Document:

Exhibit

Exhibit 10.2
EXECUTION VERSION

FIRST AMENDMENT TO CREDIT AGREEMENT
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of October 21, 2019 among PERKINELMER, INC., a Massachusetts corporation (the “Company”), PERKINELMER HEALTH SCIENCES, INC., a Delaware corporation (“Health Sciences”), PERKINELMER LIFE SCIENCES INTERNATIONAL HOLDINGS, a company incorporated and registered under the laws of England and Wales with registered number 04418157 (the “UK Borrower”), PERKINELMER GLOBAL HOLDINGS S.À R.L., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg, having its registered office at 9, allée Scheffer, L-2520 Luxembourg-city, Luxembourg, registered with the Luxembourg Trade and Companies Register (registre de commerce et des sociétés, Luxembourg) under number B217121 (the “Luxembourg Borrower”), PERKINELMER HEALTH SCIENCES B.V., a private company with limited liability incorporated under the laws of the Netherlands (besloten vennootschap met beperkte aansprakelijkheid) having its official seat (statutaire zetel) in Groningen, and its office at Groningen, Rigaweg 22 (9723TH), registered with the Dutch Trade Register of the Chamber of Commerce under number 02027119 (the “Dutch Borrower”; the Dutch Borrower, together with the Company, Health Sciences, the UK Borrower, and the Luxembourg Borrower, each a “Borrower” and collectively, the “Borrowers”), the Lenders party hereto, and BANK OF AMERICA, N.A., as the Administrative Agent.  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below).
RECITALS
WHEREAS, the Borrowers, the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, Bank of America, N.A., as the Administrative Agent, the Swing Line Lender and an L/C Issuer, and the other L/C Issuers party hereto, entered into that certain Credit Agreement, dated as of September 17, 2019 (as amended, restated, amended and restated, supplemented, extended, replaced or otherwise modified from time to time, the “Credit Agreement”);
WHEREAS, the Borrowers have requested that the Credit Agreement be amended as set forth below, subject to the terms and conditions specified in this Amendment; and
WHEREAS, the parties hereto are willing to amend the Credit Agreement, subject to the terms and conditions specified in this Amendment.
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.Amendment to Credit Agreement.  The definition of “Interest Period” in Section 1.01 of the Credit Agreement is amended to read as follows:
“Interest Period” means, as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter (in each case, subject to availability for the interest rate applicable to the relevant currency), as selected by the applicable Borrower in its Committed Loan Notice; provided that: (a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; (b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; (c) no Interest Period shall extend beyond the Maturity Date.; and (d) the applicable Borrower may elect in a Committed Loan Notice that the duration of an Interest Period end no earlier than the date seven (7) days prior to, and no later than the date seven (7) days following, the date one, two, three or six months after the disbursement of, or conversion or continuation of, the Eurocurrency Rate Loan requested in such Committed Loan Notice (it being understood and agreed that, notwithstanding 

such duration, solely for purposes of determining the Eurocurrency Rate for such Eurocurrency Rate Loan (including for purposes of such determination under Section 2.08(a) and Section 3.03), the Interest Period for such Eurocurrency Rate Loan shall be the date one, two, three or six months after the disbursement of, or conversion or continuation of, the Eurocurrency Rate Loan requested in such Committed Loan Notice).
2.    Condition Precedent.  This Amendment shall be effective upon receipt by the Administrative Agent of counterparts of this Amendment duly executed by the Borrowers, the Required Lenders, and the Administrative Agent.
3.    Miscellaneous.
(a)    The Loan Documents and the obligations of the Borrowers thereunder are hereby ratified and confirmed and shall remain in full force and effect according to their terms.  This Amendment is a Loan Document.
(b)    Each Borrower represents and warrants that: (i) such Borrower has all requisite power and authority to execute, deliver and perform its obligations under this Amendment; (ii) the execution, delivery and performance by such Borrower of this Amendment have been duly authorized by all necessary corporate or other organizational action, and do not and will not (A) contravene the terms of such Borrower’s Organization Documents, (B) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (1) any Contractual Obligation to which such Borrower is a party or affecting such Borrower or the properties of such Borrower or any of its Subsidiaries, or (2) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Borrower or its property is subject, or (C) violate any Law, except in the cases of clause (b)(ii)(B) and clause (b)(ii)(C) as could not reasonably be expected to have a Material Adverse Effect; (iii) no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, such Borrower of this Amendment, except as may have been obtained; and (iv) this Amendment has been duly executed and delivered by such Borrower and constitutes a legal, valid and binding obligation of such Borrower, enforceable against such Borrower 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 by proceedings in equity or at law).
(c)    This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imagine means shall be effective as delivery of a manually executed counterpart of this Amendment.
(d)    If any provision of this Amendment is held to be illegal, invalid or unenforceable, (i) the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby and (ii) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
(e)    THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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(f)    The terms of Sections 11.14 and 11.15 of the Credit Agreement with respect to submission to jurisdiction, waiver of venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms.
[Signature pages follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
COMPANY:                PERKINELMER, INC.,
a Massachusetts corporation
By:    /s/ James M. Mock        
Name:    James M. Mock
Title:    Senior Vice President and Chief Financial Officer
BORROWERS:                PERKINELMER HEALTH SCIENCES, INC.,
a Delaware corporation
By:    /s/ John L. Healy                
Name:    John L. Healy
Title:    Vice President and Secretary
PERKINELMER LIFE SCIENCES INTERNATIONAL HOLDINGS,
a company incorporated under the laws of England and Wales
By:    /s/ John L. Healy                
Name:    John L. Healy
Title:    Director
PERKINELMER GLOBAL HOLDINGS S.À R.L.,
a private limited liability company incorporated under the laws of Luxembourg
By:    /s/ John L. Healy                
Name:    John L. Healy
Title:    Authorized Signatory
PERKINELMER HEALTH SCIENCES B.V.,
a private company with limited liability incorporated under the laws of the Netherlands
By:    /s/ John L. Healy                
Name:    John L. Healy
Title:    Attorney-in-fact

