Document:

exv10w8

 

Exhibit
10.8

THIRD
    AMENDMENT TO CREDIT AGREEMENT

 

    THIS AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of December 1, 2006, by and between
    DIONEX CORPORATION, a Delaware corporation
    (“Borrower”), and WELLS FARGO BANK, NATIONAL
    ASSOCIATION (“Bank”).

 

RECITALS

 

    WHEREAS, Borrower is currently indebted to Bank pursuant to the
    terms and conditions of that certain Credit Agreement between
    Borrower and Bank dated as of November 13, 2000, as amended
    from time to time (“Credit Agreement”).

 

    WHEREAS, Bank and Borrower have agreed to certain changes in the
    terms and conditions set forth in the Credit Agreement and have
    agreed to amend the Credit Agreement to reflect said changes.

 

    NOW, THEREFORE, for valuable consideration, the receipt and
    sufficiency of which are hereby acknowledged, the parties hereto
    agree that the Credit Agreement shall be amended as follows:

 

    1. The first paragraph on page 1 of the Agreement is
    hereby deleted in its entirety, and the following substituted
    therefor:

 

    “THIS AGREEMENT is entered into as of November 13,
    2000, by and between DIONEX CORPORATION, a Delaware corporation
    (“Borrower”), and WELLS FARGO BANK, NATIONAL
    ASSOCIATION (“Bank”).”

 

    2. Section 1.1(a) is hereby amended by deleting
    “December 31, 2006” as the last day on which Bank
    will make advances under the Line of Credit, and by substituting
    for said date “December 31, 2009,” with such
    change to be effective upon the execution and delivery to Bank
    of a promissory note dated as of December 1, 2006 (which
    promissory note shall replace and be deemed the Line of Credit
    Note defined in and made pursuant to the Credit Agreement) and
    all other contracts, instruments and documents required by Bank
    to evidence such change.

 

    3. The following is hereby added to the Credit Agreement as
    Section 1.4:

 

    “SECTION 1.4.  COLLECTION OF
    PAYMENTS.  Borrower authorizes Bank to collect all
    interest and fees due under the Line of Credit by charging
    Borrower’s deposit account number 4496-876350 with
    Bank, or any other deposit account maintained by Borrower with
    Bank, for the full amount thereof. Should there be insufficient
    funds in any such deposit account to pay all such sums when due,
    the full amount of such deficiency shall be immediately due and
    payable by Borrower.”

    

    -1-

 

			
	 	    4.  
	
    Section 2.1 is hereby deleted in its entirety, and the following
    substituted therefor:

 

    “SECTION 2.1.  LEGAL STATUS.  Borrower
    is a corporation, duly organized and existing and in good
    standing under the laws of the State of Delaware, and is
    qualified or licensed to do business (and is in good standing as
    a foreign corporation, if applicable) in all jurisdictions in
    which such qualification or licensing is required or in which
    the failure to so qualify or to be so licensed could have a
    material adverse effect on Borrower.”

 

			
	 	    5.  
	
    Section 5.6 is hereby deleted in its entirety, and the
    following substituted therefor:

 

    “SECTION 5.6.  ACQUISITIONS AND
    MERGERS.  Acquire (i) all or substantially all of
    the assets of, or (ii) any equity securities in, any other
    entity, or merge into or consolidate with any other entity,
    without the prior written consent of Bank if the aggregate
    consideration to be paid by Borrower (whether in cash, stock or
    otherwise) in connection with any such acquisition or merger (or
    series of related acquisitions and/or mergers) exceeds
    $50,000,000.00, provided however, that (x) Borrower shall
    be the surviving entity in any merger or consolidation,
    (y) each entity whose assets or equity securities are
    acquired by Borrower, or which merges into or consolidates with
    Borrower, shall be engaged, at the time of the applicable
    transaction, in substantially the same business as Borrower, and
    (c) the consent of Bank, when required hereunder, shall not
    be unreasonably withheld or delayed.”

 

    6.      Except as specifically provided herein, all terms
    and conditions of the Credit Agreement remain in full force and
    effect, without waiver or modification. All terms defined in the
    Credit Agreement shall have the same meaning when used in this
    Amendment. This Amendment and the Credit Agreement shall be read
    together, as one document.

 

    7.      Borrower hereby remakes all representations and
    warranties contained in the Credit Agreement and reaffirms all
    covenants set forth therein. Borrower further certifies that as
    of the date of this Amendment there exists no Event of Default
    as defined in the Credit Agreement, nor any condition, act or
    event which with the giving of notice or the passage of time or
    both would constitute any such Event of Default.

 

    IN WITNESS WHEREOF, the parties hereto have caused this
    Amendment to be executed as of the day and year first written
    above.

