Document:

EXHIBIT 10.1
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                                 AMENDMENT TO
                             EMPLOYMENT AGREEMENT

      This AMENDMENT TO EMPLOYMENT AGREEMENT dated May 1, 2009 between
William E. Saxelby (the "Executive") and Landauer, Inc., a Delaware
corporation (the "Company").

      WHEREAS, the Executive and the Company are parties to an Employment
Agreement dated as of September 28, 2005 (the "Employment Agreement");

      WHEREAS, the Employment Agreement provides that if the Executive is
employed by the Company on September 28, 2010 (or if his employment
terminates prior to that date under certain circumstances described in the
Employment Agreement), he is entitled to receive, following his termination
of employment, a supplemental pension under the Supplemental Key Executive
Retirement Plan of Landauer, Inc. (the "SERP") calculated as though the
Executive had completed 20 years of service with the Company (such
supplemental pension, the "Supplemental SERP Benefit");

      WHEREAS, the Company previously amended the SERP with respect to all
participants therein, other than the Executive, to provide that the SERP
would become a "frozen plan" and that all benefit accruals thereunder would
cease effective March 31, 2009;

      WHEREAS, the Company and the Executive desire to amend the Employment
Agreement to provide that the Supplemental SERP Benefit will be provided
under the NQ Excess Plan of Landauer, Inc. (the "DC Excess Plan"); and

      WHEREAS, the Company is amending the SERP with respect to the
Executive to provide that the SERP became a "frozen plan" and that all
benefit accruals thereunder ceased effective March 31, 2009.

      NOW, THEREFORE, in consideration of the premises and the mutual
agreements contained herein, the Company and the Executive hereby agree as
follows:

      1.     Section 3(g) of the Employment Agreement is amended in its
entirety, effective as of March 31, 2009, to read as follows:

             (g)   SUPPLEMENTAL RETIREMENT BENEFIT.  If (i) the Executive is
employed by the Company on the fifth anniversary of the Effective Date,
(ii) the Executive is terminated prior to such fifth anniversary without
Cause (as defined below), or (iii) following a "Change in Control" (as
defined in the Landauer, Inc. Executive Special Severance Plan), the
Executive is terminated prior to such fifth anniversary, then, as of such
fifth anniversary or the date of the Executive's termination, as
applicable, the Company shall credit $1,323,684 to the Executive's account
in the NQ Excess Plan of Landauer, Inc.  Distribution of such amount, as
adjusted for any earnings or losses (the "Supplemental Benefit), shall
commence on the Executive's "Initial Payment Date" (as that term is defined
in the Supplemental Key Executive Retirement Plan of Landauer, Inc. (the
"SERP")).  The Supplemental Benefit shall be paid in the form of a life
annuity (as defined in the Treasury Regulations promulgated under section
409A of the Internal Revenue Code of 1986, as amended), which annuity shall
be actuarially equivalent to the form of benefits that would have been
provided under the SERP had the Executive received his supplemental
retirement benefit under the SERP.

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<PAGE>

      2.     The remaining provisions of the Employment Agreement shall not
be changed.

      3.     The benefit provided by item 1 above is intended to constitute,
for purposes of section 409A of the Internal Revenue Code of 1986, as
amended (the "Code"), a substitution of the deferred compensation to which
the Executive is entitled under the SERP taking into account the Employment
Agreement (prior to the amendment contained herein); however, this
substitution is intended to not constitute a subsequent deferral of such
deferred compensation or a change in the time or form of payment of such
deferred compensation.  Payment of the substituted deferred compensation
under the DC Excess Plan shall commence at the time the benefit under the
SERP would have commenced and the payment of such substituted deferred
compensation under the DC Excess Plan shall be made in the form of a life
annuity for purposes of section 409A of the Code and shall be actuarially
equivalent to the form of benefit that would have been provided under the
SERP.

      4.     The Executive consents to the retroactive amendment of the SERP
to provide that, with respect to the Executive, the SERP shall be a "frozen
plan" and that all benefit accruals thereunder shall cease effective as of
March 31, 2009.

      5.     Upon the Company crediting to the Executive's account under the
DC Excess Plan the amount described in item 1 above, the Executive's
benefit under the SERP shall be cancelled and the Executive shall cease to
be a participant therein at such time.

      6.     Effective April 1, 2009, the Executive shall be eligible to
participate in the DC Excess Plan pursuant to its terms.

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

                                      LANDAUER, INC.

