Document:

Exhibit 10.26

 

CHANGE OF CONTROL AGREEMENT

 

This Change of Control
Agreement (“Agreement”) is entered into on September 29, 2005 by and
between Stephen Torres, an individual (the “Officer”), and Magnetek, Inc.,
a Delaware corporation (the “Company”).

 

RECITALS

 

WHEREAS, the Board
of Directors of the Company (the “Board”) recognizes that the possibility of a
Change of Control (as hereinafter defined) exists and that the threat or the
occurrence of a Change of Control can result in significant distractions of its
key management personnel because of the uncertainties inherent in such a
situation;

 

WHEREAS, the Board
has determined that it is essential and in the best interest of the Company and
its stockholders to retain the services of the Officer in the event of a threat
or occurrence of a Change of Control and to ensure the Officer’s continued
dedication and efforts in such event without undue concern for personal
financial and employment security; and

 

WHEREAS, in order
to induce the Officer to remain in the employ of the Company, particularly in
the event of a threat or the occurrence of a Change of Control, the Company
desires to enter into this Agreement with the Officer to provide the Officer
with certain benefits in the event his or her employment is terminated as a
result of, or in connection with, a Change of Control.

 

AGREEMENT

 

NOW THEREFORE, in
consideration of the mutual covenants set forth herein, and for other good and
valuable consideration, receipt of which is hereby acknowledged, the parties do
hereby agree as follows:

 

1.                                       Term
of Agreement.  This Agreement shall
commence as of the date hereof and shall continue in effect until December 31,
2006; provided, however,
that on December 31, 2006 and on each anniversary thereof, the term of
this Agreement shall automatically be extended for one year unless either the
Company or the Officer shall have given written notice to the other prior
thereto that the term of this Agreement shall not be so extended; provided, further, however, that notwithstanding any such notice by the Company
or the Officer not to extend, the term of this Agreement shall not expire prior
to the second anniversary of a Change of Control Date.  The benefits payable pursuant to Section 2
hereof shall be due in all events if a Change of Control occurs during the term
of this Agreement, and a Change of Control will be deemed to have occurred
during the term hereof if an agreement for a transaction resulting in a Change
of Control is entered into during the term hereof, notwithstanding that the
Change of Control Date occurs after the expiration of the term of this
Agreement.

 

 

2.                                       Benefits
Upon Change of Control.

 

(a)                                  Events
Giving Rise to Benefits.  The Company
agrees to pay or cause to be paid to the Officer the benefits specified in this
Section 2 if (i) there is a Change of Control, and (ii) within
the Change of Control Period, (a) the Company or the Successor terminates
the employment of the Officer for any reason other than Cause, death or
Disability or (b) the Officer voluntarily terminates employment for Good
Reason.

 

(b)                                 Benefits
Upon Termination of Employment.  If
the Officer is entitled to benefits pursuant to this Section 2, the
Company agrees to pay or provide to the Officer as severance payment, the
following:

 

(i)                                     A
single lump sum payment, payable in cash within five days of the Termination
Date (or if later, the Change of Control Date), equal to the sum of:

 

(A)                              the
accrued portion of any of the Officer’s unpaid base salary and vacation through
the Termination Date and any unpaid portion of the Officer’s bonus for the
prior fiscal year; plus

 

(B)                                a
portion of the Officer’s bonus for the fiscal year in progress, prorated based
upon the number of days elapsed since the commencement of the fiscal year and
calculated assuming that 100% of the target under the bonus plan is achieved;
plus

 

(C)                                an
amount equal to the Officer’s Base Compensation times the Compensation
Multiplier.

 

(ii)                                  Continuation,
on the same basis as if the Officer continued to be employed by the Company, of
Benefits for the Benefit Period commencing on the Termination Date.  The Company’s obligation hereunder with
respect to the foregoing Benefits shall be limited to the extent that the Officer
obtains any such benefits pursuant to a subsequent employer’s benefit plans, in
which case the Company may reduce the coverage of any Benefits it is required
to provide the Officer hereunder as long as the aggregate coverage and benefits
of the combined benefit plans is no less favorable to the Officer than the
Benefits required to be provided hereunder.

 

(iii)                               Outplacement
services to be provided by an outplacement organization of national repute,
which shall include the provision of office space and equipment (including
telephone and personal computer) but in no event shall the Company be required
to provide such services for a value exceeding 17% of the Officer’s Base
Compensation.