 

	 	 	 
	
    

    DIONEX CORPORATION
    
	
 
	
    WELLS FARGO BANK,

      NATIONAL ASSOCIATION
    

	
 
	
 
	
 

	

    By: /s/  Craig
    McCollam

    
Craig
    McCollam

    Chief Financial Officer

    

	
 
	

    By: /s/  Shirley Guillen

    
Shirley
    Guillen

    Relationship Officer 

    

-2-exv10w3

 

EXHIBIT 10.3

[EMULEX LETTERHEAD]

December 19, 2006

James M. McCluney

c/o Emulex Corporation

3333 Susan Street

P.O. Box 6725

Costa Mesa, CA 92626

	 	 	 	 	 
	 

	 	Re:
	 	Amendment to Addendum to Offer of Employment Letter

Dear Jim:

     We refer to our offer of employment to you set forth in our letter dated November 13, 2003
(the “Offer Letter”) and the addendum dated November 14, 2003 (the “Addendum”) which amends such
Offer Letter. Such Addendum and the Offer Letter are hereby amended by the following terms and
conditions which are intended to conform the Offer Letter and the Addendum (as previously modified
by the adoption of the amended Key Employee Retention Agreement effective September 5, 2006, which
was entered into in connection with your appointment as Chief Executive Officer and President) with
applicable requirements under Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”).

     This amendment is intended to conform the terms of the Offer Letter and the Addendum to the
requirements of Section 409A(a)(2)(B)(i) of the Code applicable to nonqualified deferred
compensation paid on separation from service to certain specified employees of publicly traded
corporations. Section 409A(a)(2)(B)(i) of the Code provides that a “specified employee” (an
officer earning more than $130,000, a more than 5% owner or a more than 1% owner earning more than
$150,000) of a publicly traded corporation who is entitled to a distribution of nonqualified
deferred compensation on account of separation from service may not receive such distribution until
six months after separation from service (or upon death, if earlier). In the event your employment
is terminated by the Company without Cause, the terms of paragraph 3 of the Addendum provide
certain severance benefits that are subject to the specified employee rules under Section 409A of
the Code. This amendment also clarifies certain terms applicable to the continued provision of
group health plan benefits under COBRA.

     Paragraph 3 of the Addendum is hereby amended and replaced in its entirety, effective as of
January 1, 2005, to read as follows:

	 	 	“3) In the event your employment is terminated by the Company without Cause (as such
term is defined in the Emulex Key Employee Retention Agreement effective September
5, 2006 by and between you and the Company), provided that you execute a General
Release in a form acceptable to the Company, and further provided that such General
Release becomes effective in accordance with its terms, the Company shall provide
you with: (i) continuation of your base salary for a period

 

 

	 	 	of one year (at the rate in effect at time of termination less all required
deductions and withholdings); (ii) any deferred incentive bonuses (less all required
deductions and withholdings); (iii) continuation of group health coverage under
COBRA for you and your eligible family members, if any, for up to one year, at the
Company’s expense, but subject to your payment of any portion of the premiums that
you would be responsible for paying if your employment continued during such period;
and continued vesting of stock options for one year, all in exchange for your
continued compliance with the Employee Creation and Non-Disclosure Agreement.
Notwithstanding anything to the contrary in this Paragraph 3, in the event any
benefits under this agreement (including, without limitation, the benefits in
clauses (i) and (ii) of this Paragraph 3) are determined, in whole or in part, to
constitute “nonqualified deferred compensation” within the meaning of Section 409A
of the Code and you are a specified employee as defined in Section 409A(2)(B)(i) of
the Code, such amounts will not be paid before the date which is six months after
your employment terminates. The determination of whether and what amount of the
benefits constitute deferred compensation and whether you are a specified employee
within the meaning of Section 409A(2)(B)(i) of the Code shall be determined by the
by the board of directors of the Company or its delegate and any such determination
shall be final and binding on the Company and you, unless such decisions are
determined to be arbitrary and capricious by a court having jurisdiction. The
Company makes no representation and the Company shall have no liability to you or
any other person if any benefits provided pursuant to the terms of this agreement
are determined to constitute “nonqualified deferred compensation” within the meaning
of Section 409A of the Code and the payment terms of such benefits do not satisfy
the additional conditions applicable to nonqualified deferred compensation under
Section 409A of the Code and this Paragraph 3.”

     Paragraph 4 of the Addendum is hereby amended and replaced in its entirety to read as follows:

	 	 	“4) This letter, the Offer Letter and Addendum, the Employee Creation and
Non-Disclosure Agreement and the Emulex Key Employee Retention Agreement effective
September 5, 2006 constitute the entire agreement between you and the Company with
respect to the subject matter contained herein and supersede and replace all prior
agreements, arrangements and understandings, written or oral, between you and the
Company with respect to the subject matter contained herein. This letter may only
be modified by an instrument in writing, signed by you and the Company’s Executive
Chairman.

     Notwithstanding the foregoing, you hereby agree that your acceptance of the revised terms of
employment hereunder (as evidenced by your signing this amendment letter) shall not constitute a
Demotion within the meaning of the Emulex Key Employee Retention Agreement or termination without
Cause under the terms of the Addendum to the Offer Letter.

 

 

     The validity, interpretation, construction and performance of this letter, the Offer Letter
and Addendum shall be governed by and construed in accordance with the laws of the State of
California, without regard to its principles of conflicts of laws that would defer to the
substantive laws of another jurisdiction.

Sincerely,

Emulex Corporation

	 	 	 	 	 
	By:

	 	 
	 	 
	 

	 	 	 	 
	 

	 	Paul F. Folino, Executive Chairman	 	 

Agreed to and Accepted:

	 	 	 	 	 	 	 
	 

	 	 
	 	Dated:
	 	 
	 

	 	 	 	 	 	 
	James M. McCluney

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