Document:

Amendment No. 4 to Second Amended and Restated Receivables Purchase Agreement

 Exhibit 10.55 
 EXECUTION COPY 
 AMENDMENT NO. 4 
 TO 
 SECOND AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT 
 This AMENDMENT NO. 4 (this “Amendment”) dated as of December 21, 2007 is entered into among JWPR CORPORATION
(“JWPR”), as Seller and Servicer, LIBERTY STREET FUNDING LLC (“Liberty”), as the sole Conduit, and THE BANK OF NOVA SCOTIA, as agent (in such capacity, the “Agent”) and as the sole Financial
Institution (in such capacity, the “Financial Institution” and together with the Conduit, the “Purchasers”). Capitalized terms used herein without definition shall have the meanings ascribed thereto in the
“Receivables Purchase Agreement” referred to below. 
 PRELIMINARY STATEMENTS 
 Reference is made to that certain Second Amended and Restated Receivables Purchase Agreement dated as of March 24, 2006, among JWPR, Liberty, the
Agent, the Managing Agents and the Financial Institutions from time to time party thereto (as amended, restated, supplemented or modified from time to time, the “Receivables Purchase Agreement”). The parties hereto have agreed to, among
other things, amend the Receivables Purchase Agreement. 
 NOW THEREFORE, in consideration of the premises herein contained, and for other
good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1.
Amendment. Subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the parties hereto agree that the Receivables Purchase Agreement is hereby amended as follows: 
 (a) Exhibit I to the Receivables Purchase Agreement is hereby amended to amend and restate the definitions of “Collection Account” and
“Collection Account Agreement” in their entirety as follows: 
 “Collection Account” means each
bank account, concentration account, depositary account, lock-box account or similar account in which any Collections are collected or deposited, including, without limitation, those accounts listed on Exhibit IV. 
 “Collection Account Agreement” means (i) in the case of all Receivables other than the UK Receivables, an
agreement substantially in the form of Exhibit VI among any Originator, Seller, the Agent and a Collection Bank, (ii) in the case of all UK Receivables, the Deed of Trust and Charge, together with the notice required to be given to the
applicable Collection Bank thereunder and (iii) any other “blocked account agreement”, “account control agreement” or any other equivalent thereof pursuant to which the Agent is granted “control” of a Collection
Account. 

 (b) Exhibit IV to the Receivables Purchase Agreement is hereby amended and restated in its entirety as
Exhibit IV hereto. 
 SECTION 2. Representations and Warranties. 
 (a) JWPR represents and warrants that this Amendment constitutes its legal, valid and binding obligation, enforceable against it in
accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless
of whether enforcement is sought in a proceeding in equity or at law). 
 (b) JWPR represents and warrants that on the date
hereof, before and after giving effect to this Amendment, (i) no Amortization Event or Potential Amortization Event has occurred and is continuing, (ii) the Purchaser Interests of the Purchasers do not exceed the Maximum Purchaser
Percentage and (iii) each of the representations and warranties of JWPR set forth in the Receivables Purchase Agreement is true and correct in all material respects. 
 SECTION 3. Conditions Precedent. This Amendment shall become effective on and as of the date hereof (the “Effective Date”) upon receipt by the Agent of duly executed counterpart signature pages
to this Amendment from each party hereto. 
 SECTION 4. Reference to and Effect on the Transaction Documents. 
 (a) Upon the effectiveness of this Amendment, (i) each reference in the Receivables Purchase Agreement to “this Receivables
Purchase Agreement”, “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Receivables Purchase Agreement, as amended or otherwise modified hereby,
and (ii) each reference to the Receivables Purchase Agreement in any other Transaction Document or any other document, instrument or agreement executed and/or delivered in connection therewith, shall mean and be a reference to the Receivables
Purchase Agreement as amended or otherwise modified hereby. 
 (b) Except as specifically amended or modified above, the terms
and conditions of the Receivables Purchase Agreement, all other Transaction Documents and any other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect and are hereby
ratified and confirmed. 
 (c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of
any right, power or remedy of the Agent or any Purchaser under the Receivables Purchase Agreement or any other Transaction Document or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any
provision contained therein, in each case except as specifically set forth herein. 
  

