Document:

exv4w1

 

EXHIBIT 4.1

HILLENBRAND INDUSTRIES, INC.

AND

LASALLE BANK NATIONAL ASSOCIATION

(as successor to Harris Trust and Savings Bank),

as Trustee

SUPPLEMENTAL INDENTURE NO. 1

Dated as of June 7, 2004

 

 

     THIS SUPPLEMENTAL INDENTURE No. 1 (this “Supplemental Indenture No. 1”),
dated as of June 7, 2004, is between HILLENBRAND INDUSTRIES, INC., an Indiana
corporation (the “Company”), and LASALLE BANK NATIONAL ASSOCIATION (as
successor to Harris Trust and Savings Bank), a national banking corporation, as
Trustee (the “Trustee”).

R E C I T A L S

     WHEREAS, the Company has heretofore executed and delivered to the Trustee
an Indenture dated as of December 1, 1991, (the “Base Indenture” and together
with this Supplemental Indenture No. 1, the “Indenture”) between the Company
and LaSalle Bank National Association (as successor to Harris Trust and Savings
Bank), as Trustee, providing for the issuance of its Securities (as defined in
the Base Indenture) in one or more series;

     WHEREAS, Section 901(7) of the Base Indenture provides that the Company
and the Trustee may enter into an indenture supplemental to the Base Indenture
to establish the form or terms of Securities of any series as permitted by
Sections 201 and 301 of the Base Indenture;

     WHEREAS, the Board of Directors of the Company has duly adopted
resolutions authorizing the Company to execute and deliver this Supplemental
Indenture No. 1;

     WHEREAS, pursuant to Section 301 of the Base Indenture, the Company wishes
to provide for the issuance of a new series of Securities to be known as its
4.50% Senior Notes due 2009 (the “Notes”), the form and terms of such Notes and
the terms, provisions and conditions thereof to be set forth as provided in
this Supplemental Indenture No. 1;

     WHEREAS, the Company has requested that the Trustee execute and deliver
this Supplemental Indenture No. 1, and all requirements necessary to make this
Supplemental Indenture No. 1 a valid, binding and enforceable instrument in
accordance with its terms, and to make the Notes, when executed by the Company
and authenticated and delivered by the Trustee, the valid, binding and
enforceable obligations of the Company, have been done and performed, and the
execution and delivery of this Supplemental Indenture No. 1 has been duly
authorized in all respects.

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

 

 

ARTICLE 1

Definitions

     Section 1.01. Relation to Base Indenture. This Supplemental Indenture
No. 1 constitutes an integral part of the Base Indenture.

     Section 1.02. Definition of Terms. For all purposes of this
Supplemental Indenture No. 1:

     (a) Capitalized terms used herein without definition shall have the
meanings specified in the Base Indenture;

     (b) a term defined anywhere in this Supplemental Indenture No. 1 has the
same meaning throughout;

     (c) the singular includes the plural and vice versa;

     (d) headings are for convenience of reference only and do not affect
interpretation;

     (e) the following terms have the meanings given to them in this Section
1.02(e):

     “Comparable Treasury Issue” means, with respect to any Redemption Date,
the United States Treasury security that is of comparable maturity to the
remaining term to the Stated Maturity of the Notes, as selected by the
Quotation Agent (whose selection shall be conclusive and binding absent
manifest error).

     “Comparable Treasury Price” means, with respect to any Redemption Date,
(i) the average of the Reference Treasury Dealer Quotations for such Redemption
Date, after excluding the highest and lowest of such Reference Treasury Dealer
Quotations, or (ii) if the Quotation Agent obtains fewer than three such
Reference Treasury Dealer Quotations, the average of all such Quotations.

     “Comparable Treasury Rate” means, with respect to any Redemption Date, the
rate per annum equal to the semi-annual equivalent yield to the remaining term
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount excluding interest)
equal to the Comparable Treasury Price for such Redemption Date, as determined
by the Quotation Agent in accordance with standard market convention (which
determination shall be final and binding absent manifest error).

     “Optional Redemption Price” shall have the meaning set forth in Section
3.01(a).

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     “Quotation Agent” means the Reference Treasury Dealer appointed as
quotation agent by the Company and not unacceptable to the Trustee.