 

(iv)                              Accelerated
vesting of all outstanding stock options and of all previously granted
restricted stock awards.

 

2

 

3.                                       Definitions.  When used in this Agreement, the following
terms have the meanings set forth below:

 

“Base Compensation”
means the sum of (i) the Officer’s annual salary in effect on the earlier
of the Change of Control Date and the Termination Date and (ii) 100% of
the target under the bonus plan for the fiscal year during which the Change of
Control Date occurs.

 

“Benefits” means
benefits that would be available under any health and welfare plan of the
Company on the Termination Date.

 

“Benefit Period”
means 18 months.

 

“Cause”
means:  (A) conviction of a felony
or misdemeanor involving moral turpitude, or (B) willful gross neglect or
willful gross misconduct in carrying out the Officer’s duties, resulting in
material economic harm to the Company or any Successor.

 

“Change of Control”
means (i) any event described in Section 13.2 of the 2004 Stock
Incentive Plan of the Company or any event so defined in any stock incentive or
similar plan adopted by the Company in the future unless, in either case, such
event occurs in connection with a Distress Sale and (ii) any event which
results in the Board ceasing to have at least a majority of its members be “continuing
directors.”  For this purpose, a “continuing
director” means a director of the Company who held such position on September 29,
2005 or who thereafter was appointed or nominated to the Board by a majority of
continuing directors.

 

“Change of Control
Date” means the date on which a Change of Control is consummated.

 

“Change of Control Period” means the period
commencing on the earlier of (i) 180 days prior to the Change of Control
Date and (ii) the announcement of a transaction expected to result in a
Change of Control, and ending on the second anniversary of the Change of Control
Date.

 

“Code” means the Internal Revenue Code of 1986,
as amended.  References herein to a
specific section of the Code shall be deemed to include comparable or
analogous provisions of state, local and foreign law.

 

“Compensation
Multiplier” means 1.5.

 

“Disability” means
the inability of the Officer due to illness (mental or physical), accident, or
otherwise, to perform his or her duties for any period of 180 consecutive days,
as determined by a qualified physician.

 

“Distress Sale”
means a Change of Control occurring within 18 months of any of the
following:  (i) the Company’s
independent public accountants shall have made a “going concern” qualification
in their audit report (other than by reason of extraordinary occurrences, such
as material litigation, not attributable to poor management practices); (ii) the
Company shall lack sufficient capital for its operations by reason of
termination of its existing credit lines or the Company’s inability to secure
credit facilities upon acceptable terms; or (iii) the Company shall have
voluntarily sought relief under, consented to or acquiesced in the benefit of
application to it of the Bankruptcy Code of the United States of America or any
other liquidation,

 

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conservatorship, bankruptcy, moratorium, rearrangement, receivership,
insolvency, reorganization, suspension of payments or similar laws, or shall
have been the subject of proceedings under such laws (unless the applicable
involuntary petition is dismissed within 60 days after its filing).

 

“Good Reason” means (A) without the Officer’s
prior written consent, assignment to the Officer of duties materially
inconsistent in any respect with his or her position immediately prior to the
Change of Control Date or any other action by a Successor that results in a
material diminution in the Officer’s position, authority, duties,
responsibilities, annual base salary or target bonus when compared with the
same immediately prior to the Change of Control Date; or (B) assignment of
the Officer, without his or her prior written consent, to a place of business
that is not within the metropolitan area of the Officer’s current place of
business.

 

“Stay and Pay Agreement” means a “stay and pay”
or retention agreement entered into in contemplation of a sale by the Company
of a division or business unit.

 

“Successor” means any acquiror of all or
substantially all of the stock, assets or business of the Company.

 

“Termination Date” means the last day of the Officer’s
employment.

 

4.                                       Eligibility;
Effect on Other Agreements and Plans.

 

(a)                                  In
the event the Officer is also a party to a Stay and Pay Agreement or severance
agreement and becomes entitled to any payment thereunder, this Agreement shall
be null and void and the Officer shall not be entitled to any payment or
benefit hereunder.  Nothing in this
Agreement shall prevent or limit the Officer’s continuing or future
participation in any benefit, bonus, incentive or other plan or program
provided by the Company and for which the Officer may qualify, nor shall
anything herein limit or reduce such rights as the Officer may have under any
other agreements with the Company. 
Amounts that are vested benefits or that the Officer is otherwise
entitled to receive under any plan or program of the Company shall be payable
in accordance with such plan or program, except as explicitly modified by this
Agreement.

