Document:

exv10w1

Exhibit 10.1

Execution Version

FOURTH AMENDMENT 

     This
FOURTH AMENDMENT, dated as of March 12, 2010 (this “Amendment”), is entered into
by and between CKX, INC., a Delaware corporation (the “Borrower”), and BEAR STEARNS
CORPORATE LENDING INC., as administrative agent (in such capacity, together with its successors and
assigns in such capacity, the “Administrative Agent”).

Preliminary Statements

     WHEREAS, reference is made to the Credit Agreement, dated as of May 24, 2006 (as amended by
the First Amendment and Waiver, dated as of February 20, 2007, the Second Amendment, dated as of
June 1, 2007, and the Third Amendment, dated as of September 27, 2007, and as further amended,
restated, amended and restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among the Borrower, the Lenders party thereto from time to time, the
Administrative Agent and the other Agents party thereto. Capitalized terms used but not otherwise
defined herein are used with the meanings given in the Credit Agreement.

     WHEREAS, the Borrower has requested that the Credit Agreement be amended as herein set forth.

     WHEREAS, the Required Lenders are willing to consent to the amendment and waiver request
described above on the terms and subject to the conditions set forth below.

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

     SECTION 1. Amendment to Credit Agreement.

     (a) Section 1.1 of the Credit Agreement is hereby amended by deleting the following defined
terms and their corresponding definitions: “New Term Loan Commitments”, “New Term Loan Facility
Amendment”, “New Term Loan Facility Notice” and “New Term Loan Lender”.

     (b) Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions
in appropriate alphabetical order:

     “Fourth
Amendment”: the Fourth Amendment, dated as of March 12, 2010, by and
between the Borrower and the Administrative Agent (at the direction of the Required
Lenders).

     “Fourth Amendment Effective Date”: the date on which the Fourth Amendment
became effective in accordance with Section 2 thereof.

     (c) Section 1.1 of the Credit Agreement is hereby amended by inserting the following new
sentence at the end of the definition of “Total Revolving Commitments”: “The amount of the Total
Revolving Commitments from and after the Fourth Amendment Effective Date is $100,000,000.”

     (d) Section 2.6 of the Credit Agreement is hereby amended by adding the following proviso at
the end of the first sentence thereof:

 

 

     “; provided, further, that the Borrower may provide any such notice
required hereby in connection with the permanent reduction of the Revolving Commitments
contemplated by the Fourth Amendment not later than 12:00 Noon, New York City time, on the
date of such reduction”.

     (e) Section 2.15 of the Credit Agreement is hereby deleted in its entirety.

     (f) Section 6.10 of the Credit Agreement is hereby amended by deleting the words “obtains any
New Term Loan Commitments in accordance with Section 2.15 or” appearing therein.

     (g) Section 8(k) of the Credit Agreement is hereby amended by (i) deleting clause (i) thereof
in its entirety and (ii) renumbering clauses (ii), (iii) and (iv) thereof as (i), (ii) and (iii),
respectively.

     (h) Section 10.1 of the Credit Agreement is hereby amended by deleting the words “and in
Section 2.15” appearing therein.

     SECTION 2. Conditions to Effectiveness.

     The amendments contained in Section 1 shall not be effective unless and until each of the
following conditions precedent is satisfied (the date on which such conditions are satisfied, the
“Amendment Effective Date”):

     (a) the Administrative Agent shall have received counterparts of this Amendment executed by
the Administrative Agent and the Borrower and counterparts of the Consent attached as Exhibit A
hereto (the “Consent”) executed by each of the Subsidiary Guarantors;

     (b) the Administrative Agent shall have received executed counterparts of this Amendment or a
signed authorization to execute this Amendment from the Required Lenders;

     (c) all fees and expenses then due and payable to any Agent or Lender under the Loan
Documents or relating thereto (to the extent invoiced at least one Business Day prior) shall have
been paid in full in immediately available funds;

     (d) each of the representations and warranties set forth in Section 3 below shall be true and
correct in all material respects (except to the extent any such representation and warranty itself
is qualified by “materiality”, “Material Adverse Effect” or similar qualifier, in which case, it
shall be true and correct in all respects);

     (e) no Default or Event of Default shall have occurred and be continuing, as certified by the
Borrower;

     (f) the Administrative Agent shall have received an irrevocable written notice from the
Borrower to permanently reduce the Revolving Commitments to $100,000,000; and

     (g) the Administrative Agent shall have received such other documents and instruments as it or
any other Agent may reasonably request.

