Document:

Exhibit
10.46

FIRST AMENDMENT

TO THE

2004 STOCK INCENTIVE PLAN

OF

MAGNETEK,
INC.

MagneTek,
Inc. (the “Company”) hereby amends the 2004 Stock Incentive Plan of MagneTek,
Inc. (the “Plan”), pursuant to Section 15 of the Plan, as follows:

1.             Section 11.7 of the
Plan, as set forth below, is hereby deleted in its entirety from the Plan.

Section 11.7 Sub-Committees. The Board of
Directors or the Committee may from time to time appoint one or more
Sub-Committees (as defined below) comprised of one or more officers, directors
or others, which Sub-Committee shall have the powers of the Committee described
in Section 6 of this Plan solely with respect to the grant of Options to
employees who are not then officers of the Company within the meaning of Rule
16a-1(f) promulgated under the Exchange Act, if and as such Rule is then in
effect. Each such Sub-Committee may be subject to any such additional
restrictions or limitation as the Board of Directors or the Committee may
impose at any time. Each Sub-Committee so appointed may be disbanded by the
Board of Directors or the Committee at any time, provided
that no such termination shall affect the validity of any Option theretofore
approved by any such Sub-Committee. For purposes of this Plan, the “Sub-Committee” shall mean any sub-committee, comprised of
one or more individuals, of the Committee appointed as provided in Section 2.1.
The aggregate number of Shares subject to Options granted by a Sub-Committee
hereunder during any calendar year to any one individual shall not exceed
15,000.

2.             This First Amendment shall be effective as of
April 24, 2007.

3.             This First Amendment amends only the
provisions of the Plan noted above.

IN WITNESS WHEREOF, the Company has caused this
First Amendment to be executed by its duly authorized representative on this
22nd day of August, 2007.

	
  

  	
  MAGNETEK, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marty J. Schwenner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  Vice President and Chief Financial OfficerExhibit
10.47

MAGNETEK,
INC.

NON-QUALIFIED
STOCK OPTION AGREEMENT

FOR GOOD AND VALUABLE
CONSIDERATION, MAGNETEK, INC., a Delaware corporation, hereby irrevocably
grants to the Optionee named below the non-qualified stock option (the “Option”)
to purchase any part or all of the specified number of shares of its $0.01 par
value Common Stock upon the terms and subject to the conditions set forth in
this Agreement, at the specified purchase price per share without commission or
other charge.  The Option is granted
pursuant to the plan specified below (the “Plan”) and the standard terms and
conditions (“Standard Terms and Conditions”) promulgated under such Plan.  The terms of the Plan and the Standard Terms
and Conditions are hereby incorporated herein by reference and made a part of
this Agreement.  The Committee shall have
the power to interpret this Agreement.

The Plan:                                                       2004 Stock
Incentive Plan of MagneTek, Inc.

Name of Optionee:

Social Security Number:

Number of Shares covered by
Option:

Purchase Price Per Share:

Minimum Number of Shares Per
Partial Exercise:     100 Shares

The Option shall vest and become
exercisable in installments as follows:

Until                         ,
the Option shall not be exercisable to any degree.

As of                             ,
the Option shall become exercisable as to 25% of the Shares covered by the
Option.

As of                             ,
the Option shall become exercisable as to an additional 25% of the Shares covered
by the Option.

As of                                ,
the Option shall become exercisable as to an additional 25% of the Shares
covered by the Option.

As of                             ,
the Option shall become exercisable as to the remaining 25% of the Shares
covered by the Option.

Option Term:        10
years from the Grant Date.

The Option exercise price may be
paid in the form of one or more of the following:  (i) cash or certified or cashiers’ check,
(ii) delivery of shares of Common Stock or other property deemed acceptable by
the Committee; or (iii) a reduction in the number of Shares issuable pursuant
to the Option.  Unless otherwise
specified by the Committee, Optionee may, upon termination of employment,
exercise the vested, unexercised portion of the Option within 90 days after his
or her employment termination date.  The
Option may not be sold, assigned, conveyed, gifted, pledged, hypothecated or
otherwise transferred in any manner prior to the vesting or lapse of all
restrictions, other than by will or the laws of descent and distribution or
pursuant to a “domestic relations order” as defined in the Internal Revenue
Code of 1986, as amended.