 

(b)                                 Plan
Amendments.  The Company shall adopt
such amendments to its employee benefit plans and insurance policies,
including, without limitation, the Plans, as are necessary to effectuate the
provisions of this Agreement.  If and to
the extent any benefits under Section 2 are not paid or payable or
otherwise provided to the Officer or his or her dependents or beneficiaries
under any such plan or policy (whether due to the terms of the plan or policy,
the termination thereof, applicable law, or otherwise), then the Company itself
shall pay or provide for such benefits (including any gross-up needed to
account for the less favorable tax treatment if the payments are made from the
Company and not from the Plans or other employee benefit plans).

 

5.                                       Golden
Parachute Tax.

 

(a)                                  If
the Value (as hereinafter defined) attributable to the payments and benefits
provided in Section 2 above, without regard to this Section 5 (“Agreement
Payments”), in combination with the Value attributable to other payments or
benefits in the nature of compensation to or for the benefit of Officer
(including but not limited to the value attributable

 

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to accelerated vesting of options and, collectively
with Agreement Payments, “Payments”) would, but for this Section 5,
constitute an “excess parachute payment” under Code Section 280G, then
Agreement Payments will be made to the Officer under Section 2 hereof only
to the extent provided in this Section 5. 
If (i) the excess of the Value of all Payments over the sum of all
taxes (including but not limited to income and excise taxes under Code Section 4999)
that would be payable by the Officer with respect to such Payments, is equal to
or greater than 110% of (ii) the excess of the greatest Value of all such
Payments that could be paid to or for the benefit of the Officer and not result
in an “excess parachute payment” (the “Cap”), over the amount of taxes that
would be payable by Officer thereon, then the full amount of Agreement Payments
shall be paid to the Officer.  Otherwise,
Agreement Payments shall be made only to the extent that such payments cause
the Value of all Payments to equal the Cap.

 

(b)                                 For
purposes of this Section 5, the Company and the Officer hereby irrevocably
appoint the persons who constituted the Compensation Committee of the Board
immediately prior to the Change of Control, or a three person panel named by a
majority of them, as arbitrators (the “Arbitrators”) to make all determinations
required under this Section 5, including but not limited to the Value of
all Payments (and the components thereof) and the amount and nature of any
reduction of Agreement Payments required by this Section 5.  For purposes of this Section 5, “Value”
shall mean value as determined by the Arbitrators applying the valuation
procedures and methodologies established pursuant to Code Section 280G,
including any non-binding interpretive guidance as the Arbitrators determine
appropriate.  The determinations of the
Arbitrators shall be final and binding on both the Company and Officer, and
their successors, assignees, heirs and beneficiaries, for purposes of
determining the amount payable under Section 2.  All fees and expenses of the Arbitrators
(including attorneys’ and accountants’ fees) shall be borne by the
Company.  The arbitrators will be
compensated, to the extent they are not then members of the Board’s
Compensation Committee, at the rates at which they would have been compensated
for their work as Committee members in effect immediately prior to the Change
of Control Date.

 

6.                                       Employment
At-Will.  Notwithstanding anything to
the contrary contained herein, the Officer’s employment with the Company is not
for any specified term and may be terminated by the Officer or by the Company
at any time, for any reason, with or without cause, without liability except
with respect to the payments provided hereunder or as required by law or any
other contract or employee benefit plan.

 

7.                                       General.

 

(a)                                  Entire
Agreement.  This document constitutes
the final, complete, and exclusive embodiment of the entire agreement and
understanding between the parties related to the subject matter hereof and supersedes
and preempts any prior or contemporaneous understandings, agreements, or
representations by or between the parties, written or oral.

 

(b)                                 Successors
and Assigns.  This Agreement is
intended to bind and inure to the benefit of and be enforceable by the Officer
and the Company, and their respective successors and assigns, except that the Officer
may not assign any of his or her duties hereunder and he or she may not assign
any of his or her rights hereunder without the prior written consent of the Company.

 

5

 

(c)                                  Amendments.  No amendments or other modifications to this
Agreement may be made except by a writing signed by both parties.  No amendment or waiver of this Agreement
requires the consent of any individual, partnership, corporation or other
entity not a party to this Agreement. 
Nothing in this Agreement, express or implied, is intended to confer
upon any third person any rights or remedies under or by reason of this
Agreement.