     SECTION 3. Representations and Warranties. The Borrower represents and warrants to
the Agents and Lenders that:

 

 

     (a) Authority. The Borrower has the requisite power and authority to execute and
deliver this Amendment and to perform its obligations hereunder and under the Credit Agreement (as
amended hereby) (the “Amended Agreement”) and the other transactions contemplated hereby
and by the Amended Agreement. Each Subsidiary Guarantor has the requisite power and authority to
execute, deliver and perform its obligations under the Consent and the Loan Documents, as amended
hereby. The execution, delivery and performance by the Borrower of this Amendment and by the
Guarantors of the Consent and the performance by the Borrower of this Amendment and the Amended
Agreement and the other transactions contemplated hereby and by the Amended Agreement have been
duly approved by all necessary corporate action of the Borrower, and no other corporate or other
organizational proceedings or actions on the part of the Borrower or any Guarantor are necessary to
consummate such transactions.

     (b) Enforceability. This Amendment has been duly executed and delivered by the
Borrower, and the Consent has been duly executed and delivered by each Subsidiary Guarantor. When
this Amendment becomes effective in accordance with its terms, this Amendment, the Amended
Agreement and the Consent each will be the legal, valid and binding obligation of such party
enforceable against it in accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles (whether enforcement
is sought in proceedings in equity or at law).

     (c) Representations and Warranties. The representations and warranties made by the
Borrower in the Amended Agreement (other than any such representations and warranties that, by
their terms, are specifically made as of an earlier date, in which case, such representation and
warranties were true and correct as of such date) are and will be true and correct on and as of the
date of this Amendment and the Amendment Effective Date as though made on and as of each such date.

     (d) No Conflicts. Neither the execution and delivery of this Amendment, nor the
execution and delivery of the Consent, nor the consummation of the transactions contemplated
hereby or thereby or by the Amended Agreement, nor the performance of and compliance with the
terms and provisions hereof or of the Amended Agreement or the other Loan Documents by the
Borrower or any Subsidiary Guarantors will, at the time of such performance, (i) violate or
conflict with any provision of its articles or certificate of incorporation or bylaws or other
organizational or governing documents, (ii) violate, contravene or materially conflict with any
Requirement of Law (including, without limitation, Regulation U) or Contractual Obligation, except
for any violation, contravention or conflict which could not reasonably be expected to have a
Material Adverse Effect or (iii) result in or require the creation of any Lien (other than those
permitted by the Loan Documents) upon or with respect to its properties. No consent or
authorization of, filing with, notice to or other act by or in respect of, any Governmental
Authority or any other Person is required in connection with the execution or delivery of this
Agreement, the performance, validity or enforceability of this Agreement or the Amended Agreement
or with the transactions contemplated hereby or by the Amended Agreement.

     (e) No Default. No event has occurred and is continuing that constitutes a Default
or Event of Default.

     SECTION 4. Reference to and Effect on Credit Agreement.

 

 

     (a) Upon and after the effectiveness of this Amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the
Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and
be a reference to the Amended Agreement. This Amendment is a Loan Document.

     (b) Except as specifically amended above, the Credit Agreement and the Guarantee and
Collateral Agreement and the other Loan Documents are and shall continue to be in full force and
effect and is hereby in all respects ratified and confirmed.

     (c) The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of any Secured Party
under any of the Loan Documents, nor, except as expressly provided herein, constitute a waiver or
amendment of any provision of the Credit Agreement or any other Loan Document.

     SECTION 5. Counterparts.

