Document:

exv10w4

 

Exhibit 10.4

FIRST AMENDMENT TO EXECUTIVE RELOCATION AGREEMENT

     THIS FIRST AMENDMENT TO EXECUTIVE RELOCATION AGREEMENT (the “First Amendment”) is made
and entered into as of the 28th day of April, 2005, by and between Orbital Sciences Corporation, a
Delaware corporation (the “Company”), and Ronald J. Grabe (the “Executive”).

     WHEREAS, the parties hereto entered in that certain Executive Relocation Agreement, dated as
of August 7, 2003 (the “Relocation Agreement”);

     WHEREAS, the Relocation Agreement originally contemplated that the Executive’s relocation
assignment would terminate in 2005;

     WHEREAS, the Company has requested, and the Executive has agreed, to extend his relocation
until 2006; and

     WHEREAS, the parties hereto desire to amend the Relocation Agreement on the terms and
conditions set forth herein.

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

1. AMENDMENTS

     (a) Section 3(b) of the Relocation Agreement is amended to insert the phrase “and on June 1,
2006” after the phrase “On June 1, 2005”.

     (b) A new Section 4A shall be added as follows:

“4A. Summer Leave. Effective as of June 1, 2005, you shall be entitled to
work primarily in Dulles, Virginia during the months of June and July of each year
you are relocated in Chandler, Arizona, provided that you agree to travel to
Chandler, Arizona as required by the Company during such months.”

     (c) Exhibit A to the Relocation Agreement is amended by adding the following new item 6:

“6. Disposition of Virginia residence – In the event the Executive and the Company
mutually agree that the Executive’s relocation assignment should extend beyond June
1, 2006 and the Executive decides to dispose of his Virginia residence, then Orbital
shall reimburse the Executive for the following:

	 	•  	Reasonable and customary statutory costs imposed on the Executive as the
seller by federal, state or local laws;
	 
	 	•  	Real estate brokerage fees; and
	 
	 	•  	Attorney fees, mortgage fees, title search costs and title insurance.”

 

 

2. NO FURTHER CHANGES

     Except to the extent expressly set forth in this First Amendment, all of the terms and
provisions of the Relocation Agreement shall remain unmodified and in full force and effect.

     IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to be duly executed
on their behalf as of the date first above written.

	 	 	 	 	 
	 	ORBITAL SCIENCES CORPORATION

 	 
	 	By:  	/s/ David W. Thompson
 	 
	 	 	Name:  	David W. Thompson 	 
	 	 	Title:  	Chairman and Chief Executive Officer 	 
	 	Agreed to:

 	 
	 	 	/s/ Ronald J. Grabe
 	 
	 	 	Name:  	Ronald J. Grabe 	 
	 	 	Title:  	Executive Vice President and General Manager, Launch Systems Group<PAGE>
                                                                   EXHIBIT 10.78

                              AMENDMENT AGREEMENT
                              -------------------

      AMENDMENT AGREEMENT ("Amendment") dated as of 12/17/04, 2004 to the
                                                    --------
Revolving Credit Agreement dated as of September 27, 2002, as amended to date
(as the same maybe further amended, supplemented or modified from time to time
in accordance with its terms, the "Credit Agreement") by and among UNITED STATES
ENRICHMENT CORPORATION, a Delaware corporation (the "Borrower"), the lenders
party thereto (the "Lenders") and JPMORGAN CHASE BANK, as Administrative and
Collateral Agent (the "Agent"), Merrill Lynch Capital, as Syndication Agent,
GMAC Commercial Finance LLC (formerly known as GMAC Business Credit, LLC), as
Documentation Agent and Congress Financial Corporation, as Managing Agent. All
capitalized terms used herein and not otherwise defined shall have the meaning
assigned to such terms in the Credit Agreement.