                                      By    /s/  Jonathon M. Singer
                                            ---------------------------------
                                            Jonathon M. Singer
                                            Senior Vice President, Finance,
                                            Secretary, Treasurer, and
                                            Chief Financial Officer

                                      EXECUTIVE:

                                            /s/  William E. Saxelby
                                            ---------------------------------
                                            William E. Saxelby

                                       2exv10w1

EXHIBIT 10.1

THIRD AMENDMENT TO AMENDED AND RESTATED

LOAN AND SECURITY AGREEMENT

     THIS THIRD AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (the “Amendment”) is
made effective as of the 31st day of March, 2009, by and among IMPAX LABORATORIES, INC., a Delaware
corporation (“Borrower”), and WACHOVIA BANK, NATIONAL ASSOCIATION, a Wells Fargo Company (together
with its successors and assigns, “Bank”).

BACKGROUND

     A. Pursuant to that certain Amended and Restated Loan and Security Agreement dated December
15, 2005 by and between Borrower and Bank (as amended by that certain First Amendment to Amended
and Restated Loan and Security Agreement dated October 14, 2008, that certain Second Amendment to
Amended and Restated Loan and Security Agreement dated December 31, 2008 and as the same may
hereafter be further amended, modified, supplemented or restated from time to time, being referred
to herein as the “Loan Agreement”), Bank agreed, inter alia, to amend and restate an existing
revolving line of credit in the maximum principal amount of Thirty-Five Million Dollars
($35,000,000.00).

     B. Borrower has requested and Bank has agreed to amend the Loan Agreement in accordance with
the terms and conditions contained herein.

     C. All capitalized terms contained herein and not otherwise defined herein shall have the
meanings set forth in the Loan Agreement.

     NOW, THEREFORE, intending to be legally bound hereby, the parties hereto agree as follows:

     1. Termination Date. The reference to “March 31, 2009” contained in the
definition of “Termination Date” in Section 1.1 of the Loan Agreement is hereby deleted and
replaced with “March 31, 2010”.

     2. Applicable Margin. The definition of “Applicable Margin” as set forth in
Section 1 of the Loan Agreement is hereby amended to read, in its entirety, as follows:

          “Applicable Margin” shall mean, at any time, the applicable percentage set forth below
if the Fixed Charge Coverage Ratio for the immediately preceding fiscal quarter is at or within the
amounts indicated for such percentage:

 

 

	 	 	 	 	 	 	 	 	 
	 	 	Applicable	 	 
	 	 	Margin for Prime	 	Applicable Margin
	Fixed Charge Coverage Ratio	 	Rate Loans	 	for LIBOR Loans
	 
	 	 	 	 	 	 	 	 
	Less than 1.50 to 1
	 	 	0.75	%	 	 	3.00	%
	Greater than or equal to
1.50 to 1 but less than or
equal to 2.50 to 1
	 	 	0.25	%	 	 	2.50	%
	Greater than 2.50 to 1
	 	 	0	%	 	 	2.25	%

provided, that the Applicable Margin shall be calculated and established once each fiscal quarter
(commencing with the fiscal quarter ending on March 31, 2009) and shall remain in effect until
adjusted thereafter during the next fiscal quarter. Each change in the Applicable Margin resulting
from a change in the Fixed Charge Coverage Ratio shall be effective on and after the date of
delivery to the Bank of the financial statements and certificates required by Section
5.6(b) and Section 5.6(d), respectively, indicating such change, and until the date
immediately preceding the next date of delivery of such financial statements and certificates
indicating another such change. In the event that Borrower has failed to deliver the financial
statements and certificates required by Sections 5.6(b) or (d), respectively, and in
addition to all other rights and remedies available to Bank, the Applicable Margin shall be the
highest percentage set forth above, until receipt by Bank of such information.

     3. Servicing Fee. Section 2.11.1 of the Loan Agreement is hereby amended to
read, in its entirety, as follows:

“2.11.1 Servicing Fee. Borrower shall pay to Bank a monthly non-refundable
servicing fee in the amount of One Thousand Five Hundred Dollars ($1,500.00) with
respect to any month during which Revolver Loans are outstanding, payable on the
first day of each month with respect to the preceding month.”