     “Reference Treasury Dealer” means, with respect to any Redemption Date,
(i) Goldman, Sachs & Co., Citigroup Global Markets Inc. and their successors;
provided, that if either of Goldman, Sachs & Co. or Citigroup Global Markets
Inc. shall cease to be a primary U.S. Government securities dealer in New York
City (a “Primary Treasury Dealer”), the Company shall designate as a substitute
therefor another Primary Treasury Dealer, and (ii) any other Primary Treasury
Dealer selected by the Quotation Agent after consultation with the Company in
connection with the calculation of the Optional Redemption Price for such
Redemption Date.

     “Reference Treasury Dealer Quotation” means, with respect to any Reference
Treasury Dealer and any Redemption Date, the average of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount excluding interest) quoted in writing to the
Quotation Agent by such Reference Treasury Dealer as of 3:00 p.m., New York
City time, on the third U.S. Treasuries Trading Day preceding such Redemption
Date.

     “Remaining Scheduled Payments” means, with respect to each Note to be
redeemed, the remaining scheduled payments of the principal thereof, and
interest thereon that would be due after the related Redemption Date but for
such redemption to, and including, the Stated Maturity.

     “U.S. Treasuries Trading Day” means any day except for a Saturday, a
Sunday or a day on which The Bond Market Association (or any successor
association) recommends that the fixed income departments of its members be
closed for the entire day for purposes of trading in U.S. government
securities.

     The terms “Company,” “Trustee,” “Indenture,” “Base Indenture” and “Notes”
shall have the respective meanings set forth in the recitals to this
Supplemental Indenture No. 1 and the paragraph preceding such recitals.

ARTICLE 2

General Terms and Conditions of the Notes

     Section 2.01. Designation.

     The Notes shall constitute a series of Securities having the title “4.50%
Senior Notes due 2009.”

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     Section 2.02. Principal Amount; Series Treatment for Additional Notes.

     (a) The Notes shall be initially limited to an aggregate principal amount
of $250,000,000. The Company may, without notice to or the consent of the
Holders of the outstanding Notes, issue additional Notes of the same tenor as
the Notes upon Company Order for the authentication and delivery of such
additional Notes pursuant to Section 303 of the Base Indenture, so that such
additional Notes and the outstanding Notes shall form a single series of
Securities under the Indenture.

     (b) Any additional Notes issued under Section 2.02(a) shall have the same
terms in all respects as the outstanding Notes, except that interest will
accrue on the additional Notes from the most recent date to which interest has
been paid on the outstanding Notes (other than the additional Notes) or if no
interest has been paid on the outstanding Notes from June 7, 2004.

     (c) For all purposes of the Indenture, all Notes (including additional
Notes issued under Section 2.02(a) hereof) shall constitute one series of
Securities and shall vote together as one series of Securities.

     (d) The Stated Maturity of the Notes shall be June 15, 2009, whereupon the
entire outstanding principal of the Notes shall be payable, plus any unpaid
interest accrued to such date.

     (e) The rate at which the Notes shall bear interest shall be 4.50% per
annum. The date from which interest shall accrue on the Notes shall be June 7,
2004 or such date as determined in accordance with Section 2.02(b) hereof with
respect to any additional Notes. The Interest Payment Dates for the Notes on
which interest will be payable shall be June 15 and December 15 in each year,
beginning December 15, 2004. Regular Record Dates for the interest payable on
the Notes on any Interest Payment Date shall be the June 1 and December 1
preceding the applicable Interest Payment Date.

     (f) The Notes are issuable only in registered form without coupons in
denominations of $2,000 and any integral multiple of $1,000 in excess of
$2,000.

     Section 2.03. Form of Notes; Global Form.

     (a) The Notes and the Trustee’s Certificate of Authentication to be
endorsed thereon shall be substantially in the forms attached as Exhibit A
hereto. The terms and provisions contained in the form of notes set forth in
Exhibit A shall constitute, and are hereby expressly made, a part of the
Indenture.

     (b) Subject to Section 311 of the Base Indenture, the Notes shall be
issued in the form of one or more permanent Global Securities. The initial

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Depositary for the Global Securities evidencing the Notes shall be The
Depository Trust Company.

     Any Global Security shall represent such outstanding Notes as shall be
specified therein and shall provide that it shall represent the aggregate
amount of outstanding Notes from time to time endorsed thereon and that the
aggregate amount of outstanding Notes represented thereby may from time to time
be increased or reduced to reflect redemptions permitted hereby. Any
endorsement of a Global Security to reflect the amount of any increase or
decrease in the amount of outstanding Notes represented thereby shall be made
by the Trustee in such manner and upon instructions given by the holder of such
Notes in accordance with the Indenture. Payment of principal of and interest
and premium, if any, on any Global Security shall be made to the Holder of such
Global Security.