     This Amendment may be executed by one or more of the parties to this Amendment on any number
of separate counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. Delivery of an executed signature page of this Agreement
by facsimile transmission or other electronic transmission (in “pdf” or “tif” format) shall be
effective as delivery of a manually executed counterpart hereof.

     SECTION 6. Severability.

     Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

     SECTION 7. Headings.

     Section headings set forth in this Amendment are for purposes of reference only and shall not
limit or otherwise affect the meaning hereof.

     SECTION 8. Governing Law.

     This Amendment and the rights and obligations of the parties under this Amendment shall be
governed by, and construed and interpreted in accordance with, the law of the State of New York.

[signature pages follow]

 

 

     IN WITNESS WHEREOF, the party hereto has caused this Amendment to be executed by its
respective officers thereunto duly authorized, as of the date first written above.

	 	 	 	 	 	 	 
	 	 	CKX, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Thomas P. Benson
 

Thomas P. Benson
	 	 
	 

	 	Title:
	 	Chief Financial Officer, Executive Vice
President and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	BEAR STEARNS CORPORATE LENDING INC., 
as
Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 	 	By: JPMORGAN CHASE BANK, N.A., authorized        signatory	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Peter B. Thauer
 

Peter B. Thauer
	 	 
	 

	 	Title:
	 	Executive Director	 	 

ConsentExhibit 10.2

Exhibit 10.2

LUMINEX CORPORATION

2010 LONG TERM INCENTIVE PLAN

Purpose and Administration of the Plan

The 2010 Long-Term Incentive Plan (the “LTIP”) has been established by Luminex Corporation (the
“Company”) to encourage and reward superior long-term performance from specified key executive
officers. Awards under the LTIP shall be treated as Performance Awards under the Luminex
Corporation Amended and Restated 2006 Equity Incentive Plan (as the same may be amended from time
to time, the “Plan”). Subject to applicable law, all designations, determinations,
interpretations, and other decisions under or with respect to the LTIP or any award shall be within
the sole discretion of the Compensation Committee (the “Committee”), may be made at any time and
shall be final, conclusive and binding upon all persons. Designations, determinations,
interpretations, and other decisions made by the Committee with respect to the LTIP or any award
hereunder need not be uniform and may be made selectively among Participants (as defined below),
whether or not such Participants are similarly situated. All capitalized terms not otherwise
defined herein shall have the meanings ascribed to them in the Plan.

Participation

The Committee shall have the sole and absolute discretion to determine those officers of the
Company who shall be eligible to receive an award pursuant to the LTIP (each, a “Participant”).

Incentive Calculation and Payment of Awards

The Committee will make awards pursuant to the LTIP as set forth on Schedule A hereto, on
such terms as the Committee may prescribe based on the performance criteria set forth on
Schedule A hereto and such other factors as it may deem appropriate. The period over which
the performance shall be evaluated is the period beginning January 1, 2010 and ending on December
31, 2012 (the “Performance Period”). The Committee shall determine whether and to what extent each
performance goal has been met at the end of the Performance Period.

Awards pursuant to the LTIP will be paid in Restricted Share Units issued as follows: (a) upon the
Effective Date (or such later date as determined by the Committee and/or required by the Company’s
equity award policies), a number of Restricted Share Units shall be issued to each Participant
equal to the number of Shares such Participant would earn if “Maximum Performance” in accordance
with Schedule A were achieved with respect to each performance goal (calculated in the
manner specified on Schedule A), and (b) following the close of the Performance Period,
only the number of Restricted Share Units that equate to the actual performance, as determined by
the Committee pursuant to Schedule A, shall be eligible to vest (the “Eligible Units”) and
settle as Shares as further set forth in the applicable Award Agreement for such Performance Award.
The Committee shall make its determination, and the resulting compensation shall be paid, under
the LTIP after the close of the Performance Period by March 15 of the year following the close of
the Performance Period. The form of Restricted Share Unit Award Agreement is attached hereto as
Schedule B. Except as set forth in the applicable Award Agreement or as the Committee may
otherwise determine in its sole and absolute discretion, termination of a Participant’s employment
prior to the end of the Performance Period will result in the forfeiture of the Performance Award
by the Participant, and no payments shall be made with respect thereto.