Date of this Agreement (Grant
Date):                                 

	
  MAGNETEK, INC.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Optionee Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address (please print):

  
	
   

  	
   

  	
   

  
	
  By

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ByExhibit
10.26

AMENDMENT TO CREDIT AGREEMENT

THIS AMENDMENT TO CREDIT AGREEMENT
(the “Agreement”) is made and entered into as of this 21st day of June, 2007,
by and between SUNTRUST BANK, in its capacity as Administrative Agent for the
Lenders (as such terms are defined below), and WATSON WYATT & COMPANY, a
Delaware corporation (the “Borrower”).

RECITALS

A.                                   Pursuant
to that certain Amended and Restated Revolving Credit Agreement dated as of
July 11, 2005, by and between the Borrower, the several Lenders and other
financial institutions and lenders from time to time party hereto (the “Lenders”),
SunTrust Bank, in its capacity as administrative agent for the Lenders (the “Administrative
Agent”), as issuing Lender (the “Issuing Lender”) and as swingline lender (the “Swingline
Lender”) (as amended from time to time, the “Credit Agreement”), the Lenders
have agreed to make Revolving Credit Loans from time to time in a principal
amount of up to $300,000,000 (the “Loans”). 
Capitalized terms not otherwise defined herein shall have the meanings
given such terms in the Credit Agreement.

B.                                     The
Borrower has requested that the Lenders make certain amendments to the Credit
Agreement.

C.                                     The
Lenders are willing to make certain amendments to the Credit Agreement on the
terms and conditions set forth herein.

AGREEMENT

In consideration of the
Recitals and of the mutual promises and covenants contained herein, the
Administrative Agent, Issuing Bank, Swingline Lender, Lenders and the Borrower
agree as follows:

1.                                       Amendments to Credit Agreement.  The Credit Agreement is hereby amended to add
the following (j) to Section 7.4 to the Credit Agreement:

“(j)                               that
certain transaction in which the Borrower, or a member of the Consolidated
Group, intends to acquire 100 percent of the operations of Dr. Dr. Heissmann
GmbH (the “Target”) and certain other entities affiliated or related to the
Target.”

2.                                       Representations and Warranties.  The Borrower hereby represents and warrants
to the Lenders as follows:

(a)                                  Corporate Power; Authorization.  The Borrower has the corporate power, and has
been duly authorized by all requisite corporate action, to execute and deliver
this Agreement and to perform its obligations hereunder.  This Agreement has been duly executed and
delivered by the Borrower.

(b)                                 Enforceability.  This Agreement is the legal, valid and
binding obligation of the Borrower, enforceable against the Borrower in
accordance with its terms.

(c)                                  No Violation.  The Borrower’s execution, delivery and
performance of this Agreement do not and will not (i) violate any law, rule,
regulation or court order to which the Borrower is  subject; (ii) conflict with or result in a
breach of the Borrower’s Articles of Incorporation or Bylaws or any agreement
or instrument to which the Borrower is party or by which it or its properties
are bound, or (iii) result in the creation or imposition of any lien, security
interest or encumbrance on any property of the Borrower, whether now owned or
hereafter acquired, except liens (if any) created under the Credit Agreement.

(d)                                 Obligations Absolute.  The obligation of the Borrower to repay the
Loans, together with all interest accrued thereon, is absolute and
unconditional, and there exists no right of set off or recoupment, counterclaim
or defense of any nature whatsoever to payment of the Obligations.

3.                                       Effect and Construction of Agreement.  Except as expressly provided herein, the
Credit Agreement and the Loan Documents shall remain in full force and effect
in accordance with their respective terms, and this Agreement shall not be
construed to:

(i)                                     waive or impair
any rights, powers or remedies of the Lenders under the Credit Agreement and
the Loan Documents; or

(ii)                                  constitute an
agreement by the Lenders or require the Lenders to waive additional defaults or
make further amendments to the Credit Agreement.

In the event of any
inconsistency between the terms of this Agreement and the Credit Agreement or
any of the Loan Documents, this Agreement shall govern.  The Borrower acknowledges that it has
consulted with counsel and with such other experts and advisors as it has
deemed necessary in connection with the negotiation, execution and delivery of
this Agreement.  This Agreement shall be
construed without regard to any presumption or rule requiring that it be
construed against the party causing this Agreement or any part hereof to be
drafted.