 

(d)                                 No
Amounts Due.  The Officer
acknowledges that no payments or benefits whatsoever shall become due hereunder
in the absence of a Change of Control.

 

(e)                                  No
Mitigation Obligation.  The parties
hereto expressly agree that the payment of the benefits by the Company to the Officer
in accordance with the terms of this Agreement will be liquidated damages, and
that the Officer shall not be required to mitigate the amount of any payment
provided for in this Agreement by seeking other employment or otherwise, nor
shall any profits, income, earnings or other benefits from any source
whatsoever create any mitigation, offset, reduction or any other obligation on
the part of the Officer hereunder or otherwise except as expressly provided in
Sections 2(b)(ii) and 4(a).

 

(f)                                    Changes
to Benefits.  In the event that,
within 90 days of the execution of this Agreement, the Company enters into an
agreement for a Change of Control in connection with a merger to be accounted
for as a “pooling of interests,” the Board will be entitled to modify or reduce
the payments or benefits due hereunder, or to abrogate this Agreement entirely,
if and to the extent that Ernst & Young opines to the Board such
measures are necessary in order to ensure that the proposed merger will be
accounted for as a “pooling of interests.” 
The Board will have no such authority after such 90-day period and, in
the event such merger does not eventuate or is ultimately not accounted for as
a “pooling of interests,” this Agreement, with or without any action by the
Board or the Officer, shall be automatically reinstated.

 

(g)                                 Choice
of Law.  All questions concerning the
construction, validity and interpretation of this Agreement will be governed by
the laws of the State of California without giving effect to principles of conflicts
of law.

 

(h)                                 ERISA.  This Agreement is pursuant to the Company’s
severance plan for Officers (the “Plan”) which is unfunded and maintained by
the Company primarily for the purpose of providing deferred compensation for a
select group of management or highly compensated employees.  The Plan constitutes an employee welfare
benefit plan (“Welfare Plan”) within the meaning of Section 3(1) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  Any payments pursuant to this Agreement which
could cause the Plan not to constitute a Welfare Plan shall be deemed instead
to be made pursuant to a separate “employee pension benefit plan” within the
meaning of Section 3(2) of ERISA as to which the applicable portions
of the document constituting the Plan shall be deemed to be incorporated by
reference.  None of the benefits
hereunder may be assigned in any way.

 

(i)                                     Representation.  The Officer acknowledges that Gibson, Dunn &
Crutcher LLP has not represented the Officer in connection with this Agreement
and that he has had the opportunity to consult with counsel before executing
this Agreement.

 

(j)                                     Mutual
Non-Disparagement.  The Company and
subsidiaries agree, and the Company shall use its best efforts to cause its
respective Officer officers and directors to agree, that they will not make or
publish any statement critical of the Officer, or in any way adversely
affecting or otherwise maligning the Officer’s reputation.  The Officer agrees that he or she will not
make or publish any statement critical of the Company, its affiliates and their
respective Officer officers and directors, or in any way adversely affecting or
otherwise maligning the business or reputation of the Company, its affiliates
and subsidiaries and their respective officers, directors and employees.

 

6

 

 (k)                               Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be considered an original, and all
of which shall be deemed one and the same instrument.

 

(l)                                     Severability.                              If any part of this Agreement shall for any
reason be found or held invalid or unenforceable by any court or governmental
agency of competent jurisdiction, such invalidity or unenforceability shall not
affect the remainder of this Agreement, which shall survive and be construed as
if such invalid or unenforceable part was not included in this Agreement.

 

8.                                       Arbitration.

 

(a)                                  Except
as provided in Section 5 hereof, any disputes or claims arising out of or
concerning the Officer’s employment or termination by the Company, whether
arising under theories of liability or damages based upon contract, tort or
statute, will be determined exclusively by arbitration before a single
arbitrator in accordance with the employment arbitration rules of the
American Arbitration Association, except as modified by this Agreement.  The arbitrator’s decision will be final and
binding on both parties.  Judgment upon
the award rendered by the arbitrator may be entered in any court of competent
jurisdiction.  In recognition of the fact
that resolution of any disputes or claims in the courts is rarely timely or
cost effective for either party, the Company and the Officer enter this mutual
agreement to arbitrate in order to gain the benefits of a speedy, impartial and
cost-effective dispute resolution procedure. 
The parties further intend that the arbitration hereunder be conducted
in as confidential a manner as is practicable under the circumstances, and
intend for the award to be confidential unless that confidentiality would
frustrate the purpose of the arbitration or render the remedy awarded
ineffective.

