008 annual incentive plan.”
 
 
Page 1 of 3
 
 
5. Section 8(a) (Termination for Cause or Resignation without Good Reason) is
hereby amended by adding the following subparagraph at the end thereof:
 
 
“(iv) If, prior to March 31, 2009, Executive’s employment is terminated by the
Company for Cause, or if Executive resigns without Good Reason (other than due
to death or Disability), then Executive shall pay to the Company in cash, on or
before the tenth (10th) business day following the date of termination, an
amount equal to the Remaining Investment Amount (calculated as of the date of
termination) and the Company shall issue to Executive in exchange therefor a
number of shares of Common Stock having an aggregate Fair Market Value equal to
such Remaining Investment Amount.”
 
 
 
6. Except as is provided in this Amendment, the Employment Agreement shall
remain unchanged and continue in full force and effect.
 
 
To acknowledge your agreement to the terms and conditions of this Amendment,
please sign below and return one copy to Patricia McCall by no later than March
31, 2008.
 
 
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the 31st day of March, 2008.
 

 
ACCELLENT INC.
             
By:
  /s/ Robert E. Kirby        
Name:
        Robert E. Kirby  
Title:
        President, Chief Executive Officer and Director              
Executive:
 /s/  Jeremy A. Friedman          
        Jeremy A. Friedman

 
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