      WHEREAS, the Borrower, Lenders and the Agent entered into the Credit
Agreement and other Financing Documents, including the Security Agreement;

      WHEREAS, the Credit Agreement permits the Borrower to make restricted
payments to Holdings for certain purposes, but not for the purposes of providing
working capital to another Person;

      WHEREAS, Holdings will be acquiring NAC Holding Inc. and NAC International
Inc. (collectively, "NAC");

      WHEREAS, the Borrower has requested that the Required Lenders amend the
provisions of Section 6.06 of the Credit Agreement and certain related
provisions for the purpose of allowing certain restricted payments to be made to
Holdings in order to provide working capital to NAC; and

      WHEREAS, the Borrower has also requested that the Required Lenders amend
the provisions of Sections 6.04 and 6.06 of the Credit Agreement for the purpose
of allowing ongoing intercompany loans to Holdings from the Borrower and any
other subsidiary of Holdings and to allow for the elimination of intercompany
balances by means of a cashless dividend under certain circumstances.

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

      SECTION 1. AMENDMENTS TO CREDIT AGREEMENT

      1.1   The definition of Guarantor in Article I of the Credit Agreement is
hereby amended in its entirety to read as follows:

            "`Guarantor' means, collectively, Holdings, NAC and each Subsidiary
            ------------
      which becomes a Guarantor after the effective date."
<PAGE>
      1.2   The following definition shall be added to Article I of the Credit
Agreement in its alphabetical order:

                  "NAC" means, collectively, NAC Holding Inc., a Delaware
            corporation and its wholly-owned subsidiary, NAC International Inc.,
            a Delaware corporation."

      1.3   The first sentence of Section 2.04(a) of the Credit Agreement is
hereby amended by inserting after the words "for its own account" the phrase "or
the account of Holdings to the extent permitted under Section 6.06(e)".

      1.4   Section 5.01 of the Credit Agreement is hereby amended by deleting
the reference in subsection (g) to "Intentionally omitted" and substituting
therefor the following:

            "so long as NAC continues as a separate Person and to the extent
      required by GAAP, together with any delivery under (a), (b) or (c) above,
      consolidating financial information for Holdings and its subsidiaries,
      provided that any such information under (a) above need not be audited;"

      1.5   Section 6.04 of the Credit Agreement is hereby amended by striking
the word "and" at the end of 6.04(l), striking the period at the end of 6.04(m)
and adding in its place "; and" and adding the following subsection (n):

            "(n)  Investments consisting of loans and advances to Holdings from
      Borrower or any other subsidiary of Holdings and any promissory notes or
      other evidence thereof.

      1.6.  Section 6.06 of the Credit Agreement is hereby amended by striking
the word "and" in the next to last line, substituting a comma, striking the
period at the end of such Section and adding the following subsections (e) and
(f):

            "(e)  the Borrower may transfer funds or provide Letter of Credit
      accommodations to Holdings to permit Holdings to provide working capital
      to NAC so long as the aggregate principal amount of such transfers
      together with the face amount of Letter of Credit accommodations does not
      exceed $4,000,000 at any one time outstanding; and

            (f)   the Borrower may declare and pay cashless dividends to
      Holdings to eliminate intercompany balances when deemed necessary or
      advisable for tax purposes."

      SECTION 2. CONDITIONS PRECEDENT

      2.1   All representations and warranties contained in this Amendment or
otherwise made in writing to the Agent in connection herewith shall be true and
correct.

      2.2   No unwaived event has occurred and is continuing which constitutes
an Event of Default under the Credit Amendment or would constitute such an Event
of Default but for the requirement that notice be given or time elapse or both.
<PAGE>
      2.3   The Agent shall have received counterparts of this Amendment duly
executed by the Borrower, Holdings and Required Lenders.