     Section 2.04. Events of Defaults. Events of Defaults with respect to
the Notes shall be same as those set forth in Section 501 of the Base
Indenture.

     Section 2.05. Covenants of the Company. Covenants of the Company with
respect to the Notes shall be the same as those set forth in Article X of the
Base Indenture.

     Section 2.06. Defeasance By the Company. The Notes shall be subject to
defeasance at the option of the Company in accordance with the provisions of
Section 1302 and Section 1303 of the Base Indenture.

     Section 2.07. No Sinking Fund. The Notes are not entitled to the
benefit of any sinking fund.

ARTICLE 3

Optional Redemption of the Notes

     Section 3.01. Optional Redemption by Company. (a) The Company shall
have the right to redeem the Notes at option of the Company at any time, in
whole or in part, upon not less than 10 or more than 40 days’ prior notice by
mail to the Holders of the Notes, at a redemption price (the “Optional
Redemption Price”) equal to the greater of (i) 100% of the principal amount of
the Notes to be redeemed plus accrued and unpaid interest thereon to but
excluding the Redemption Date or (ii) the sum of the Remaining Scheduled
Payments of principal and interest on the Notes to be redeemed, each discounted
to present value at the Redemption Date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Comparable Treasury
Rate plus 10 basis points, as determined by the Quotation Agent in accordance
with standard

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market convention (which determination shall be final and binding absent
manifest error).

     (b) Selection of the Notes or portions thereof for redemption pursuant to
Section 3.01(a) hereof shall be made by the Trustee only on a pro rata basis or
on as nearly a pro rata basis as is practicable (subject to the procedures of
the Depositary), unless such method is otherwise prohibited. On and after the
Redemption Date, interest will cease to accrue on the Notes or portions thereof
called for redemption.

ARTICLE 4

Miscellaneous

     Section 4.01. Ratification of Indenture. The Indenture, as supplemented
by this Supplemental Indenture No. 1, is in all respects ratified and
confirmed, and this Supplemental Indenture No. 1 shall be deemed part of the
Indenture in the manner and to the extent herein and therein provided.

     Section 4.02. Trustee Not Responsible for Recitals. The recitals herein
contained are made by the Company and not by the Trustee, and the Trustee
assumes no responsibility for the correctness thereof. The Trustee makes no
representation as to the validity or sufficiency of this Supplemental Indenture
No. 1.

     Section 4.03. New York Law to Govern. This Supplemental Indenture No. 1
and each Note shall be deemed to be contracts made under the laws of the State
of New York and shall be governed by and construed in accordance with the laws
of the State of New York without regard to conflicts of laws principles
thereof.

     Section 4.04. Separability. In case any one or more of the provisions
contained in this Supplemental Indenture No. 1 or in the Notes shall for any
reason be held to be invalid, illegal or unenforceable in any respect, then, to
the extent permitted by law, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Supplemental Indenture No. 1 or
of the Notes, but this Supplemental Indenture No. 1 and the Notes shall be
construed as if such invalid or illegal or unenforceable provision had never
been contained herein or therein.

     Section 4.05. Counterparts. This Supplemental Indenture No. 1 may be
executed in any number of counterparts each of which shall be an original, but
such counterparts shall together constitute but one and the same instrument.

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     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture No. 1 to be duly executed, as of the day and year first written
above.

	 	 	 	 	 
	 	HILLENBRAND INDUSTRIES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 
	Attest:

	 

	

	Name:

	Title:

	 	 	 	 	 
	 	LASALLE BANK NATIONAL

   ASSOCIATION (as successor to

   Harris Trust and Savings Bank), as

   Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 
	Attest:

	 

	

	Name:

	Title:

 

 

EXHIBIT A

[Each Global Security shall bear the following legend:]

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN
DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.

[Each Global Security for which the Depository Trust Company is the Depositary
shall bear the following legend:]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

A-1

 

[FORM OF FACE OF NOTE]

HILLENBRAND INDUSTRIES, INC.

4.50% Senior Note due 2009

	 	 	 
	No.

