Document:

Exhibit (10)-kk

    
      

    

    Exhibit
      (10)-kk

    

    BAUSCH
      & LOMB INCORPORATED

    EXECUTIVE
      DEFERRED COMPENSATION PLAN

     

    Amendment

     

    Pursuant
      to Section 13 of the Executive Deferred Compensation Plan (the “Plan”), the Plan
      is amended as of the date set forth below, as follows:

    1.    Section
      7(f) is amended by adding the following sentence to the end of such
      section:

     

    In
      addition, for company-matching amounts contributed on behalf of a participant
      who is subject to Section 16 of the Securities Exchange Act of 1934 as of August
      1, 2005, such amounts (including earnings credited on those amounts) must remain
      in Company common stock equivalents.

     

    2.    Section
      10 is amended by deleting such Section and substituting in its place the
      following:

     

    10. Administration

    

    The
      Plan
      Administrator shall be the Executive Benefits Committee which shall be comprised
      of such individuals designated by the Compensation Committee of the Board of
      Directors. The Plan Administrator and has the authority to control and manage
      the operation and administration of the Plan. The Plan Administrator has full
      and sole discretionary authority to interpret the Plan, to establish rules
      and
      forms for the Plan and to determine all questions arising in connection with
      the
      Plan. The Investment Committee responsible for investments under the Plan shall
      be the Investment Committee of Bausch & Lomb Incorporated.

     

    3.    The
      Plan
      is amended by adding the following new Section 14:

     

    14. Claims
      Procedures

    

    (a) Claim
      Denials.
      The
      Plan Administrator shall maintain procedures with respect to the filing of
      claims for benefits under the Plan. Pursuant to such procedures, any Participant
      or beneficiary (hereinafter called “claimant”) whose claim for benefits under
      the Plan is denied shall receive written notice of such denial. The notice
      shall
      set forth: (i) the specific reasons for the denial of the claim; (ii) a
      reference to the specific provisions of the Plan on which the denial is based;
      (iii) any additional material or information necessary to perfect the claim
      and
      an explanation why such material or information is necessary; and (iv) a
      description of the procedures for review of the denial of the claim and the
      time
      limits applicable to such procedures, including a statement of the claimant’s
      right to bring a civil action under ERISA following a denial on
      review.

     

    Such
      notice shall be furnished to the claimant within a reasonable period of time,
      but no later than 90 days after receipt of the claim by the Plan, unless the
      Plan Administrator determines that special circumstances require an extension
      of
      time for processing the claim. In no event shall such an extension exceed a
      period of 90 days from the end of the initial 90-day period. If such an
      extension is required, written notice thereof shall be furnished to the claimant
      before the end of the initial 90-day period, which shall indicate the special
      circumstances requiring an extension of time and the date by which the Plan
      Administrator expects to render a decision. 

     

    (b) Right
      to a Review of the Denial.
      Every
      claimant whose claim for benefits under the Plan is denied in whole or in part
      by the Plan Administrator shall have the right to request a review of the
      denial. Review shall be granted if it is requested in writing by the claimant
      no
      later than 60 days after the claimant receives written notice of the denial.
      The
      review shall be conducted by the Plan Administrator.

     

    (c) Decision
      of the Plan Administrator on Appeal.
      The
      claimant may submit written comments, documents, records and other information
      relating to the claim, and may review documents, records and other information
      relevant to the claim under the applicable standards under ERISA. The Plan
      Administrator’s decision shall be rendered within 60 days following receipt of
      the request for review. If additional processing time is required, the Plan
      Administrator shall provide the claimant with written notice thereof, which
      shall indicate the special circumstances requiring the additional time and
      the
      date by which the Plan Administrator expects to render a decision. If the Plan
      Administrator denies the claim on review, it shall provide the claimant with
      written notice of its decision, which shall set forth (i) the specific reasons
      for the decision, (ii) reference to the specific provisions of the Plan on
      which
      the decision is based, (iii) a statement of the claimant’s right to reasonable
      access to, and copies of, all documents, records and other information relevant
      to the claim under the applicable standards under ERISA, and (iv) and a
      statement of the claimant’s right to bring a civil action under ERISA. The Plan
      Administrator’s decision shall be final and binding on the claimant, and the
      claimant’s heirs, assigns, administrator, executor, and any other person
      claiming through the claimant.

     

    .

    

    

    Dated:                   
      November
      7, 2006               
BAUSCH
      & LOMB INCORPORATED

    

    By:
      /s/
      David R. Nachbar  

    

    Title:
      Corporate Senior Vice President

     
      Human ResourcesExhibit (10)-ll

    
      

    

    Exhibit
      (10)-ll

    

    LETTER
      WAIVER

    

    

    Dated
      as
      of December 8, 2006

    To
      the
      banks, financial institutions

    and
      other
      institutional lenders

    (collectively,
      the "Lenders")

    parties
      to the Credit Agreement

    referred
      to below and to Citibank, N.A.,

    as
      agent
      (the "Agent") for the Lenders

    

    Ladies
      and Gentlemen:

    

    We
      refer
      to the Five Year Credit Agreement dated as of July 26, 2005 (the "Credit
      Agreement") among the undersigned and you, and the letter waivers thereunder
      dated November 23, 2005 (referred to herein as the “First Letter Waiver”),
      February 17, 2006 (effective February 24, 2006 and referred to herein as the
      “Second Letter Waiver”), May 15, 2006 (the “Third Letter Waiver”) and August 23,
      2006 (the “Fourth Letter Waiver” and collectively, with the First Letter Waiver,
      the Second Letter Waiver, the Third Letter Waiver and the Forth Letter Waiver,
      the “Waivers”). Capitalized terms not otherwise defined in this Letter Waiver
      have the same meanings as specified in the Credit Agreement and the
      Waivers.