 

 

 

This LTIP is not a “qualified” plan for federal income tax purposes, and any payments are subject
to applicable tax withholding requirements.

Adjustments for Unusual or Nonrecurring Events

In addition to any adjustments enumerated in the definition of the performance goals set forth on
Schedule A hereto, the Committee is hereby authorized to make adjustments in the terms and
conditions of, and the criteria included in, awards in recognition of unusual or nonrecurring
events affecting any Participant, the Company, or any subsidiary or affiliate, or the financial
statements of the Company or of any subsidiary or affiliate; in the event of changes in applicable
laws, regulations or accounting principles; or in the event the Committee determines that such
adjustments are appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the LTIP. The Committee is also authorized
to adjust performance targets or awards to avoid unwarranted penalties or windfalls.
Notwithstanding the foregoing, the Committee shall not have the discretion to increase any Award
payable to any Covered Officer in excess of that provided by the application of the terms and
conditions of Schedule A attached hereto.

Miscellaneous

No Right to Employment

The grant of an award shall not be construed as giving a Participant the right to be retained in
the employ of the Company or any subsidiary.

No Rights to Awards; No Trust or Fund Created

No person shall have any claim to be granted any award and there is no obligation for uniformity of
treatment among Participants. The terms and conditions of awards, if any, need not be the same
with respect to each Participant. The Company reserves the right to terminate the LTIP at any time
in the Company’s sole discretion. Neither the LTIP nor any award hereunder shall create or be
construed to create a trust or separate fund of any kind or a fiduciary relationship between the
Company or any subsidiary or affiliate and a Participant or any other person.

Interpretation and Governing Law

This LTIP shall be governed by and interpreted and construed in accordance with the internal laws
of the State of Delaware, without reference to principles of conflicts or choices of laws.

Recoupment Policy

The Company can terminate, rescind and/or recover any Restricted Share Units that vested pursuant
to this LTIP based on (i) achievement of financial results that were subsequently the subject of a
restatement, other than as a result of changes to accounting rules and regulations, or (ii)
financial information or performance metrics subsequently found to be materially inaccurate, in
each case regardless of individual fault. The recovery policy applies to any Restricted Share Units
vested pursuant to this LTIP at a time when a Participant is an employee after the effective date
of the LTIP. Subsequent changes in status (including, without limitation, change of title or
responsibilities, retirement or termination of employment) do not affect the Company’s rights to
recover awards under the policy. The Committee will administer this policy and exercise its
discretion and business judgment in the fair application of this policy based on the facts and

 

 

 

circumstances as it deems relevant in its sole discretion. More specifically, the Committee shall
determine in its discretion any appropriate amounts to recoup, and the timing and form of
recoupment; provided that any recoupment shall not exceed that number of Restricted Share Units
equal to the difference between the number of Restricted Share Units that originally were deemed
vested over the amount that would have vested based on the actual, restated financial statements or
actual level of the applicable financial or performance metrics as determined by the Committee in
its sole discretion. If Executive no longer holds the vested Restricted Share Units subject to
recoupment hereunder, Executive shall pay to the Company the fair market value of the Common Stock
underlying the Restricted Share Units that would have otherwise been recouped.

For avoidance of doubt, the Company may offset the amounts of any such required recoupment against
any amounts otherwise owed by a Participant to the Company, including by the cancellation of
unvested equity awards, in each case as determined by the Committee in its sole discretion.

If any restatement of the Company’s financial results indicates that the Company should have
confirmed higher performance-based vesting than that actually made under the LTIP for a period
affected by the restatement, then the Committee shall have the discretion to cause the Company to
make appropriate incremental vesting to the applicable awards hereunder for effected Participants
then-currently employed by the Company. The Committee will determine, in its sole discretion, the
amount, form and timing of any such incremental vesting, which shall be no more than that number of
Restricted Share Units equal to the difference between the amount of Restricted Share Units that
originally were deemed vested and the amount of Restricted Share Units that would have been vested
based on the actual, restated financial statements.

