Document:

SUPPLEMENTAL INDENTURE, DATED APRIL 12, 2004, TO THE INDENTURED DATED 12/17/2003

  
 EXHIBIT 4.8 

 
 SUPPLEMENTAL INDENTURE TO ADD GUARANTORS 
  
 This Supplemental Indenture, dated as of April 12, 2004 (this
“Supplemental Indenture” or “Guarantee”), among ARG Services LLC, EP Scientific Products LLC and PACTECH, LLC (the “New Guarantors”), Apogent Technologies Inc. (together with its successors
and assigns, the “Company”), each other then existing Guarantor under the Indenture referred to below, and The Bank of New York, as Trustee under the Indenture referred to below. 
  
 W I T N E S S E
T H: 
  
 WHEREAS, the Company, the Guarantors and
the Trustee have heretofore executed and delivered an Indenture, dated as of December 17, 2003 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an aggregate principal amount of
$345 million of Floating Rate Senior Convertible Contingent Debt Securities (CODES) due 2033 of the Company (the “Securities”); 
  
 WHEREAS, Section 13.5 of the Indenture provides that the Company is required to cause each Subsidiary created or acquired by the Company and which becomes
a guarantor under the Credit Agreement to execute and deliver to the Trustee a Supplemental Indenture pursuant to which such Subsidiary will unconditionally guarantee, on a joint and several basis with the other Guarantors, the full and prompt
payment of the principal of, Interest (including Contingent Interest) and Additional Amounts, if any, on the Securities on a senior basis; and 
  
 WHEREAS, pursuant to Section 7.1 of the Indenture, the Trustee and the Company are authorized to execute and deliver this Supplemental Indenture to amend
the Indenture, without the consent of any Holder; 
  
 NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantors, the Company, the other Guarantors and the Trustee mutually covenant and agree for the equal
and ratable benefit of the Holders of the Securities as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 SECTION 1.1. Defined Terms. As used in this Supplemental Indenture,
terms defined in the Indenture or in the preamble or recital hereto are used herein as therein defined, except that the term “Holders” in this Guarantee shall refer to the term “Holders” as defined in the Indenture and the
Trustee acting on behalf or for the benefit of such holders. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a
whole and not to any particular section hereof. 
  

 1 

 ARTICLE II 
  
 Agreement to be Bound; Guarantee 
  
 SECTION 2.1. Agreement to be Bound. The New Guarantors hereby become a party to the Indenture as a Guarantor and as such will have all of the
rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. The New Guarantors agree to be bound by all of the provisions of the Indenture applicable to a Guarantor and to perform all of the obligations and
agreements of a Guarantor under the Indenture. 
  
 SECTION 2.2.
Guarantee. The New Guarantors hereby fully, unconditionally and irrevocably guarantee, as primary obligors and not merely as surety, jointly and severally with each other Guarantor, to each Holder of the Securities and the Trustee, the full
and punctual payment when due, whether at maturity, upon redemption or repurchase, by declaration of acceleration or otherwise, of the Obligations pursuant to Article 13 of the Indenture on a senior basis and subject to the terms and conditions of
the Indenture. 
  
 ARTICLE III 
  
 Miscellaneous 
  
 SECTION 3.1. Notices. All notices and other communications to the New
Guarantors shall be given as provided in the Indenture to the New Guarantors, at its address set forth below, with a copy to the Company as provided in the Indenture for notices to the Company. 
  
 SECTION 3.2. Parties. Nothing expressed or mentioned herein is
intended or shall be construed to give any Person, firm or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein
or therein contained. 
  
 SECTION 3.3. Governing Law. This
Supplemental Indenture shall be governed by the laws of the State of New York. 
  
 SECTION 3.4. Severability Clause. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability. 
  
 SECTION 3.5. Ratification of Indenture; Supplemental Indentures Part of Indenture; Trustee’s Disclaimer. Except as expressly amended hereby,
the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of
Securities heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture. 
  

 2 

 SECTION 3.6. Counterparts. The parties hereto may sign one or more copies of this Supplemental
Indenture in counterparts, all of which together shall constitute one and the same agreement. 
  
 SECTION 3.7. Headings. The headings of the Articles and the sections in this Guarantee are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any
provisions hereof. 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of
the date first above written. 
  