4.                                       Miscellaneous.

(a)                                  Further Assurance.  The Borrower agrees to execute such other and
further documents and instruments as the Lenders may request to implement the
provisions of this Agreement.

(b)                                 Benefit of Agreement.  This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto, their
respective successors and assigns.  No
other person or entity shall be entitled to claim any right or benefit
hereunder, including, without limitation, the status of a third-party
beneficiary of this Agreement.

(c)                                  Integration.  This Agreement, together with the Credit
Agreement, and the Loan Documents, constitutes the entire agreement and
understanding among the parties relating to the subject matter hereof, and
supersedes all prior proposals, negotiations, agreements and understandings
relating to such subject matter.  In
entering into this Agreement, the Borrower acknowledges that it is relying on
no statement, representation, warranty, covenant or 

agreement of any kind made by the Lenders or
any employee or agent of the Lenders, except for the agreements of the Lenders
set forth herein.

(d)                                 Severability.  The provisions of this Agreement are intended
to be severable.  If any provisions of
this Agreement shall be held invalid or unenforceable in whole or in part in
any jurisdiction, such provision shall, as to such jurisdiction, be ineffective
to the extent of such invalidity or enforceability without in any manner
affecting the validity of enforceability of such provision in any other
jurisdiction or the remaining provisions of this Agreement in any jurisdiction.

(e)                                  Governing Law.  This Agreement shall be governed by and
construed in accordance with the internal substantive laws of the State of New
York, without regard to the choice of law principles of such state.

(f)                                    Counterparts; Telecopied Signatures.  This Agreement may be executed in any number
of counterparts and by different parties to this Agreement on separate
counterparts, each of which, when so executed, shall be deemed an original, but
all such counterparts shall constitute one and the same agreement.  Any signature delivered by a party by
facsimile transmission shall be deemed to be an original signature hereto.

(g)                                 Notices.  Any notices with respect to this Agreement
shall be given in the manner provided for in Section 10.1 of the Credit
Agreement.

(h)                                 Amendment.  No amendment, modification, rescission,
waiver or release of any provision of this Agreement shall be effective unless
the same shall be in writing and signed by the parties hereto.

{Remainder of page intentionally
left blank — signatures appear on the following page}

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written.

	
  

  	
  SUNTRUST BANK

  
	
   

  	
  as Administrative Agent, as Issuing Lender and

  
	
   

  	
  as Swingline Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Van Buren Knick II

  	
   

  
	
   

  	
   

  	
  Name: Van Buren Knick II

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Revolving Commitment: $55,000,000

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WATSON WYATT & COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Michael J. O’Boyle

  	
   

  
	
   

  	
   

  	
    Michael
  J. O’Boyle

  
	
   

  	
   

  	
  Treasurer

  
					

 

PARENT
GUARANTOR 

ACKNOWLEDGEMENT,
CONSENT AND RATIFICATION

The undersigned, WATSON WYATT WORLDWIDE, INC.
(formerly WATSON WYATT & COMPANY HOLDINGS), a Delaware corporation (the “Guarantor”
), (a) is a guarantor pursuant to that certain Parent Guaranty Agreement dated
as of June 30, 2004 by such Guarantor in favor of SUNTRUST BANK, a Georgia
banking corporation, as administrative agent (the “Administrative Agent”) for
the several banks and other financial institutions (the “Lenders”) from time to
time party to the Credit Agreement
described in the foregoing Amendment to Credit Agreement (the “Amendment”), (b)
hereby acknowledges and consents to the amendments described in the Amendment,
(c) ratifies and confirms such Parent Guaranty Agreement as being in full force
and effect and reaffirms its obligations thereunder, as modified, after giving
effect to the Amendment.