 2 

 SECTION 5. Reaffirmation of Performance Undertaking. JohnsonDiversey, Inc. (i) reaffirms all
of its obligations under the Performance Undertakings, (ii) acknowledges that the Agent, as a party to the Receivables Purchase Agreement, enjoys the benefits of each Performance Undertaking, and (iii) acknowledges and agrees that each
Performance Undertaking remains in full force and effect (including, without limitation, after giving effect to this Amendment). 
 SECTION
6. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of
which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment.

 SECTION 7. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Illinois.

 SECTION 8. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not
constitute a part of this Amendment for any other purpose. 
 SECTION 9. Fees and Expenses. JWPR, as Seller, hereby confirms its
agreement to pay on demand all reasonable costs and expenses of the Agent or the Purchasers in connection with the preparation, execution and delivery of this Amendment and any of the other instruments, documents and agreements to be executed and/or
delivered in connection herewith, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel to the Agent or the Purchasers with respect thereto. 
 [signature page follows] 
  

 3 

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

			
	JWPR CORPORATION
		
	By:	 	 /s/ Tony A. Sebranek

	Name:	 	Tony A. Sebranek
	Title:	 	Vice President
	
	LIBERTY STREET FUNDING LLC, as a Conduit
		
	By:	 	 /s/ Jill A. Gordon

	Name:	 	Jill A. Gordon
	Title:	 	Vice President
	
	 THE BANK OF NOVA SCOTIA, as a

 Financial
Institution and Managing Agent

		
	By:	 	 /s/ Darren Ward

	Name:	 	
	Title:	 	

  

			
	 ACKNOWLEDGED AND AGREED:

	
	JOHNSONDIVERSEY, INC.
		
	By:	 	 /s/ Lori P. Marin

	Name:	 	Lori P. Marin
	Title:	 	Vice President & Corporate Treasurer

  

 Signature Page to Amendment No. 4 

 EXHIBIT IV 
 NAMES OF COLLECTION BANKS; COLLECTION ACCOUNTS 
  

							
	 Name of Originator
	  	 Bank Name & Address
	  	 Account
 Number
	  	 Name & Address of
 Associated Lock-Box

	 JohnsonDiversey, Inc.
 (JDINA)
	  	 LaSalle Bank NA
 135 S. LaSalle Street
 Chicago, IL 60603
	  	5800400664	  	 1589 Paysphere Circle
 Chicago, IL
60674

				
	 JohnsonDiversey, Inc.
 (US Chemical)
	  	 LaSalle Bank NA
 135 S. LaSalle Street
 Chicago, IL 60603
	  	5800400706	  	 2205 Paysphere Circle
 Chicago, IL
60674

				
	The Butcher Company Inc.	  	 LaSalle Bank NA
 135 S. LaSalle Street
 Chicago, IL 60603
	  	5800400789	  	 2350 Paysphere Circle
 Chicago, IL
60674

				
	 JohnsonDiversey, Inc.
 (Professional Consumer Branded
Products)
	  	 LaSalle Bank NA
 135 S. LaSalle Street
 Chicago, IL 60603
	  	5800400672	  	 1696 Paysphere Circle
 Chicago, IL
60674

				
	 JohnsonDiversey, Inc.
 (Americlean)
	  	 LaSalle Bank NA
 135 S. LaSalle Street
 Chicago, IL 60603
	  	5800400698	  	 1760 Paysphere Circle
 Chicago, IL
60674

				
	JohnsonDiversey, Inc. (DuBois)	  	 LaSalle Bank NA
 135 S. LaSalle Street
 Chicago, IL 60603
	  	5801012070	  	6655 Paysphere Circle Chicago, IL 60674Lydall, Inc. 2008 Annual Incentive Performance Program

 Exhibit 10.1 
 2008 ANNUAL INCENTIVE PERFORMANCE PROGRAM 
 This document sets forth the 2008 Annual Incentive Performance (AIP) Program applicable to top
management employees (“Employee”) of Lydall, Inc. or one of its subsidiaries. Operating income used for bonus calculations in this program will be based on audited financial results. 
  

	 1.
	 Target Bonus Percentage is the percentage of your Base Salary as determined on January 1st of each Program Year or date of hire for new entrants. Changes made to a Target Bonus Percentage will only be effective on January 1st of a Program Year. 

  

	2.	Base Salary is your regular earnings as an eligible participant, as indicated on your final paycheck in the current Program Year, plus any separately recorded holiday and
vacation pay. Base Salary will be reduced by earnings attributed to any leave of absence. 