      SECTION 3. MISCELLANEOUS

      3.1   The Borrower reaffirms and restates the representations and
warranties set forth in Article IV of the Credit Agreement and all such
representations and warranties shall be true and correct on the date hereof with
the same force and effect as if made on such date (except insofar as such
representations and warranties relate expressly to an earlier date). Each of the
Borrower and Holdings represents and warrants (which representations and
warranties shall survive the execution and delivery hereof) to the Agent that:

            (a)   It has the power and authority to execute, deliver and carry
      out the terms and provisions of this Amendment and the transactions
      contemplated hereby and has taken or caused to be taken all necessary
      action to authorize the execution, delivery and performance of this
      Amendment and the transactions contemplated hereby;

            (b)   No consent of any other person, and no action of, or filing
      with any governmental or public body or authority is required to
      authorize, or is otherwise required in connection with the execution,
      delivery and performance of this Amendment;

            (c)   This Amendment has been duly executed and delivered on behalf
      of each such party by a duly authorized officer, and constitutes its
      legal, valid and binding obligation enforceable in accordance with its
      terms, subject to bankruptcy, reorganization, insolvency, moratorium and
      other similar laws affecting the enforcement of creditors' rights
      generally and the exercise of judicial discretion in accordance with
      general principles of equity;

            (d)   The execution, delivery and performance of this Amendment will
      not violate any law, statute or regulation, or any order or decree of any
      court or governmental instrumentality, or conflict with, or result in the
      breach of, or constitute a default under any contractual obligation of
      each.

      3.2   All references to the Credit Agreement in the Credit Agreement, the
Financing Documents and the other documents and instruments delivered pursuant
to or in connection therewith shall mean the Credit Agreement as amended hereby
and as such may in the future be amended, restated, supplemented or modified
from time to time;

      3.3   Except as expressly set forth in this Amendment, the terms,
provisions and conditions of the Credit Agreement and other Financing Documents
are unchanged, and said agreements shall remain in full force and effect and are
hereby confirmed and ratified;

      3.4   This Amendment may be executed by the parties hereto individually or
in combination, in one or more counterparts, each of which shall be an original
and all of which shall constitute one and the same agreement;

      3.5   Delivery of an executed counterpart of a signature page by
telecopier shall be effective as delivery of a manually executed counterpart;
and
<PAGE>
      3.6   This Amendment shall be governed by, and construed and interpreted
in accordance with, the internal laws of the State of New York and shall become
effective upon execution thereof by the Borrower, the Agent and the Required
Lenders.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
      IN WITNESS WHEREOF, the Borrower, the Agent and the Required Lenders have
caused this Amendment to be duty executed by their respective officers as of the
date and year first above written.

                         UNITED STATES ENRICHMENT CORPORATION,
                         as Borrower

                         By:        /s/ Ellen C. Wolf
                             -------------------------------
                             Name:  Ellen C. Wolf
                             Title: SVP-CFO

                         JPMORGAN CHASE BANK, individually and as Administrative
                         and Collateral Agent and Lead Arranger

                         By:        /s/ James M. Barbato
                             -------------------------------
                             Name:  James M. Barbato
                             Title: Vice President

                         MERRILL LYNCH CAPITAL, a division of Merrill Lynch
                         Business Financial Services, Inc., as Syndication Agent
                         and Lender

                         By:        /s/ Mark Gertzof
                             -------------------------------
                             Name:  Mark Gertzof
                             Title: Director

                         GMAC COMMERCIAL FINANCE LLC, as
                         Documentation
                         Agent and Lender

                         By:        /s/ Thomas Maiale
                             -------------------------------
                             Name:  Thomas Maiale
                             Title: Director
<PAGE>
                         CONGRESS FINANCIAL CORPORATION, as Managing
                         Agent and Lender

                         By:        /s/ Jason Searle
                             -------------------------------
                             Name:  Jason Searle
                             Title: Assistant VP

                         SIEMENS FINANCIAL SERVICES, INC., as Lender

                         By:        /s/ Frank Amodio
                             -------------------------------
                             Name:  Frank Amodio
                             Title: Vice President - Credit

                         SOVEREIGN BANK, as Lender

                         By:        /s/ Eric Ritter
                             -------------------------------
                             Name:  Eric Ritter
                             Title: AVP

Acknowledged:

USEC INC., as Guarantor

By:      /s/ Ellen C. Wolf
      -------------------------------
      Name:  Ellen C. Wolf
      Title: SVP-CFO

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