 

(b)                                 Any
arbitration will be held in Los Angeles, California.  The arbitrator must be an attorney with
substantial experience in employment matters, selected by the parties
alternately striking names from a list of five such persons provided by the
American Arbitration Association (AAA) office located nearest to the place of
employment, following a request by the party seeking arbitration for a list of
five such attorneys with substantial professional experience in employment
matters.  If either party fails to strike
names from the list, the arbitrator will be selected from the list by the other
party.

 

(c)                                  Each
party will have the right to take the deposition of one individual and any
expert witness designated by the other party. 
Each party will also have the right to propound requests for production
of documents to any party and the right to subpoena documents and witnesses for
the arbitration.  Additional discovery
may be made only where the arbitrator selected so orders upon a showing of
substantial need.  The arbitrator will
have the authority to entertain a motion to dismiss and/or a motion for summary
judgment by any party and will apply the standards governing such motions under
the Federal Rules of Civil Procedure.

 

(d)                                 The
Company and the Officer agree that they will attempt, and they intend that they
and the arbitrator should use their best efforts in that attempt, to conclude
the arbitration proceeding and have a final decision from the arbitrator within
120 days from the date of selection of the arbitrator; provided,
however, that the arbitrator will be entitled to extend such 120-day
period for one additional 120-day period. 
The arbitrator will deliver a written award with respect to the dispute
to each of the parties, who must promptly act in accordance therewith.

 

7

 

(e)                                  The
Company will pay any and all reasonable fees and expenses incurred by the Officer
in seeking to obtain or enforce any rights or benefits provided by this
Agreement, including all reasonable attorneys’ and experts’ fees and expenses,
accountants’ fees and expenses, and court costs (if any) that may be incurred
by the Officer in pursuing a claim for payment of compensation or benefits or
other right or entitlement under this Agreement, provided
that the Officer is successful as to material issues, resulting in an award of
at least $50,000.  In addition, the
Company will pay without regard to the results of the arbitration all costs and
fees not normally associated with a civil proceeding, such as any fees charged
by the arbitrator or any room rental charges.

 

(f)                                    In
a contractual claim under this Agreement, the arbitrator must act in accordance
with the terms and provisions of this Agreement and applicable legal principles
and will have no authority to add, delete or modify any term or provision of
this Agreement.  In addition, the arbitrator
will have no authority to award punitive damages under any circumstances unless
repudiating the arbitrator’s authority to do so would cause this arbitration
clause to be ruled ineffective under applicable law.

 

IN WITNESS WHEREOF, the
parties have executed this Agreement effective as of the date it is last
executed below by either party.

 

 

	
   

  	
  /s/ Stephen Torres

  	
   

  
	
   

  	
  Stephen Torres

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MAGNETEK, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas G. Boren

  	
   

  
	
   

  	
  Name:

  	
  Thomas G. Boren

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
					

 

8Exhibit
10.1

 

EXECUTION
VERSION

 

 

FIRST
AMENDMENT dated as of September 29, 2005 (this “First Amendment”),
among EDWARDS LIFESCIENCES CORPORATION, a Delaware corporation (the “Company”);
the LENDERS (as defined in the Credit Agreement referred to below); JPMORGAN
CHASE BANK, N.A., as Administrative Agent for the Lenders (the “Administrative
Agent”).

 

A.  Reference is
made to the Five Year Credit Agreement dated as of June 28, 2004 (as
amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”) among the Company, the other Borrowers, the Lenders party
thereto (the “Lenders”), the Administrative Agent, the London Agent, the
Tokyo Agent, and the documentation agents. Capitalized terms used and not
otherwise defined herein shall have the meanings assigned to such terms in the
Credit Agreement, as amended hereby.

 

B.  The Company
has requested that the Swiss Tranche Commitment be increased by an aggregate
amount equal to $100,000,000 and that the US Tranche Commitment be decreased by
an aggregate amount equal to $100,000,000.

 

C.  Each Lender is
willing to effect such amendments on the terms and subject to the conditions of
this First Amendment.

 

E.   Accordingly,
in consideration of the mutual agreements herein contained and other good and
valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties hereto agree as follows:

 

SECTION 1.  Amendment of the Credit Agreement.  Effective as of the First Amendment Effective
Date:

 

(a)  Amendment
of Schedule 2.01.  Schedule 2.01
attached to the Credit Agreement prior to giving effect to this First Amendment
is hereby replaced with Schedule 2.01 to this First Amendment.  The aggregate amounts of the Swiss Tranche
Commitment and the US Tranche Commitment, in each case after giving effect to
this First Amendment, are $150,000,000 and $250,000,000, respectively.