     4. Financial Information. Section 5.6(a) of the Loan Agreement is hereby
amended to read, in its entirety, as follows:

“(a) Periodic Borrowing Base Information. A completed Borrowing Base
Certificate in the form attached hereto as Exhibit 5.6(a) (a “Borrowing Base
Certificate”) (which shall be certified by the chief financial officer or president
of Borrower to be accurate and complete and in compliance with the terms of the Loan
Documents) (i) each Business Day of each month if the immediately prior month’s
average Excess Availability was less than or equal to Five Million Dollars
($5,000,000.00), (ii) on the last Business Day of each week of each month if the
immediately prior month’s average Excess Availability was greater than Five Million
Dollars ($5,000,000.00) and (iii) within three (3) days after the end of each month
during which there were no Revolver Loans outstanding; provided, however, no
Borrowing Base Certificate shall be due during a month immediately following a month
during which no Revolver Loans were outstanding and

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Borrower had a Net Cash Position (calculated on an average daily basis) of at least
Twenty Million Dollars ($20,000,000.00). Bank may, but shall not be required to,
rely on each Borrowing Base Certificate delivered hereunder as accurately setting
forth the available Borrowing Base for all purposes of this Loan Agreement until
such time as a new Borrowing Base Certificate is delivered to Bank in accordance
herewith.”

     5. Fixed Charge Coverage Ratio. Notwithstanding anything in the Loan Agreement to the
contrary, the Fixed Charge Coverage Ratio shall be tested only for those Applicable Fiscal Periods
during which the Net Cash Position (calculated on an average daily basis for such Applicable Fiscal
Period) is less than $50,000,000.00. In addition to all other information currently required under
the Loan Agreement, each compliance certificate delivered under Section 5.6(e) of the Loan
Agreement shall contain a calculation of the Net Cash Position calculated as described above for
the Applicable Fiscal Period covered thereby, in such detail as shall be reasonably satisfactory to
Bank.

     6. Capital Expenditures. Section 7.2 of the Loan Agreement is hereby amended
to read, in its entirety, as follows:

“ 7.2 Capital Expenditures. Borrower shall not, directly or indirectly, make
total Capital Expenditures in excess of Twenty-Five Million Dollars ($25,000,000.00)
for the period from January 1, 2009 through December 31, 2009 and for each calendar
year thereafter.”

     7. Control Agreement. On or before April 30, 2009, Borrower shall cause to be
delivered to Bank a fully executed Control Agreement in form and content reasonably satisfactory to
Bank, among Borrower, US Bank and Bank in order to perfect Bank’s security interest in all
Investment Property of Borrower maintained with US Bank.

     8. Commitment Fee. Upon execution of this Amendment, Borrower shall pay to Bank a
commitment fee in an amount equal to $100,000.00 (the “Commitment Fee”), which Commitment Fee may
be charged as a Revolver Loan or charged to any bank account of Borrower maintained with the Bank.
The Commitment Fee is in addition to the interest and other amounts which Borrower is required to
pay under the Loan Documents and has been fully earned and is nonrefundable.

     9. Amendment/References. The Loan Agreement and the Loan Documents are hereby amended
to be consistent with the terms of this Amendment. All references in the Loan Agreement and the
Loan Documents to (a) the “Loan Agreement” shall mean the Loan Agreement as amended hereby; and (b)
the “Loan Documents” shall include this Amendment and all other instruments or agreements executed
pursuant to or in connection with the terms hereof.

     10. Release. Borrower acknowledges and agrees that it has no claims, suits or causes
of action against Bank and hereby remises, releases and forever discharges Bank, their officers,
directors, shareholders, employees, agents, successors and assigns, and any of them, from any
claims, suits or causes of action whatsoever, in law or at equity, which Borrower has or may

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have arising from any act, omission or otherwise, at any time up to and including the date of
this Amendment.

     11. Additional Documents; Further Assurances. Borrower covenants and agrees to execute
and deliver to Bank, or to cause to be executed and delivered to Bank contemporaneously herewith,
at the sole cost and expense of Borrower, the Amendment and any and all documents, agreements,
statements, resolutions, searches, insurance policies, consents, certificates, legal opinions and
information as Bank may require in connection with the execution and delivery of this Amendment or
any documents in connection herewith, or to further evidence, effect, enforce or protect any of the
terms hereof or the rights or remedies granted or intended to be granted to Bank herein or in any
of the Loan Documents, or to enforce or to protect Bank’s interest in the Collateral. All such
documents, agreements, statements, etc., shall be in form and content acceptable to Bank in its
sole discretion. Borrower hereby authorizes Bank to file, at Borrower’s cost and expense, financing
statements, amendments thereto and other items as Bank may require to evidence or perfect Bank’s
continuing security interest and liens in and against the Collateral. Borrower agrees to join with
Bank in notifying any third party with possession of any Collateral of Bank’s security interest
therein and in obtaining an acknowledgment from the third party that it is holding the Collateral
for the benefit of Bank. Borrower will cooperate with Bank in obtaining control with respect to
Collateral consisting of deposit accounts, investment property, letter-of-credit rights and
electronic chattel paper.