	 	CUSIP: 431573AD6

     HILLENBRAND INDUSTRIES, INC., an Indiana corporation (herein called the
“Company,” which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to
       or registered assigns,
[the principal sum of       
Dollars] [the principal sum as set forth on Schedule I hereto]1 on June 15,
2009, at the office or agency of the Company referred to below, and to pay
interest thereon from June 7, 2004 [or such date as determined in accordance
with Section 2.02(b) of the Supplemental Indenture No. 1], or from the most
recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually on June 15 and December 15 in each year, commencing December
15, 2004, at the rate of 4.50% per annum, until the principal hereof is paid or
duly provided for. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be the June 1 or December 1 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date,
and at maturity, to the persons to whom principal is payable. Any such
interest not so punctually paid or duly provided for shall forthwith cease to
be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Security (or one or more Predecessor Securities)
is registered at the close of business on a Special Record Date for the payment
of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Securities not less than 10 days prior to such Special
Record Date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Securities may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in such Indenture.

	 	 	1 Include in Global Security.

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     Payment of the principal of (and premium, if any) and any such interest on
this Security will be made at the office or agency of the Company maintained
for that purpose in Chicago, Illinois, which shall initially be the Corporate
Trust Office of the Trustee, or at such other office or agency of the Company
as may be maintained for such purpose, in such coin or currency of the United
States of America or as at the time of payment is legal tender for payment of
public and private debts; except, that payment of interest may be made at the
option of the Company by check mailed to the address of the Person entitled
thereto as such address shall appear on the Security Register or by wire
transfer to the account appropriately designated by the Holder entitled to
payment.

     Any payment on this Security due on any day which is not a Business Day in
the applicable Place of Payment need not be made on such day, but may be made
on the next succeeding Business Day with the same force and effect as if made
on the due date and no interest shall accrue for the period from and after such
date.

     Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     Unless the certificate of authentication hereon has been duly executed by
the Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under such Indenture, or be valid
or obligatory for any purpose.

A-3

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated:

	 	 	 	 	 
	 	HILLENBRAND INDUSTRIES, INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

[SEAL]

Attest:

	 	 	 
	

	 	 
	Authorized Signature

	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities referred to in the within-mentioned
Indenture.

	 	 	 	 	 
	 	LASALLE BANK NATIONAL

   ASSOCIATION (as successor to Harris

   Trust and Savings Bank), as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 

A-4

 

	 	 	 	 	 

[FORM OF REVERSE OF SECURITY]

     This Security is one of a duly authorized issue of Securities of the
Company (herein called the “Securities”), issued and to be issued in one or
more series under an indenture (herein called the “Base Indenture”) dated as of
December 1, 1991, between the Company and LaSalle Bank National Association (as
successor to Harris Trust and Savings Bank), as trustee (herein called the
“Trustee,” which term includes any successor Trustee under the Indenture), as
supplemented by Supplemental Indenture No. 1 dated as of June 7, 2004 (the
“Supplemental Indenture No. 1” and together with the Base Indenture, the
“Indenture”), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties, obligations and immunities thereunder of the Company, the
Trustee and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered.

     The Company shall have the right to redeem the Securities at option of the
Company at any time, in whole or in part, upon not less than 10 or more than 40
days’ prior notice by mail to the Holders of the Securities, at the Optional
Redemption Price which is equal to the greater of (i) 100% of the principal
amount of the Securities to be redeemed plus accrued and unpaid interest
thereon to but excluding the Redemption Date or (ii) the sum of the Remaining
Scheduled Payments of principal and interest on the Securities to be redeemed,
each discounted to present value at the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Comparable
Treasury Rate plus 10 basis points, as determined by the Quotation Agent in
accordance with standard market convention (which determination shall be final
and binding absent manifest error), all as provided in the Indenture.

     In the event of redemption of this Security in part only, a new Security
or Securities of this series for the unredeemed portion hereof will be issued
in the name of the Holder hereof upon the cancellation hereof.

     If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

     The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness of the Company on this Security and (b) certain restrictive
covenants and the related Events of Default, upon compliance by the Company
with certain conditions set forth therein, which provisions apply to this
Security.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the

A-5

 

Company and the rights of the Holders of the Securities of each series to
be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of 66-2/3% in aggregate principal amount of the
Securities at the time Outstanding of each Series to be affected. The
Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Securities of each series at
the time Outstanding, on behalf of the Holders of all the Securities, to waive
compliance by the Company with certain provision of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by or on behalf of the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of
any Security issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof whether or not notation of such consent or waiver is
made upon this Security. Upon any such waiver, such default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Indenture, but no such waiver shall extend to
any subsequent or other default or impair any right consequent thereon.