 

SECTION 2.  Representations and Warranties.  To induce the other parties hereto to enter
into this First Amendment, the Company represents and warrants to each of the
Lenders and the Administrative Agent that, as of the First Amendment Effective
Date:

 

(a)  This First Amendment,
including in the case of the Swiss Borrowers, the increase in the Swiss Tranche
Commitment, has been duly authorized, executed and delivered by it and this First
Amendment and the Credit Agreement, as amended hereby, constitutes its legal,
valid and binding obligation, enforceable against it in accordance with its
terms except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights
generally and

 

 

by general principles of
equity (regardless of whether such enforceability is considered in a proceeding
at law or in equity).

 

(b)  The
representations and warranties set forth in Article III of the Credit
Agreement are, after giving effect to this First Amendment, true and correct in
all material respects on and as of the First Amendment Effective Date with the
same effect as though made on and as of the First Amendment Effective Date,
except to the extent such representations and warranties expressly relate to an
earlier date (in which case they were true and correct in all material respects
as of such earlier date).

 

(c)  No Default
or Event of Default has occurred and is continuing.

 

SECTION 3.  Effectiveness.  This First Amendment and the amendment of the
Credit Agreement effected hereby shall become effective as of the first date (the
“First Amendment Effective Date”) on which the following conditions have
been satisfied:

 

(a)  The
Administrative Agent (or its counsel) shall have received duly executed
counterparts hereof that, when taken together, bear the signatures of (i) the
Administrative Agent, (ii) the Company, (iii) US Tranche Lenders having US Tranche
Revolving Exposures and unused US Tranche Commitments representing more than
50% of the sum of total US Tranche Revolving Exposures and unused US Tranche
Commitments (prior to giving effect to this First Amendment), (iv) Swiss Tranche
Lenders having Swiss Tranche Exposures and unused Swiss Tranche Commitments
representing more than 50% of the sum of total Swiss Tranche Exposures and
unused Swiss Tranche Commitments (prior to giving effect to this First
Amendment) and (v) each Lender with a Swiss Tranche Commitment that is increased
after giving effect to this First Amendment.

 

(b)  The
Administrative Agent shall have received a certificate of the chief financial officer
to the effect that the representations and warranties set forth in Section 2
hereof are true and correct on and as of the First Amendment Effective Date.

 

(c)  The
Administrative Agent shall have received such documents and certificates as the
Administrative Agent or its counsel may reasonably request relating to the
authorization of this First Amendment and the transactions contemplated hereby,
including without limitation, the increase in the Swiss Tranche Commitment, and
any other legal matters relating to the Loan Parties, this First Amendment, and
the transactions contemplated hereby, all in form and substance reasonably
satisfactory to the Administrative Agent.

 

(d)  The
Administrative Agent shall have received all fees and other amounts due from
any Loan Party hereunder or under the Credit Agreement or any other Loan
Document on or prior to the First Amendment Effective Date and, to the extent
invoiced on or prior to the First Amendment Effective Date, reimbursement or
payment of all out-of-pocket expenses (including fees, charges and
disbursements of counsel)

 

2

 

required to be reimbursed
or paid by any Loan Party hereunder or under the Credit Agreement or any other
Loan Document.

 

The Administrative
Agent shall notify the Company and the Lenders of the First Amendment Effective
Date, and such notice shall be conclusive and binding.

 

SECTION 4.  Effect of First Amendment.  (a)  Except
as expressly set forth herein, this First Amendment 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 or the Collateral Agent
under the Credit Agreement or any other Loan Document, and 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
provision of the Credit Agreement or of 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 the Borrower to a consent to, or a 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.

 

(b)  On and
after the First Amendment Effective Date, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of
like import, and each reference to the Credit Agreement in any Loan Document
shall be deemed a reference to the Credit Agreement as amended hereby.  This First Amendment shall constitute a “Loan
Document” for all purposes of the Credit Agreement and the other Loan
Documents.

 

SECTION 5.  Costs and Expenses.  The Company agrees to reimburse the Administrative
Agent for its reasonable out of pocket expenses in connection with this First Amendment,
including the reasonable fees, charges and disbursements of counsel for the
Administrative Agent.