     

    Reference
      is made to each of Borrower’s Announcements and the events described under the
      prior Waivers, and the prior definitions of Announcements are amended hereby
      to
      include Borrower’s: (i) press releases, dated September 29, 2006 and November 9,
      2006, (ii) Borrower’s filings with the U.S. Securities and Exchange Commission
      (the “SEC”) on Forms 8-K, filed September 20, 2006 (request to New York Stock
      Exchange for additional trading period and commencement of second consent
      solicitation on public debt) , September 28, 2008 (relating to public debt
      consent solicitation), September 29, 2006 (completion of consent solicitation),
      September 29, 2006 (grant of additional trading period from New York Stock
      Exchange) and November 9, 2006 (execution of Supplemental Indenture No. 8
      extending waivers on the Borrower’s public debt, release of expected financial
      results for the third quarter of 2006 and certain director and officer
      compensation matters) and (iii) Borrower’s filing on Form 12b-25, filed with the
      SEC on November 9, 2006.

    

    In
      light
      of these events described in the Announcements, and other confidential
      information which Borrower has disclosed to Agent and Lenders orally and in
      writing prior to the date hereof under the terms of confidentiality agreements
      executed with each Lender (the “Confidential Disclosures”), Borrower has
      requested, and the Required Lenders hereby agree that the term “Waiver
      Termination Date” as defined in the Waivers is superseded and is hereby defined
      for all purposes as January 31, 2007. The terms of the Third Letter Waiver
      and
      the Fourth Letter Waiver shall remain in full force and effect, as modified
      by
      this Letter Waiver, 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    including,
      without limitation, paragraphs (and any subparagraphs) three, five and six
      of
      the Third Letter Waiver.

    

    The
      amount of the Monthly Fee, as defined in paragraph seven of the Third Letter
      Waiver, shall remain as set forth therein. However, payment of the Monthly
      Fee
      will be
      made on December 1, 2006 and on January 2, 2007. 

    

    This
      Letter Waiver shall become effective as of December 15, 2006 if, as of that
      date, the Agent has received counterparts of this Letter Waiver executed on
      behalf of Borrower and the Required Lenders or, as to any of the Lenders, advice
      satisfactory to the Agent that such Lender has executed this Letter
      Waiver.

    

    If
      you
      agree to the terms and provisions of this Letter Waiver, please evidence such
      agreement by executing and returning at least two counterparts of this Letter
      Waiver to Susan Hobart, Shearman & Sterling LLP, 599 Lexington Avenue, New
      York, New York 10022.

    

    With
      respect to the matters waived hereunder, nothing in this Letter Waiver shall
      constitute an admission (1) of liability with respect to such matters, (2)
      that
      a breach of any representation, warranty, covenant or other provisions of the
      Credit Agreement has occurred, or (3) that any Default or Event of Default
      has
      occurred under the Credit Agreement.

    

    The
      Waivers, as modified by each other and this Letter Waiver, shall represent
      the
      entire agreement with respect to the matters contained herein and, except where
      otherwise noted herein or therein, shall supersede any prior agreements whether
      written or oral. This Letter Waiver may be executed in any number of
      counterparts and by different parties hereto in separate counterparts, each
      of
      which when so executed shall be deemed to be an original and all of which taken
      together shall constitute one and the same agreement. Delivery of an executed
      counterpart of a signature page to this Letter Waiver by telecopier or other
      electronic means shall be effective as delivery of a manually executed
      counterpart of this Letter Waiver.

     

    This
      Letter Waiver shall be governed by, and construed in accordance with, the laws
      of the State of New York.

    

    Very
      truly yours,

    

    BAUSCH
      & LOMB INCORPORATED

    

    By
       /s/
      Efrain Rivera  

    Title:
      Vice President and Treasurer

    

    Agreed
      as
      of the date first above written:

    CITIBANK,
      NA.,

    as
      Agent
      and as Lender

    

    By
      /s/
      Robert J. Kane

    Title:
      Managing Director

    KEYBANK
      NATIONAL ASSOCIATION

    

    By
      /s/
      Marianne Meil

    Title:
      Senior Vice President

    

    BARCLAYS
      BANK PLC

    

    By
      /s/
      Nicholas Bell

    Title:
      Director

    

    BANK
      OF
      TOKYO-MITSUBISHI UFJ TRUST 

    COMPANY
      (f/k/a Bank of Tokyo-Mitsubishi Trust 

    Company)

    

    By
      /s/
      Harumi Kambara

    Title:
      Assistant Vice President

    

    JPMORGAN
      CHASE BANK, N.A.

    

    By
      /s/
      Bruce Yoder

    Title:
      Vice President

    

    MIZUHO
      CORPORATE BANK, LTD.

    

    By
      /s/
      Raymond Ventura

    Title:
      Deputy General Manager

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

    

    By
      /s/
      Eric Cosgrove

    Title:
      Assistant Vice President

    

    ALLIED
      IRISH BANKS, P.L.C.

    

    By
      /s/
      Anthony O’Reilly

    Title:
      Senior Vice President

    

    By
      /s/
      Denise Magyer

    Title:
      Vice President

    

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION

    

    By
      /s/
      John M. Carroll

    Title:
      First Vice President

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    THE
      NORTHERN TRUST COMPANY

    

    By
      /s/
      Alex Nikolov

    Title:
      Second Vice President

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