  

	3.	Your Target Bonus Percentage allocation: 

 For
Corporate Headquarters participants, the target bonus percentage is based on consolidated operating income results. For business unit participants, the target bonus percentage is a combination of business unit and consolidated operating income as
outlined below: 
  

					
	  	 	 Consolidated Operating
 Income Plan
	 	 Business Unit Operating
 Income Plan

	 Corporate Participants
	 	100%	 	—  
	 Business Unit Presidents
	 	50%	 	50%
	 Business Unit Top Mgt
	 	30%	 	70%

  

	4.	Business Units  

  

	 	•	 	 Corporate Office 

  

	 	•	 	 Performance Materials 

  

	 	•	 	 North American Automotive 

  

	 	•	 	 European Automotive 

  

	 	•	 	 Ossipee 

  

	 	•	 	 Charter Medical 

  

	 	•	 	 Transport 

  

	5.	Earned Bonus Criteria: 

 For Corporate Headquarters
participants, a bonus is earned when the consolidated operating income thresholds, as outlined below, are met. For business unit participants, bonus is earned when either the consolidated operating income thresholds or business unit operating income
thresholds, as outlined below, are met. Earning a bonus in one category is not contingent on the other. 
  

					
	 Payout Earned
	 	 Consolidated
 Operating Income
 Plan Thresholds
	 	 Business Unit Operating
 Income Plan Thresholds

	 50% Payout
	 	80% - 89%	 	80% - 89%
	 70% - 97% Payout (1)
	 	90% to 99%	 	90% to 99%
	 100% Payout
	 	100%	 	100%

	 	(1)	Achievement of 90% of the respective Plan Threshold results in a 70% payout. For each additional 1% of the respective Plan Threshold that is achieved (rounded to the nearest whole
number) the payout will increase by 3%. For example, achievement of 91% of the respective Plan Threshold will result in a 73% payout; achievement of 92% of the respective Plan Threshold will result in a 76% payout, and so forth.

  

	6.	Exceeding Plan Targets 

 If the consolidated
operating income plan is exceeded, 30 percent of the excess will be allocated to a pool for program participants up to a maximum of 10 percent of the total “target bonus” pool. Corporate Headquarters participants will start earning excess
bonus when consolidated operating income exceeds the 100% plan threshold. Business unit participants will start earning excess bonus when consolidated operating income exceeds the 100% plan threshold, and their respective business unit operating
income plan 100% threshold has been achieved. The maximum bonus that can be earned by a participant is 1.1x of the individual’s target bonus. The excess pool will be allocated in relation to the participant’s target bonus percentage.

  

	7.	Eligibility 

 Employee’s who are top managers
are eligible to participate in the Program if they hold a position of Officer of Lydall, Inc., (which includes the Business Unit Presidents), or are a management direct report of an Officer. The CEO may elect in writing to include a limited number
of other key individuals in this Program at his discretion. 
  

	8.	Terms and Conditions 

 a) Payment Date The
bonus will be paid within 30 days following the date on which Lydall’s public auditors have completed their year-end audit, but no later than March 15. 
 b) Active Employment Condition Bonus compensation is only payable to the Employee if they
remain actively employed by a Lydall company through December 31st of the applicable year-end. If the Employee is unable to carry out
responsibilities through the end of the applicable year due to death or full disability, a pro-rated bonus will be paid if the employee’s business unit has earned a bonus. 
 c) Termination Any bonus earned under this program on December 31st may be eliminated by Lydall if at any time the Employee is terminated by Lydall for “cause” before payment is made. “Cause” is defined as
acts of dishonesty or fraud; conviction of a felony or crime involving moral turpitude; willful material breach of the employee’s duties and responsibilities; habitual neglect or insubordination; or breach of the Non-competition and
Confidentiality Agreement. 
 d) No Guarantee Participation in the program provides no guarantee that a bonus under the program will be
paid. No bonus will be paid to the extent that it would cause the Company to violate any financial obligations it may have under any agreements. 
 e) Modifications, Amendments, or Termination of the Program The Chief Executive Officer and the Chief Financial Officer, have the sole authority to modify, amend, or terminate the provisions of this Program at any time, subject to
Compensation Committee approval. This is not an ERISA regulated program.

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