     12. Further Agreements and Representations. Borrower does hereby:

          (a) ratify, confirm and acknowledge that the statements contained in the foregoing Background
are true and complete and that, as amended hereby, the Loan Agreement and the other Loan Documents
are in full force and effect and are valid, binding and enforceable against Borrower and its assets
and properties, all in accordance with the terms thereof, as amended;

          (b) covenant and agree to perform all of Borrower’s obligations under the Loan Agreement and
the other Loan Documents, as amended;

          (c) acknowledge and agree that as of the date hereof, Borrower has no defense, set-off,
counterclaim or challenge against the payment of any of the Obligations or the enforcement of any
of the terms of the Loan Agreement or of the other Loan Documents, as amended;

          (d) acknowledge and agree that all representations and warranties of Borrower contained in the
Loan Agreement and/or the other Loan Documents, as amended (including, without limitation as
modified by the amendments set forth on Schedule A hereto), are true, accurate and correct
on and as of the date hereof as if made on and as of the date hereof,

          (e) represent and warrant that no Default or Event of Default exists;

          (f) covenant and agree that Borrower’s failure to comply with any of the terms of this
Amendment or any other instrument or agreement executed or delivered in connection herewith, shall
constitute an Event of Default under the Loan Agreement and each of the other Loan Documents; and

4

 

          (g) acknowledge and agree that nothing contained herein, and no actions taken pursuant to the
terms hereof, are intended to constitute a novation of the Note, the Loan Agreement or of any of
the other Loan Documents and does not constitute a release, termination or waiver of any existing
Event of Default or of any of the liens, security interests, rights or remedies granted to the Bank
in any of the Loan Documents, which liens, security interests, rights and remedies are hereby
expressly ratified, confirmed, extended and continued as security for all of the Obligations.

     Borrower acknowledges and agrees that Bank is relying on the foregoing agreements,
confirmations, representations and warranties of Borrower and the other agreements, representations
and warranties of Borrower contained herein in agreeing to the amendments contained in this
Amendment.

     13. Fees, Cost, Expenses and Expenditures. Borrower will pay all of Bank’s reasonable,
out-of-pocket expenses in connection with the review, preparation, negotiation, documentation and
closing of this Amendment and the consummation of the transactions contemplated hereunder,
including without limitation, fees, disbursements, expenses and disbursements of counsel retained
by Bank and all fees related to filings, recording of documents, searches, environmental
assessments and appraisal reports, whether or not the transactions contemplated hereunder are
consummated.

     14. No Waiver. Nothing contained herein constitutes an agreement or obligation by Bank
to grant any further amendments to the Loan Agreement or any of the other Loan Documents. Nothing
contained herein constitutes a waiver or release by Bank of any Event of Default or of any rights
or remedies available to Bank under the Loan Documents or at law or in equity.

     15. Inconsistencies. To the extent of any inconsistencies between the terms and
conditions of this Amendment and the terms and conditions of the Loan Agreement or the other Loan
Documents, the terms and conditions of this Amendment shall prevail. All terms and conditions of
the Loan Agreement and other Loan Documents not inconsistent herewith shall remain in full force
and effect and are hereby ratified and confirmed by Borrower.

     16. Binding Effect. This Amendment, upon due execution hereof, shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns.

     17. Governing Law. This Amendment shall be governed and construed in accordance with
the laws of the Commonwealth of Pennsylvania without regard to conflict of law principles.

     18. Severability. The provisions of this Amendment and all other Loan Documents are
deemed to be severable, and the invalidity or unenforceability of any provision shall not affect or
impair the remaining provisions which shall continue in full force and effect.

     19. Modifications. No modification of this Amendment or any of the Loan Documents
shall be binding or enforceable unless in writing and signed by or on behalf of the party against
whom enforcement is sought.

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     20. Headings. The headings of the Articles, Sections, paragraphs and clauses of this
Amendment are inserted for convenience only and shall not be deemed to constitute a part of this
Amendment.

     21. Counterparts. This Amendment may be executed in multiple counterparts, each of
which shall constitute an original and all of which together shall constitute the same agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have caused this
Amendment to be executed the day and year first above written.

	 	 	 	 	 
	 	IMPAX LABORATORIES, INC.

 	 
	 	By:  	/s/ Arthur A. Koch, Jr.
 	 
	 	 	Name/Title: SVP-Finance & Chief Financial Officer 	 
	 	 	 	 
	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION, 

a WELLS
FARGO COMPANY

 	 
	 	By:  	/s/ Margaret A. Byrne
 	 
	 	 	Name/Title: Margaret A. Byrne/Director

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