							
	 ARG SERVICES LLC
 PACTECH,
LLC
 as Guarantors

		
	By:	 	 Nalge Nunc International Corporation
 Sole Member and Manager,

			
	 	 	By:	 	/s/ Michael K. Bresson
	 	 	 	 	

	 	 	 	 	Name:	 	Michael K. Bresson
	 	 	 	 	Title:	 	Vice President and Secretary
	
	 EP SCIENTIFIC PRODUCTS LLC
 as a
Guarantor

		
	By:	 	 Chase Scientific Glass, Inc.,
 Sole Member and Manager

			
	 	 	By:	 	/s/ Michael K. Bresson
	 	 	 	 	

	 	 	 	 	Name:	 	Michael K. Bresson
	 	 	 	 	Title:	 	Vice President and Secretary
	
	 THE BANK OF NEW YORK, as Trustee

			
	By:	 	 	 	/s/ Kisha Holder
	 	 	

	 	 	 	 	Name:	 	Kisha Holder
	 	 	 	 	Title:	 	Assistant Vice-President
	
	 APOGENT TECHNOLOGIES INC.

			
	By:	 	 	 	/s/ Michael K. Bresson
	 	 	

	 	 	 	 	Name:	 	Michael K. Bresson
	 	 	 	 	Title:	 	 Executive Vice President-Administration,
 General
Counsel and Secretary

  

 4 

					
	
	 ABGENE INC.
 APOGENT FINANCE COMPANY
 APOGENT TRANSITION CORP.
 BARNSTEAD THERMOLYNE CORPORATION
 BT CANADA HOLDINGS INC.
 CAPITOL VIAL, INC.
 CHASE SCIENTIFIC GLASS, INC.
 CONSOLIDATED TECHNOLOGIES, INC.
 ERIE SCIENTIFIC COMPANY
 ERIE SCIENTIFIC COMPANY OF PUERTO RICO
 ERIE UK HOLDING COMPANY
 EVER READY THERMOMETER CO., INC.
 GENEVAC INC.
 G&P LABWARE HOLDINGS, INC.
 LAB-LINE INSTRUMENTS, INC.
 LAB VISION CORPORATION
 MATRIX TECHNOLOGIES CORPORATION
 MICROGENICS CORPORATION
 MOLECULAR BIOPRODUCTS, INC.
 NALGE NUNC INTERNATIONAL CORPORATION
 NATIONAL SCIENTIFIC COMPANY
 THE NAUGATUCK GLASS COMPANY
 NEOMARKERS, INC.
 NERL DIAGNOSTICS CORPORATION
 OWL SEPERATION SYSTEMS, INC.
 QUALITY SCIENTIFIC PLASTICS, INC.
 REMEL INC.
 RICHARD-ALLAN SCIENTIFIC COMPANY
 ROBBINS SCIENTIFIC CORPORATION
 SAMCO SCIENTIFIC CORPORATION
 SEPARATION TECHNOLOGY, INC.
 SERADYN INC.

		
	By:	 	/s/ Michael K. Bresson
	 	 	

	 	 	Name:	 	Michael K. Bresson
	 	 	Title:	 	Vice President and Secretary
	
	 APOGENT HOLDING COMPANY
 APOGENT SERVICE CORPORATION

		
	By:	 	/s/ Michael K. Bresson
	 	 	

	 	 	Name:	 	Michael K. Bresson
	 	 	Title:	 	President and Secretary

  

 5 

							
	 METAVAC LLC

		
	By:	 	 The Naugatuck Glass Company
 Sole Member and Manager

			
	 	 	 By:
	 	/s/ Michael K. Bresson
	 	 	 	 	

	 	 	 	 	Name:	 	Michael K. Bresson
	 	 	 	 	Title:	 	Vice President and Secretary

  

 6APOGENT CORPORATE BONUS PLAN 2004

 [GRAPHIC] 
  
 Exhibit 10.2 
  
 Apogent Corporate Bonus Plan 2004 
  
 Summary 
  

	 	•	Bonus will be paid based upon year-over-year growth in Operating Income. 

  

	 	•	No bonus will be paid until budgeted growth in Operating Income (“Budget”) is achieved. 