 

	
   

  	
  GUARANTOR:

  
	
   

  	
   

  
	
   

  	
  WATSON WYATT
  WORLDWIDE, INC.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
  /s/ Michael J.
  O’Boyle

  	
   

  
	
   

  	
  Michael J.
  O’Boyle

  
	
   

  	
  Treasurer

  
					

 

SUBSIDIARY GUARANTOR
 ACKNOWLEDGEMENT, CONSENT AND RATIFICATION

The undersigned, WATSON WYATT INSURANCE CONSULTING,
INC., a Delaware corporation (the “Guarantor” ), (a) is a guarantor pursuant to
that certain Subsidiary Guaranty Agreement dated as of June 30, 2004 by such
Guarantor in favor of SUNTRUST BANK, a Georgia banking corporation, as
administrative agent (the “Administrative Agent”) for the several banks and
other financial institutions (the “Lenders”) from time to time party to the
Credit Agreement described in the
foregoing Amendment to Credit Agreement (the “Amendment”), (b) hereby
acknowledges and consents to the amendments described in the Amendment, (c)
ratifies and confirms such Subsidiary Guaranty Agreement as being in full force
and effect and reaffirms its obligations thereunder, as modified, after giving
effect to the Amendment.

 

	
   

  	
  GUARANTOR:

  
	
   

  	
   

  
	
   

  	
  WATSON WYATT
  INSURANCE 

  
	
   

  	
  CONSULTING, INC.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
  /s/ Michael J.
  O’Boyle

  	
   

  
	
   

  	
  Michael J.
  O’Boyle

  
	
   

  	
  Treasurer

  
					

 

SUBSIDIARY GUARANTOR

ACKNOWLEDGEMENT, CONSENT AND RATIFICATION

The undersigned, WATSON WYATT INVESTMENT CONSULTING,
INC., a Delaware corporation (the “Guarantor” ), (a) is a guarantor pursuant to
that certain Subsidiary Guaranty Agreement dated as of June 30, 2004 by such
Guarantor in favor of SUNTRUST BANK, a Georgia banking corporation, as
administrative agent (the “Administrative Agent”) for the several banks and
other financial institutions (the “Lenders”) from time to time party to the
Credit Agreement described in the
foregoing Amendment to Credit Agreement (the “Amendment”), (b) hereby
acknowledges and consents to the amendments described in the Amendment, (c)
ratifies and confirms such Subsidiary Guaranty Agreement as being in full force
and effect and reaffirms its obligations thereunder, as modified, after giving
effect to the Amendment.

	
   

  	
  GUARANTOR:

  
	
   

  	
   

  
	
   

  	
  WATSON WYATT
  INVESTMENT 

  
	
   

  	
  CONSULTING, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
  /s/ Carl Hess

  	
   

  
	
   

  	
  Carl Hess

  
	
   

  	
  Director

  
					

 

SUBSIDIARY GUARANTOR
 ACKNOWLEDGEMENT, CONSENT AND RATIFICATION

The undersigned, WYATT DATA SERVICES, INC., a Delaware
corporation (the “Guarantor” ), (a) is a guarantor pursuant to that
certain Subsidiary Guaranty Agreement dated as of June 30, 2004 by such
Guarantor in favor of SUNTRUST BANK, a Georgia banking corporation, as
administrative agent (the “Administrative Agent”) for the several banks and
other financial institutions (the “Lenders”) from time to time party to the
Credit Agreement described in the
foregoing Amendment to Credit Agreement (the “Amendment”), (b) hereby
acknowledges and consents to the amendments described in the Amendment, (c)
ratifies and confirms such Subsidiary Guaranty Agreement as being in full force
and effect and reaffirms its obligations thereunder, as modified, after giving
effect to the Amendment.

 

	
   

  	
  GUARANTOR:

  
	
   

  	
   

  
	
   

  	
  WYATT DATA
  SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
  /s/ Michael J.
  O’Boyle

  	
   

  
	
   

  	
  Michael J.
  O’Boyle

  
	
   

  	
  Treasurer

  
					

 

SUBSIDIARY GUARANTOR
 ACKNOWLEDGEMENT, CONSENT AND RATIFICATION

The undersigned, WATSON
WYATT INTERNATIONAL, INC., a Nevada corporation (the “Guarantor” ), (a) is a
guarantor pursuant to that certain Subsidiary Guaranty Agreement dated as of
June 30, 2004 by such Guarantor in favor of SUNTRUST BANK, a Georgia banking
corporation, as administrative agent (the “Administrative Agent”) for the
several banks and other financial institutions (the “Lenders”) from time to
time party to the Credit Agreement
described in the foregoing Amendment to Credit Agreement (the “Amendment”), (b)
hereby acknowledges and consents to the amendments described in the Amendment,
(c) ratifies and confirms such Subsidiary Guaranty Agreement as being in full
force and effect and reaffirms its obligations thereunder, as modified, after
giving effect to the Amendment.