Effective Date

This LTIP shall be effective as of March 9, 2010 (the “Effective Date”).

 

 

 

Schedule A

2010 LTIP Performance Goal Weighting:

	 	 	 	 	 	 	 	 	 
	Participant	 	Share Price	 	 	OCF/S	 
	CEO
	 	 	50	%	 	 	50	%
	CFO
	 	 	50	%	 	 	50	%

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Metric	 	Threshold Performance	 	 	Target Performance	 	 	Maximum Performance	 
	Share Price1
	 	$	22.22	 	 	$	25.25	 	 	$	40.09	 
	OCF/S2
	 	$	0.212	 	 	$	0.241	 	 	$	0.382	 

2010 LTIP Performance Targets:

1 For purposes of calculating performance, Share Price means the average of the Fair
Market Value of a Company Share for the 20 trading days immediately preceding the end of the
Performance Period (which 20 trading days shall include the last day of the Performance Period if
the same is a trading day). In determining whether the Share Price targets have been met, the
Committee shall adjust the targets to appropriately take into account any dividend or other
distribution (whether in the form of cash, Shares, other securities or other property, and other
than a normal cash dividend), recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other
securities of the Company, issuance of securities or warrants or other rights to purchase Shares or
other securities of the Company, or other similar corporate transaction or event that affects the
Shares (collectively the “Share Events”).

2 For purposes of calculating performance, OCF/S means the Company’s total operating
cash flows per diluted share for the 4 fiscal quarters ended December 31, 2012. “Total operating
cash flows” means the net cash provided by operating activities as reflected on the Company’s
financial statements for the 12 months ended December 31, 2012 included in its Annual Report on
Form 10-K for the period ended December 31, 2012. The diluted shares will be equal to the “shares
used in computing net income (loss) per share, diluted” for the 12 months ended December 31, 2012
as reflected in the Company’s financial statements. In computing total operating cash flows,
diluted shares and OCF/S, (i) the Committee shall appropriately take into account any Share Events
and (ii) the effects of losses or expenses from the following shall be excluded: (a) litigation (or
claim) judgments or settlements, (b) acquisition costs required to be expensed currently per FAS
141(R), (c) securitizing of accounts receivable, and (d) any extraordinary non-recurring items as
described in Accounting Principles Board Opinion No. 30 and/or in management’s discussion and
analysis of financial condition and results of operations appearing in the Company’s annual report
to shareholders for the applicable year, all as reasonably determined in good faith by the
Committee. In the event of a significant acquisition or disposition by the Company during the
Performance Period, total operating cash flows and OCF/S targets for various levels of performance
shall be proportionately adjusted by the Committee.

 

 

 

2010 LTIP Participant Opportunities:

Each Participant in the LTIP is assigned a target award amount expressed in dollars (the “Target
Amount”). The potential payout amounts are based on Threshold, Target and Maximum levels of payout
based on the aggregate weighted achievement of the corresponding performance targets for the LTIP
Participants as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Participant	 	Target Amount	 	 	Threshold	 	 	Target	 	 	Maximum	 
	CEO
	 	$	800,000	 	 	 	60	%	 	 	100	%	 	 	275	%
	CFO
	 	$	300,000	 	 	 	60	%	 	 	100	%	 	 	275	%

The potential payout amounts are expressed above as a percentage of the applicable Target Amount
and the number of shares eligible to be vested will be determined by dividing the specified amount
of the Target Amount by the closing price of the Company’s common stock as reported by the Nasdaq
Stock Market on the grant date, in each case at the applicable weighted aggregate performance
level. Payouts between Threshold and Maximum for Participants shall be calculated by the Committee
in its sole discretion using straight-line interpolation. The finally determined weighted
aggregate share payouts shall be deemed to be the Eligible Units under the LTIP.

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