  

	 	•	In order to be paid a bonus, Apogent must achieve Budget plus have additional Operating Income sufficient to pay the bonus. Operating Income above budget will go into the
bonus pool until a 100% Success Factor is reached. 

  

	 	•	Once the 100% Success Factor is reached, additional earnings will be divided (on a linear basis) between Apogent and the bonus pool, such that each 1% growth over prior year in
pre-bonus Operating Income will pay a bonus equal to a 50% Success Factor. Up to an additional 150% Success Factor can be earned with this formula. 

  

	 	•	Additional earnings above the amount that earns a 250% Success Factor will be divided between Apogent and the bonus pool, such that at 11% growth over prior year in pre-bonus
Operating Income, the maximum bonus of 300% Success Factor will be paid. 

  
 Corporate Bonus Plan Applied to 2004 Results 
  

			
	 •      2003 Actual Operating Income
	  	$247.6
	 •      2004 Budgeted Operating Income
	  	$259.9
	 Budgeted Growth
	  	5% (approximate)

  
 Bonus Calculation
(assumes that $1.8 million equals 100% maximum payout) 
  

																															
	 Operating Income Growth (pre-bonus)
	  	5.0	%	 	5.3	%	 	5.7	%	 	6.2	%	 	6.7	%	 	7.2	%	 	7.7	%	 	8.2	%	 	8.7	%	 	11.0	%
	 	  	
	
	 	
	
	 	
	
	 	
	
	 	
	
	 	
	
	 	
	
	 	
	
	 	
	
	 	
	

	 Operating Income (pre-bonus)
	  	259.9	 	 	260.8	 	 	261.6	 	 	262.8	 	 	264.1	 	 	265.3	 	 	266.6	 	 	267.8	 	 	269.0	 	 	274.8	 
	 Profit Over Budget (pre-bonus)
	  	—  	 	 	.9	 	 	1.8	 	 	2.9	 	 	4.3	 	 	5.5	 	 	6.8	 	 	8.0	 	 	9.2	 	 	15.0	 
	 Cumulative Bonus Payment
	  	—  	 	 	.9	 	 	1.8	 	 	2.3	 	 	2.7	 	 	3.2	 	 	3.6	 	 	4.0	 	 	4.5	 	 	5.4	 
	 Balance to Apogent
	  	—  	 	 	—  	 	 	—  	 	 	.6	 	 	1.6	 	 	2.3	 	 	3.1	 	 	4.0	 	 	4.7	 	 	9.6	 
	 Bonus Target Payout
	  	—  	 	 	50	%	 	100	%	 	125	%	 	150	%	 	175	%	 	200	%	 	225	%	 	250	%	 	300	%

  

 The Plan 
  

	1.	Objectives 

  
 The Apogent Technologies Inc. (“AOT”) Corporate Office Bonus Plan (the “Plan”) is designed to: 
  

	 	a.	Focus the efforts of the AOT organization on improving shareholder value. 

  

	 	b.	Effectively motivate and reward key employees according to their contributions to organizational success. 

  

	 	c.	Serve as a management tool in directing the energies of key employees towards the achievement of agreed-upon operating goals for the Company. 

  

	 	d.	Assist in retaining and attracting qualified key employees by providing a total compensation opportunity competitive with the marketplace. 

  

	 	e.	Complement the AOT 2001 Equity Incentive Plan, which provides participants with long-term incentives based on the performance of AOT as a whole. 

  

	2.	Administration 

  
 The Plan will be administered by AOT’s Vice President of Human Resources, subject to the oversight of the Compensation Committee. Awards under the
Plan will be paid in cash after the AOT annual financial audit has been completed for the applicable plan year and awards are reviewed and approved by the Company’s auditors and the Compensation Committee. 
  

	3.	Accounting 

  
 The accounting for the Plan will be performed by the AOT corporate finance group and recorded on the corporate general ledger. 
  

	4.	Eligibility 

  
 Key employees who influence the financial performance of AOT are eligible to participate in the Plan. An individual’s eligibility to participate in
the Plan will be determined annually by the Compensation Committee, upon recommendation by AOT’s senior management. 
  
 Participation in the Plan during one fiscal year does not guarantee the right of participation in any other fiscal year. 
  