 

SECTION 6.  Indemnity.  It is agreed that for all purposes of
Section 11.03(b) of the Credit Agreement, the execution, delivery and
performance of this First Amendment and the other transactions contemplated
hereby shall all be deemed to be transactions contemplated by the Credit
Agreement.

 

SECTION 7.  Counterparts.  This First Amendment 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 an
original, but all such counterparts together shall constitute but one and the
same instrument.  Delivery of any
executed counterpart of a signature page of this First Amendment by facsimile
transmission shall be as effective as delivery of a manually executed
counterpart hereof.

 

SECTION 8.  Applicable Law.  THIS FIRST AMENDMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

3

 

SECTION 9.  Headings.  The headings of this First Amendment are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

 

4

 

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

 

	
   

  	
  EDWARDS
  LIFE SCIENCES

  CORPORATION,

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
   

  	
  /s/ Corinne H. Lyle

  	
   

  
	
   

  	
   

  	
  Name:
  Corinne H. Lyle

  
	
   

  	
   

  	
  Title:   Corporate Vice President,

  Chief Financial Officer and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JPMORGAN
  CHASE BANK, N.A.,

  individually and as Administrative Agent,

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  /s/ Thomas T. Hou

  	
   

  
	
   

  	
   

  	
  Name:
  Thomas T. Hou

  
	
   

  	
   

  	
  Title:
  Vice President

  
					

 

 

	
  To
  approve First Amendment dated as of September 29, 2005 to the Edwards
  Lifesciences Corporation Credit Agreement:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name
  of Institution: Bank of America

  	
   

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
    /s/
  Peter D. Griffith

  	
   

  
	
   

  	
   

  	
    Name:
  Peter D. Griffith

  
	
   

  	
   

  	
    Title:   Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
    Name:

  
	
   

  	
   

  	
    Title:

  
	
   

  	
   

  	
   

  

 

 

	
  To
  approve First Amendment dated as of September 29, 2005 to the Edwards
  Lifesciences Corporation Credit Agreement:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE
  BANK OF TOKYO-MITSUBISHI, LTD.,

  CHICAGO BRANCH

  	
   

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
    /s/
  Tsuguyuki Umene

  	
   

  
	
   

  	
   

  	
    Name:
  Tsuguyuki Umene

  
	
   

  	
   

  	
    Title:   Deputy General Manager

  
						

 

 

	
  To
  approve First Amendment dated as of September 29, 2005 to the Edwards Lifesciences
  Corporation Credit Agreement:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SUNTRUST
  BANK

  	
   

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
    /s/
  Brooks Hubbard

  	
   

  
	
   

  	
   

  	
    Name:
  Brooks Hubbard

  
	
   

  	
   

  	
    Title:   Director

  
						

 

 

	
  To
  approve First Amendment dated as of September 29, 2005 to the Edwards
  Lifesciences Corporation Credit Agreement:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Wachovia
  Bank, National Association:

  	
   

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
    /s/
  James S. Conville

  	
   

  
	
   

  	
   

  	
    Name:
  James S. Conville

  
	
   

  	
   

  	
    Title:   Assistant Vice President

  
						

 

 

	
  To
  approve First Amendment dated as of September 29, 2005 to the Edwards
  Lifesciences Corporation Credit Agreement:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name
  of Institution:  KEYBANK NATIONAL
  ASSOCIATION

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
    /s/
  Chris Swindell

  	
   

  
	
   

  	
   

  	
    Name:
  Chris Swindell

  
	
   

  	
   

  	
    Title:   Senior Vice President

  
						

 

 

	
  To
  approve First Amendment dated as of September 29, 2005 to the Edwards Lifesciences
  Corporation Credit Agreement:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name
  of Institution:  ALLIED IRISH BANKS

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
    /s/
  Michael Doyle

  	
   

  
	
   

  	
   

  	
    Name:
  Michael Doyle

  
	
   

  	
   

  	
    Title:   Senior Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
    /s/
  Roy Alcock

  	
   

  
	
   

  	
   

  	
    Name:
  Roy Alcock

  
	
   

  	
   

  	
    Title:   Manager

  
						

 

 

	
  To
  approve First Amendment dated as of September 29, 2005 to the Edwards
  Lifesciences Corporation Credit Agreement:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name
  of Institution:  The Bank of Nova
  Scotia