PERKINELMER, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

ADMINISTRATIVE AGENT:        BANK OF AMERICA, N.A.,
as Administrative Agent
By:    /s/ Molly J. Oxford                
Name:    Molly L. Oxford
Title:    Vice President

PERKINELMER, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

LENDERS:                BANK OF AMERICA, N.A.,
as a Lender
By:    /s/ Joseph L. Corah                
Name:    Joseph L. Corah
Title:    Director

PERKINELMER, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

JPMORGAN CHASE BANK, N.A.,
as a Lender
By:    /s/ David Hyman                
Name:    David Hyman
Title:    Executive Director

PERKINELMER, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender
By:    /s/ Sara Barton                
Name:    Sara Barton
Title:    Vice President

PERKINELMER, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

MIZUHO BANK, LTD.,
as a Lender 
By:    /s/ Donna DeMagistris            
Name:    Donna DeMagistris
Title:    Authorized Signatory

PERKINELMER, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

TD BANK, N.A.,
as a Lender 
By:    /s/ Shreya Shah                
Name:    Shreya Shah
Title:    Senior Vice President

PERKINELMER, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

U.S. BANK NATIONAL ASSOCIATION,
as a Lender 
By:    /s/ Michael West                
Name:    Michael West
Title:    Senior Vice President

PERKINELMER, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

PNC BANK, NATIONAL ASSOCIATION,
as a Lender 
By:    /s/ Steven A. Eberhardt                
Name:    Steven A. Eberhardt
Title:    Vice President

PERKINELMER, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

CITIBANK, N.A.,
as a Lender 
By:    /s/ Pranjil Gambhir                
Name:    Pranjil Gambhir
Title:    Vice President

PERKINELMER, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

HSBC BANK USA, NATIONAL ASSOCIATION,
as a Lender 
By:    /s/ Zhiyan Zang                
Name:    Zhiyan Zang
Title:    Vice President

PERKINELMER, INC.
FIRST AMENDMENT TO CREDIT AGREEMENTExhibit

EXHIBIT 10.20

PerkinElmer, Inc.

Amended and Restated Global Incentive Compensation Plan (Executive Officers) effective December 30, 2019

1.    PURPOSE

1.1    The Global Incentive Compensation Plan(“Plan”) provides senior and other key leaders with an opportunity to earn annual cash bonus awards based on the achievement of financial and non-financial objectives. This document governs the policy and administration of the Plan for the executive officers of PerkinElmer, Inc. (the “Company”).

2.    PARTICIPATION

2.1    The Compensation and Benefits Committee of the Board of Directors (“the Committee”) has the sole discretion to approve executive officer participation in the Plan and the target award assigned to each executive officer (a “Participant”).  

3.    PERFORMANCE PERIOD

3.1    A Plan year begins on the first day of the fiscal year and ends on the last day of the same fiscal year. The Plan year may be divided into one or more performance periods as determined by the Committee.   

4.    TARGET AWARDS

4.1    Before the earlier of (i) 90 days after the commencement of the performance period or (ii) the expiration of 25% of the performance period (the “Determination Period”), the Committee will establish in writing a target award for each Participant which will be expressed as a percentage of base salary.

4.2    A Participant’s target award is calculated as his or her base salary for the performance period (as established at the start of the performance period) times his or her target percentage as defined in section 4.1. The target award is the award for the performance period if pre-set financial measures are achieved.

5.    FINANCIAL MEASURES

5.1    Before the expiration of the Determination Period, the Committee will establish in writing financial measures. The financial measures and weightings are described in Attachment A, as determined from time to time. The Committee will also approve the assignment of the approved financial measures to each Participant for the purpose of Plan award calculation.

5.2    The Committee also may set specified payout percentages for each financial measure for achievements between (1) the minimum achievement level and the target achievement level; and (2) between the target achievement level and the maximum achievement level. In the event only the minimum, target, and maximum achievement levels are set, payout percentages for performance above and below the target level shall be calculated on a linear basis. 

5.3    The Committee has the right to increase or reduce calculated awards to one or more Participants based on individual performance, if the Company fails to achieve minimum performance levels, or based on other relevant factors, as determined by the Committee in its sole discretion.