     No reference herein to the Indenture and no provision of this Security or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of (and premium, if any) and
interest on this Security at the times, place, and rate, and in the coin or
currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable on the Security
Register of the Company, upon surrender of this Security for registration of
transfer at the office or agency of the Company maintained for such purpose in
The City of New York or at such other office or agency of the Company as may be
maintained for such purpose, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities, of authorized
denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.

     The Securities are issuable only in registered form without coupons in
denominations of $2,000 and any integral multiple of $1,000 in excess of
$2,000. As provided in the Indenture and subject to certain limitations
therein set forth, the Securities are exchangeable for a like aggregate
principal amount of Securities of a different authorized denomination, as
requested by the Holder surrendering the same.

     No service charge shall be made to the Holders for any registration of
transfer or exchange or redemption of Securities, but the Company may require

A-6

 

payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to and at the time of due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered
as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any agent shall be affected by notice
to the contrary.

     All terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

A-7

 

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Security to:

(Insert assignee’s social security or tax identification number)

(Insert address and zip code of assignee)

and irrevocably appoints

agent to transfer this Security on the books of the Company. The agent may
substitute another to act for him or her.

Date:

	 	 	 	 	 
	 

	 	Signature:	 	 
	 
	 	 	 	 
	 	 	

	 
	 	 	 	 
	 	 	Signature Guarantee:
	

	 	 	 	

(Sign exactly as your name appears on the other side of this Security)

A-8

 

SIGNATURE GUARANTEE

Signatures must be guaranteed by an “eligible guarantor institution” meeting
the requirements of the Security Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by
the Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

	 	 	 
	By:
	 	 
	

	 	

	

	 	Name:
	

	 	Title:

A-9

 

Schedule I

[Include as Schedule I only for a Global Security]

HILLENBRAND INDUSTRIES, INC.

4.50% Senior Notes due 2009

No.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Notation Explaining Principal	 	Authorized Signature of
	Date
	 	Principal Amount
	 	Amount Recorded
	 	of Trustee

	 
	 	 	 	 	 	 	 	 	 	 	 	 

I-1<PAGE>
                                                                   Exhibit 10.18

                        SEPARATION AGREEMENT AND RELEASE

      THIS SEPARATION AGREEMENT AND RELEASE ("Agreement") is entered into as of
this 3rd day of June, 2004, by and among Stephen E. Hoffmann (hereinafter
"Hoffmann" or "you" or "your"), an individual residing in the State of Missouri,
TALX UCM Services, Inc., a Missouri corporation and TALX Corporation, a Missouri
corporation ("TALX", together with TALX UCM Services, Inc., the "Companies"). In
consideration of the following promises, the parties agree to the following:

      WHEREAS, Hoffmann and the Companies are parties to an certain employment
agreement dated as of March 27, 2002 (the "Employment Agreement"); and

      WHEREAS, Hoffmann and the Companies have mutually agreed to cancel the
Employment Agreement and make this Agreement to: (1) cover the period of
transition of Hoffmann's duties to his successor, (2) provide for the settlement
of any and all mutual claims and the release of any mutual claims related to
Hoffmann's employment with the Companies, and (3) provide for the separation and
resignation of Hoffmann's current positions with the Companies;

      NOW, THEREFORE, for and in consideration of the mutual releases, covenants
and undertakings hereinafter set forth, and for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

      1.    RELINQUISHMENT AND CONTINUATION.

            (a)   RELINQUISHMENT OF DUTIES. Effective on June 30, 2004 (the
      "Relinquishment Date"), you agree to relinquish your duties as President
      of TALX UC eXpress and any and all other officer positions to which you
      were elected or appointed as part of your employment with the Companies
      and any and all subsidiaries and affiliates of the Companies.

            (b)   CONTINUATION OF EMPLOYMENT. Notwithstanding the foregoing, you
      and the Companies agree that you shall continue your employment with the
      companies in a full-time capacity under the direction and supervision of
      William W. Canfield during the period beginning on the Relinquishment Date
      and ending on March 26, 2005 (the "Separation Date"). The period beginning
      on the Relinquishment Date and ending on the Separation Date shall
      hereinafter be referred to as the "Transition Period."

      2.    COMPENSATION. The Companies will continue to pay to you your current
salary and benefits, as provided in Section 3 of the Employment Agreement,
throughout the Transition Period; provided, however, that during the Transition
Period, you shall not be eligible to participate in, and shall not be entitled
to any payments or benefits under the Annual Incentive Compensation Program as
provided in Section 3(a)(ii) of the Employment Agreement.