	5.	Award Discretion 

  
 The Compensation Committee may adjust previously approved financial objectives of AOT or any of the amount of awards earned, when it believes the
integrity, purpose and fairness of the Plan will be better served, or if AOT would not otherwise achieve its overall financial objectives. 
  

	6.	Restructuring 

  
 Any expenses recorded for a restructuring will be excluded from the bonus calculations. 
  

 2 

	7.	Bonus Target and Bonus Awards 

  

	 	a.	The bonus target (the “target”) for each participant in the Plan will be initially determined by the Company’s Chief Executive Officer, after consultation with the
Chief Operating Officer, the Vice President of Human Resources, and the Company’s General Counsel. The target will be determined by the participant’s position within the company and/or job responsibilities and expressed in the form of a
percentage of base salary. All targets are subject to approval by the Compensation Committee. 

  

	 	b.	The amount of a participant’s bonus award will be determined by multiplying his or her annual base pay as of September 30 of the Plan year by his or her target and then by the
“Success Factor” which forms the basis of his or her bonus award. 

  

	 	c.	Any participant entering the Plan after the beginning of the fiscal year will have his or her bonus award pro-rated based on the number of months of participation in the Plan.

  

	 	d.	A participant’s bonus award may be pro-rated for a leave of absence without pay. 

  

	 	e.	A participant whose employment terminates (except for retirement, disability or death) prior to completion of the Company’s fiscal year will not be entitled to receive any
bonus awards under the Plan. 

  

	 	f.	The maximum award shall be 300% of target, calculated as set forth below. 

  

	8.	Success Factor - Calculations 

  
 The Success Factor is determined by aggregating actual performance for each of the contributing elements: 
  

	 	a.	Year-over-year growth in Operating Income 

  

	 	b.	Current Year vs. Prior Year Net Working Capital Ratio 

  
 The Success Factor for each element will be calculated as follows: 
  

	 	a.	Year-over-Year Growth in Operating Income 

  
 Award will be zero until Operating Income (calculated on a pre-bonus basis) equals Budget. Operating Income above Budget will go to the bonus pool until
it is sufficient to pay bonuses at the 100% of target level (i.e., a 100% Success Factor). An additional pro rata (i.e., calculated on a linear basis) bonus amount will be paid using the formula whereby for each 1% of growth in
pre-bonus Operating Income, an additional 50% of target will be paid. After attainment of a 250% Success Factor, an additional pro rata target amount will be paid, capping at 300% (inclusive of the Net Working Capital award) upon attainment of 11%
growth in pre-bonus Operating Income; provided, however, that the total award shall be capped at a 280% Success Factor if no Net Working Capital award is earned. 
  

 3 

 Actual Operating Income will be adjusted as follows: 
  

			
	 Reported Operating Income

		
	minus:	 	Cost of Capital (annualized at AOT’s blended average borrowing rate times the Purchase Price for acquisitions, proportionate to the actual date of the acquisition)
		
	plus/minus:	 	Extraordinary items as they may occur
		
	equals:	 	Adjusted Operating Income

  

	 	b.	Current Year vs. Prior Year Net Working Capital Ratio 

  
 Award will be zero until a one percentage point or greater improvement in Net Working Capital is achieved and there are sufficient earnings above budget
to cover the award. If these conditions are met, a 20% award will be achieved. 
  
 Net Working Capital ratio will be calculated as follows: 
  

			
	 	 	13 Period Average Gross Trade Accounts Receivable
		
	plus:	 	13 Period Average Gross Inventory
		
	minus:	 	13 Period Average Trade Accounts Payable
		
	equals:	 	13 Period Average Net Working Capital
		
	divided by:	 	12 Months Net Trade Sales Revenue
		
	equals:	 	Net Working Capital Ratio

  
 The spreadsheet
attached hereto illustrates the calculations of Adjusted Operating Income, the Success Factor, and the bonus payments resulting therefrom. 
  

	9.	Group Presidents and Vice Presidents of Finance 

  
 Bonus awards for Apogent Group Presidents and Vice Presidents of Finance will be based upon 50% of the Operating Income of Apogent and 50% of the
Operating Income of their respective groups; provided, however, that for Robert Ahlgren, 100% of his bonus award will be based on the Operating Income of Apogent. 
  

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00066-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00066-of-00352.parquet"}]]