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
    /s/
  Carolyn A. Calloway

  	
   

  
	
   

  	
   

  	
    Name:
  Carolyn A. Calloway

  
	
   

  	
   

  	
    Title:   Managing Director

  
						

 

 

	
  To
  approve First Amendment dated as of September 29, 2005 to the Edwards
  Lifesciences Corporation Credit Agreement:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name
  of Institution:  THE GOVERNOR & CO.
  OF THE BANK OF IRELAND

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
    /s/
  Gwen Evans

  	
   

  
	
   

  	
   

  	
    Name:
  Gwen Evans

  
	
   

  	
   

  	
    Title:   Authorised Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
    /s/
  Daniel McAneney

  	
   

  
	
   

  	
   

  	
    Name:
  Daniel McAneney

  
	
   

  	
   

  	
    Title:   Authorised Signatory

  
						

 

 

	
  To
  approve First Amendment dated as of September 29, 2005 to the Edwards
  Lifesciences Corporation Credit Agreement:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name
  of Institution:  Wells Fargo Bank, N.A.

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
    /s/
  Lucy Nixon

  	
   

  
	
   

  	
   

  	
    Name:
  Lucy Nixon

  
	
   

  	
   

  	
    Title:   Senior Vice President

  
						

 

 

Schedule
2.01

LENDERS
AND COMMITMENTS

 

	
  Title

  	
   

  	
  US Dollar

  Tranche

  	
   

  	
  Japanese Yen

  Tranche

  	
   

  	
  Swiss Franc

  Tranche

  	
   

  	
  Final

  Allocation

  	
   

  
	
  Administrative
  Agent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  JPMorgan
  Chase Bank, N.A.

  	
   

  	
  32,500,000

  	
   

  	
   

  	
   

  	
  25,000,000

  	
   

  	
  57,500,000

  	
   

  
	
  Syndication
  Agent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bank of
  America, N.A.

  	
   

  	
  32,500,000

  	
   

  	
   

  	
   

  	
  25,000,000

  	
   

  	
  57,500,000

  	
   

  
	
  Documentation
  Agents

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bank of Tokyo-Mitsubishi,
  Ltd., Chicago Branch

  	
   

  	
   

  	
   

  	
  50,000,000

  	
   

  	
   

  	
   

  	
  50,000,000

  	
   

  
	
  Mizuho
  Corporate Bank, Ltd., New York Branch

  	
   

  	
   

  	
   

  	
  50,000,000

  	
   

  	
   

  	
   

  	
  50,000,000

  	
   

  
	
  SunTrust
  Bank

  	
   

  	
  25,000,000

  	
   

  	
   

  	
   

  	
  25,000,000

  	
   

  	
  50,000,000

  	
   

  
	
  Wachovia
  Bank, N.A.

  	
   

  	
  25,000,000

  	
   

  	
   

  	
   

  	
  25,000,000

  	
   

  	
  50,000,000

  	
   

  
	
  Managing
  Agent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  KeyBank
  National Association

  	
   

  	
  25,000,000

  	
   

  	
   

  	
   

  	
  10,000,000

  	
   

  	
  35,000,000

  	
   

  
	
  Participants

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Allied Irish
  Banks, p.l.c.

  	
   

  	
  15,000,000

  	
   

  	
   

  	
   

  	
  10,000,000

  	
   

  	
  25,000,000

  	
   

  
	
  Banco Bilbao Vizcaya Argentaria Puerto Rico
  Overseas

  	
   

  	
  25,000,000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  25,000,000

  	
   

  
	
  Morgan
  Stanley Bank

  	
   

  	
  25,000,000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  25,000,000

  	
   

  
	
  The Bank of
  Nova Scotia

  	
   

  	
  15,000,000

  	
   

  	
   

  	
   

  	
  10,000,000

  	
   

  	
  25,000,000

  	
   

  
	
  The Governor
  and Company of the Bank of Ireland

  	
   

  	
  15,000,000

  	
   

  	
   

  	
   

  	
  10,000,000

  	
   

  	
  25,000,000

  	
   

  
	
  Wells Fargo
  Bank, N.A.

  	
   

  	
  15,000,000

  	
   

  	
   

  	
   

  	
  10,000,000

  	
   

  	
  25,000,000

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  250,000,000

  	
   

  	
  $

  	
  100,000,000

  	
   

  	
  $

  	
  150,000,000

  	
   

  	
  $

  	
  500,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]