6.    PLAN AWARD POOL DETERMINATION

6.1    At the end of the performance period, the Committee shall certify in writing the attainment of the financial measures and the payout percentage based on the level of achievement for each Participant against the financial measures established as described in section 5. 

7.    AWARD CALCULATIONS

7.1    A Participant’s calculated award is determined by multiplying the Participant’s target award for the performance period times the Plan payout percentage for the Participant’s assigned financial measures. 

7.2    The final award to each Participant shall be reviewed and approved by the Committee.  The Committee may increase or reduce the final award to a Participant based on its evaluation of the Participant’s performance, or other relevant factors, as determined by the Committee in its sole discretion.  

8.    EMPLOYMENT CHANGES AFFECTING AWARD CALCULATIONS

8.1    All pro-rations shall occur on a whole month basis. In the event of a change requiring pro-ration, changes occurring prior to the 16th of the month will become effective the first of that month. Changes occurring on or after the 16th of the month will become effective the first day of the following month.

8.2    If a Participant is hired or is otherwise approved for participation on or after the first day of the performance period, the Participant’s award shall be pro-rated as described in section 8.1.

8.3    If a Participant is absent from work on an approved leave of absence during the performance period, the Participant’s award shall be pro-rated as described in section 8.1 so that the paid award is proportionate to the time actually worked during the performance period.

8.4    If a Participant is promoted into a position with a higher target percentage during a performance period, the Participant’s target award shall be based on his or her target percentage on the last day of the performance period.  Any target percentage change and the effective date of the change shall be approved by the Committee.

8.5    If a Participant is not a full-time employee, the Participant’s target award shall be pro-rated based on scheduled work hours.  For example, the award will be pro-rated to 75% for a Participant who is regularly scheduled to work 30 hours per week.  If a Participant has a change to scheduled work hours during a performance period, the Participant’s target award shall be pro-rated as described in section 8.1. 

8.6    In the event a Participant’s employment is terminated prior to the payment of the award due to retirement, death, disability, or other reason, the Participant shall not be entitled to an award. The last sentence notwithstanding, the Committee may approve a payment to the Participant (or the Participant’s estate) of all or a portion of a Plan award.  If approved by the Committee, the award payment will be calculated following completion of the performance period based on performance against the assigned financial measures and will be paid on the regularly scheduled award payment date for that performance period, unless otherwise determined by the Committee. The decision of the Committee shall be conclusive and binding upon all parties. 

9.    PAYMENT OF AWARDS

9.1    Payment of awards to Participants will be made upon approval by the Committee and (except as provided in Section 8.6) after the public release of the Company’s financial results for the applicable performance period, but in no event later than the 15th day of the third month following the calendar year 

in which the performance period ends. Participants must be actively employed with the Company on the day awards are paid to be entitled to an award, except as provided in section 8.6

9.2    The Company will withhold all applicable taxes and other required withholdings from award payments, including where applicable contributions to the Company’s Savings Plan (401(k) plan). 

10:    RECOUPMENT OF AWARDS

10.1    This recoupment provision will apply to Plan awards paid to Participants for performance periods beginning on and after December 30, 2013.

10.2        In the event the Company is required to prepare an accounting restatement due to material noncompliance by the Company with any financial reporting requirement under  the federal securities laws of the United States, the Committee will have the right to recover from  any current or former Participant who received an award payment during the three-year period preceding the date on which the Company files an accounting restatement with the Securities and Exchange Commission, all or a portion of the excess paid to the Participant over the award payment that would have been paid to the Participant under the accounting restatement. 

10.3         The Committee, in its sole discretion, will make the determination whether to recover all or a portion of any excess award payment.  In making its determination, the Committee will consider the facts and circumstances leading to the accounting restatement, including whether Participant misconduct was a factor.

10.4    If the Committee determines recovery of all or a portion of an excess award payment is appropriate, the Company will use reasonable efforts to recover the award.

10.5    Nothing in this Plan shall be deemed to limit or restrict the right or obligation of the Company to recover award payments to the fullest extent required under Section 304 of the Sarbanes-Oxley Act of 2002 or Section 10D of the Securities Exchange Act of 1934.

11.    ADMINISTRATION OF THE PLAN

11.1    The Committee reserves the right to amend, change, suspend or terminate the Plan at any time.  

11.2    The Committee will have full and final authority to prescribe, amend, and rescind rules and regulations relating to the Plan; to interpret the Plan and the rules and regulations relating to the Plan; and to make all other determinations deemed necessary or advisable for administration of the Plan.  Such administrative action shall be conclusive and binding on all parties.

12.    NON-ASSIGNABILITY

12.1    A Participant’s award under the Plan shall not (otherwise than by will or the laws of descent and distribution) be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge.  Any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be null and void.

13.    NO RIGHT TO CONTINUED EMPLOYMENT

13.1    The Plan shall not, by its terms, in any way grant any rights to any Participant to his or her continued employment by the Company, and the Company shall maintain any rights it might otherwise have to terminate the employment of any Participant.

PerkinElmer, Inc.

Amended and Restated Global ICP 

Attachment A

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