      3.    STOCK OPTIONS. In accordance with their terms, your outstanding
options, which were granted under the TALX Corporation Amended and Restated 1994
Stock Option Plan (the "Plan"), shall continue to vest on their current schedule
through the Separation Date, subject to the terms, conditions and limitations of
such Plan; provided, however, that no such option may be exercised after the
Separation Date.
<PAGE>
      4.    COVENANTS OF HOFFMANN.

            (a)   RETURN OF PROPERTY. You agree to return all property belonging
      to the Companies by the Separation Date. You further agree that you have
      not and will not copy any data or retain any property of the Company.

            (b)   COVENANTS. You acknowledge, re-confirm and further covenant to
      abide by your obligations set forth in Sections 9, 10 and 11 of the
      Employment Agreement which shall be unaffected by this Separation
      Agreement. You further acknowledge the Confidentiality and Non-Compete
      Agreement dated as of March 27, 2002 or any other agreement with the
      Companies or by operation of law, shall survive this Agreement and remain
      in full force and effect.

      5.    GENERAL AND FULL RELEASE OF CLAIMS AND AGREEMENT NOT TO FILE SUIT.
In exchange for the receipt of the consideration/payments set out in Section 2
above, you agree:

            (a)   To hereby remise, release and forever discharge each of the
      Companies, and their parent Companies, affiliate companies, subsidiary
      Companies, and their directors, officers, shareholders, employees, agents,
      attorneys, successors and assigns (the "Releasees"), from any and all
      matters, claims, demands, damages, causes of action, debts, liabilities,
      controversies, judgments and suits of every kind and nature whatsoever,
      foreseen or unforeseen, known or unknown, which have arisen or could arise
      between you and any or all such Releasees from matters, actions or
      inactions which occurred on or prior to the effective date of this
      Agreement;

            (b)   That you will not file or otherwise submit any claim,
      complaint, or action to any agency, court, organization, or judicial forum
      (nor will you permit any person, group of persons, or organizations to
      take such action on your behalf) against any or all the Releasees, arising
      out of any actions or non-actions on their part which occurred on or prior
      to the effective date of this Agreement;

            (c)   That your release of claims, complaints, and actions includes,
      but is not limited to: (i) any claim for breach of an actual or implied
      contract of employment between you and the Companies (including any claim
      of fraudulent misrepresentation or negligent misrepresentation in the
      making of any actual or implied contract of employment), (ii) any claim of
      unjust, wrongful, discriminatory, retaliatory, constructive or tortious
      discharge or other adverse employment action (including any claim of
      whistleblowing), (iii) any claim of slander, libel or other similar action
      for defamation, (iv) any claim of intentional tort (including assault,
      battery, and intentional infliction of emotional distress), (v) any claim
      of negligence (including negligent infliction of emotional distress,
      negligent hiring, or negligent retention), (vi) any claim of a violation
      of a statute or ordinance, including, but not limited to, the Civil Rights
      Act of 1866, 42 U.S.C. Section 1981, the Civil Rights Act of 1964, 42
      U.S.C. Section 2000e et seq., as amended by the Civil Rights Act of 1991,
      the Age Discrimination in Employment Act ("ADEA"), 29 U.S.C. Section 621
      et seq. (including, but not limited to, the Older Worker Benefit
      Protection Act (the "OWBPA")), the Employee Retirement Income Security
      Act, 29 U.S.C. Section 1001 et seq. (including, but not limited to,
      COBRA), Executive Order 11246, the Occupational Safety and Health Act, 29
      U.S.C. Section 651 et. seq., the National Labor Relations Act, 29 U.S.C.
      Section 151 et. seq., the Fair Labor Standards Act of 1938, 29 U.S.C.
      Section 201 et seq., (including, but not limited to, the Equal Pay Act),
      the Rehabilitation Act of 1973, 29 U.S.C. Section 701 et seq., the
      Americans with Disabilities Act, 42 U.S.C. Section 12101 et seq., the
      Family and Medical Leave Act, 29 U.S.C. Section 2601 et seq., the Missouri
      Workers' Compensation Act, Section 287.010 R.S.Mo. et seq., the Missouri
      Employment Security Act, Section 288.010 R.S.Mo. et seq., the Missouri
      Human Rights Act, Section 213.010 R.S.Mo. et seq., the