	
   

  	
  GUARANTOR:

  
	
   

  	
   

  
	
   

  	
  WATSON WYATT
  INTERNATIONAL, 

  INC.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
  /s/ Michael J.
  O’Boyle

  	
   

  
	
   

  	
  Michael J.
  O’Boyle

  
	
   

  	
  Treasurer

  
					

 

PLEDGOR

ACKNOWLEDGEMENT, CONSENT AND RATIFICATION

The undersigned, Watson
Wyatt Worldwide, Inc. (formerly WATSON WYATT & COMPANY HOLDINGS), a
Delaware corporation (the “Pledgor” ), (a) is a pledgor pursuant to that
certain Pledge Agreement dated as of June 30, 2004 by such Pledgor Guarantor in
favor of SUNTRUST BANK, a Georgia banking corporation, as administrative agent
(the “Administrative Agent”) for the several banks and other financial
institutions (the “Lenders”) from time to time party to the Credit Agreement described in the foregoing
Amendment to Credit Agreement (the “Amendment”), (b) hereby acknowledges
and consents to the amendments described in the Amendment, (c) ratifies and
confirms such Pledge Agreement as being in full force and effect and reaffirms
its obligations thereunder, as modified, after giving effect to the Amendment.

	
   

  	
   

  	
   

  	
  PLEDGOR:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  WATSON WYATT
  WORLDWIDE, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   /s/ Michael J. O’Boyle

  	
   

  
	
   

  	
   

  	
   

  	
  Michael J.
  O’Boyle

  
	
   

  	
   

  	
   

  	
  Treasurer

  

 

 

	
  

  	
  US
  BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
  /s/ Frances W.
  Josephic

  	
   

  
	
   

  	
   

  	
   

  	
   Name:

  	
  Frances W.
  Josephic

  
	
   

  	
   

  	
   

  	
   Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
  U.S. Bank, N.A.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Revolving
  Commitment: $35,000,000

  
						

 

 

	
  

  	
  COMERICA
  BANK

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
  /s/ Sarah R.
  West

  	
   

  
	
   

  	
   

  	
   

  	
   Name: Sarah
  R. West

  
	
   

  	
   

  	
   

  	
   Title:   Assistant Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Revolving
  Commitment: $35,000,000

  

 

 

	
  

  	
  MANUFACTURERS
  AND TRADERS 

  TRUST COMPANY

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   /s/ Humberto M. Salomon

  	
   

  
	
   

  	
   

  	
   

  	
   Name: Humberto
  M. Salomon

  
	
   

  	
   

  	
   

  	
   Title:   Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Revolving
  Commitment: $35,000,000

  

 

 

	
  

  	
  HSBC
  BANK USA, NA

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
  /s/ Jeffrey M.
  Henry

  	
   

  
	
   

  	
   

  	
   

  	
   Name: Jeffrey
  M. Henry

  
	
   

  	
   

  	
   

  	
   Title:   Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Revolving
  Commitment: $35,000,000

  

 

 

	
  

  	
  SUMITOMO
  MITSUI BANKING

  CORPORATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
  /s/ David A.
  Buck

  	
   

  
	
   

  	
   

  	
   

  	
   Name: David
  A. Buck

  
	
   

  	
   

  	
   

  	
   Title:   Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Revolving
  Commitment: $25,000,000

  

 

 

	
  

  	
  NATIONAL
  CITY BANK

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
  /s/ Heather
  McIntyre

  	
   

  
	
   

  	
   

  	
   

  	
   Name: Heather
  McIntyre

  
	
   

  	
   

  	
   

  	
   Title:   Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Revolving
  Commitment: $20,000,000

  

 

 

	
  

  	
  MIZUHO
  CORPORATE BANK, LTD.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   /s/ Makoto Murata

  	
   

  
	
   

  	
   

  	
   

  	
   Name: Makoto
  Murata

  
	
   

  	
   

  	
   

  	
   Title:   Deputy
  General Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Revolving Commitment: $20,000,000

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