                                       2
<PAGE>
      Missouri Service Letter Act, Section 290.140, or any other relevant
      federal, state, or local statutes or ordinances governing or concerning
      employment and the payment of compensation;

            (d)   That you release and waive any and all claims under or
      pursuant to the Employment Agreement , including, but not limited to, any
      claim for any additional compensation, salary, wages, commission, employee
      benefits, or stock (under any plan or policy of the Companies) allegedly
      due to you under or pursuant to the Employment Agreement;

            (e)   That in the event that you or any person or entity should
      bring such a charge, claim, complaint, or action on your behalf (or on
      behalf of a class of persons which includes you), you hereby waive and
      forfeit any right to recovery under or equitable relief associated with
      said claim and will exercise every good faith effort to have such claim
      dismissed;

            (f)   That if you violate this Agreement by asserting a claim
      against any of the Releasees listed in Section 5(a) herein, you agree that
      you will pay all costs and expenses of defending against the suit incurred
      by the other, including, but not limited to, reasonable attorneys' fees
      and costs of litigation, and that you shall hold the Releasees harmless
      against any judgment which may be rendered against them. This paragraph
      concerning payment of costs and attorneys' fees upon violation of this
      Agreement does not apply to ADEA claims, except to the extent federal law
      permits. This provision in no way imposes any condition precedent, any
      penalty, or any other limitation which adversely affects your right to
      challenge your waiver in this Agreement of claims under the ADEA;

            (g)   That, with the exception of challenges for compliance with the
      ADEA or the OWBPA, you agree not to challenge the enforceability of this
      Agreement and the release and waiver of claims herein; and

            (h)   For purposes of the ADEA only, this Agreement does not affect
      the Equal Employment Opportunity Commission's ("EEOC") rights and
      responsibilities to enforce the ADEA, nor does this Agreement prohibit you
      from filing a charge under the ADEA (including a challenge to the validity
      of the waiver of claims in this Agreement) with the EEOC, or participating
      in any investigation or proceeding conducted by the EEOC. Nevertheless,
      you agree that the Releasees will be shielded against any recovery by you,
      provided this Agreement is valid under applicable law.

      6.    NON-DISPARAGEMENT. You agree that you will not make any public
statement which would adversely affect the business of the Companies or any
other related entity of the Companies, in any manner, at any time, even beyond
the date after which you will receive no further compensation or benefits of any
kind pursuant to the provisions of this Agreement. You agree that you will not
disparage, criticize or speak negatively about the Companies or their
subsidiaries and affiliates, or their decisions or actions, about their
products, services or operations, about any of their past, present or future
directors, officers or employees or any of their actions or decisions, or about
its customers. You acknowledge that the Companies would be greatly injured by,
and have no adequate remedy at law for, breach of your obligations under
Sections 4 and 6 of the Agreement. Accordingly, you agree that wherever such
breach occurs or is threatened, the Companies may, enjoin you committing such
breach or threatened breach.

      7.    GOVERNING LAW AND THIRD PARTY BENEFIT. Hoffmann and the Companies
agree that this Agreement shall be governed by, and interpreted in accordance
with the internal laws, and not the conflicts of laws, of the State of Missouri.
The provisions of this agreement are intended to

                                       3
<PAGE>
benefit each of the Releasees and as such may be enforced by each Releasee in
such party's individual right.

      8.    MODIFICATION. The parties hereto agree that this agreement may not
be modified, altered, or changed except by a written Agreement signed by the
parties hereto.

      9.    SEVERABILITY. In the event that a provision of this Agreement, or a
portion thereof, is judicially determined to be unenforceable as written, such
provision shall be construed so as to give it the maximum effect permitted under
applicable law, or, in the event such provision would otherwise render this
Agreement void or unenforceable, such provision shall be considered stricken
from the Agreement and as if it had never been included herein. However, if the
release and waiver of all claims contemplated in Section 5 of this Agreement in
any respect is determined to be invalid or unenforceable, then, either party at
its option may appeal to arbitration as provided below, the effect of such
specific invalidity and the alleged resulting failure of consideration and
related equitable entitlement to an adjustment of the consideration already
tendered.

      10.   ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the Companies and Hoffmann with respect to the subject matter of this
Agreement and supersedes all prior negotiations and agreements, whether written
or oral.

      11.   TIME FOR CONSIDERATION. By executing this Agreement, you acknowledge
that by being presented with this Agreement, you have been advised by a
representative of the Companies that you have been given at least twenty-one
(21) days within which to consider this Agreement before signing same.
Notwithstanding the opportunity to consider this Agreement for at least
twenty-one (21) days, you acknowledge if you sign this Agreement anytime prior
to the expiration of twenty-one (21) days, that you have nonetheless given full
consideration to the terms herein and sign of your free volition.

      12.   TIME FOR REVOCATION. By executing this Agreement, you acknowledge
that by being presented with this Agreement, you have been advised by a
representative of the Companies that this Agreement shall not become effective
until the eighth (8th) calendar day after the date of Hoffmann's execution of
this Agreement. During the seven (7) day period following your execution of this
Agreement, you may freely revoke your execution of this Agreement. Upon
expiration of the seven (7) day period, you acknowledge that this Agreement
becomes final and binding.

      13.   CONSULTATION WITH AN ATTORNEY. By executing this Agreement, you
acknowledge that by being presented with this Agreement for your consideration,
you have been advised by a representative from the Companies to consult with
anyone of your choosing about this Agreement, its meaning and effect prior to
executing this Agreement.

      14.   COOPERATION. You agree that you will assist the Board of Directors
in any reasonable request for your assistance on any of the Companies' related
projects without additional charge for your services. Such to include, without
limitation, your full cooperation with the Companies, or its counsel, in any
matter, including litigation or potential litigation, over which you may have
knowledge, information or expertise. Should you receive any contact to be
interviewed, subpoena or notice of deposition to testify in any investigation or
action, you will notify the General Counsel of TALX, Tom Werner, as soon as
reasonably practicable of the contact for interview, subpoena or notice. Should
the Companies file a motion to quash or for a protective order and inform you
thereof, you agree to refrain from testifying at trial or by deposition until
the court has

                                       4
<PAGE>
ruled on the motion unless otherwise required by law. In the event that your
cooperative effort requires travel, or expenditure of funds by you, the
Companies will compensate you for the same.

      15.   ARBITRATION. The parties agree that in the event of any breach or
alleged breach of this Separation Agreement, or the Employment Agreement, or any
other dispute arising from the employment relationship or the termination of
employment (other than breaches, alleged breaches or disputes pertaining to
Sections 4(b), or 6, hereof), such breach or dispute shall be submitted to
arbitration under the rules of the American Arbitration Association ("AAA") in
St. Louis, Missouri. Arbitration shall be the sole and exclusive remedy with
respect to any such alleged breach or dispute, and shall be handled pursuant to
the procedures and provisions of the AAA and the proceedings shall be private
and confidential. The parties agree that the issue before the arbitrator shall
be whether one of the parties breached the terms of this Agreement, and, if so,
what are the appropriate damages, if any, except that the arbitrator will have
no authority to award punitive damages or damages for non-economic injuries
unless such remedies are authorized by statute. The finding of the arbitrator
shall be final and binding on both parties. The arbitrator shall have no power
to add to, detract from, or alter this Agreement in any way, and,
notwithstanding any AAA rule to the contrary, the arbitrator shall have no power
to award, and may not award, punitive or non-economic damages unless such
remedies are authorized by statute. The arbitrator's decision shall be subject
to review only as provided under the Federal Arbitration Act. Pending final
decision by the arbitrator, there shall be no other legal action taken by either
party to the controversy except for the exception described above.
Notwithstanding anything else in this Section, the Companies shall be entitled
to seek a restraining order or injunction in any court of competent jurisdiction
to prevent any continuation of any violation of this Agreement, or any
provisions or agreements referred to herein, and you hereby consent that such
restraining order or injunction may be granted without the necessity of the
Companies posting any bond.

      IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
3rd day of June, 2004.

      PLEASE READ CAREFULLY. THIS SEPARATION AGREEMENT AND RELEASE INCLUDES A
RELEASE OF ALL CLAIMS. THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION
WHICH MAY BE ENFORCED BY THE PARTIES.

                                      TALX UCM SERVICES, INC.

                                      By:  /s/ L. KEITH GRAVES
                                           -----------------------------------
                                           L. Keith Graves
                                           Chief Financial Officer

                                      TALX CORPORATION

                                      By:  /s/ WILLIAM W. CANFIELD
                                           -----------------------------------
                                           William W. Canfield
                                           President and Chief Executive Officer

                                           /s/ STEPHEN E. HOFFMANN
                                           -------------------------------------
                                           Stephen E. Hoffmann

                                       5

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