Document:

First Amendment to Credit and Security Agreements

 Exhibit 10.1 
 FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENTS 
 AND WAIVER OF DEFAULT 
 THIS FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENTS AND WAIVER OF DEFAULT (this “Amendment”), dated November 3, 2008, is entered
into by and between IRIDEX CORPORATION, a Delaware corporation (“Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), acting through its Wells Fargo Business Credit operating division. 

RECITALS 
 Company and Wells Fargo are
parties to (i) a Credit and Security Agreement dated March 27, 2008 (as amended from time to time, the “Domestic Credit Agreement”), and (ii) a Credit and Security Agreement (Ex-Im Subfacility) (as amended from time
to time, “Ex-Im Credit Agreement”; and together with the Domestic Credit Agreement, the “Credit Agreements”). Capitalized terms used in these recitals have the meanings given to them in the Credit Agreements unless
otherwise specified. 
 Company is in default of Section 5.2(b) of the Credit Agreements, as Company’s Debt Service Coverage Ratio
on August 31, 2008, was 0.66 to 1.0, versus a minimum requirement of 1.10 to 1.0 (the “Existing Default”). The Existing Default constitutes an Event of Default under the Credit Agreements. 
 The Company has requested that certain amendments be made to the Credit Agreements and the Existing Default be waived. Wells Fargo is willing to
undertake the amendments and waive the Existing Default, subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in
consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows: 
 1. Section 1.6(a) of the
Credit Agreements. The third full paragraph of Section 1.6(a) of the Credit Agreements (that begins “[t]he Margins through and including the adjustment occurring as specified below shall be . . .”) is amended to read in its
entirety as follows: 
 “The Margins through and including the adjustment occurring as specified below shall be 2.0% per annum for
Floating Rate Advances, and 3.50% per annum for LIBOR Advances. The Margins shall be reduced by 0.25% per annum on a one-time basis if the Company’s Earnings Before Taxes, Depreciation, and Amortization for any fiscal year ending on
or after December 31, 2008, is greater than $1,500,000.” 

 2. Exhibit A to the Credit Agreements. The following defined term that appears in Exhibit A to the Credit
Agreements is amended to read in its entirety as follows: 
 ““Prime Rate” means at any time the greater
of (i) five percent (5%) per annum, or (ii) the rate of interest most recently announced by Wells Fargo at its principal office as its Prime Rate, with the understanding that the Prime Rate is one of Wells Fargo’s
base rates, and serves as the basis upon which effective rates of interest are calculated for those loans making reference to it, and is evidenced by its recording in such internal publication or publications as Wells Fargo may designate. Each
change in the rate of interest shall become effective on the date each Prime Rate change is announced by Wells Fargo.” 
 3. Effective Date of
Certain Changes; No Other Changes. The changes in the interest rates set forth in Sections 1 and 2 of this Amendment shall be deemed effective as of October 1, 2008, notwithstanding the date of this Amendment or the date that this Amendment
becomes effective under Section 6 of this Amendment. Except as explicitly amended by this Amendment, all of the terms and conditions of the Credit Agreements shall remain in full force and effect and shall apply to any advance or letter of
credit thereunder. 
 4. Waiver of Defaults. Upon the terms and subject to the conditions set forth in this Amendment, Wells Fargo hereby waives the
Existing Default. This waiver shall be effective only in this specific instance and for the specific purpose for which it is given, and this waiver shall not entitle the Company to any other or further waiver in any similar or other circumstances.

 5. Amendment Fee. The Company shall pay Wells Fargo as of the date of this Amendment a fully earned, non-refundable fee in the amount of $15,000 in
consideration of Wells Fargo’s execution and delivery of this Amendment. 
 6. Conditions Precedent. This Amendment, and the waiver set
forth in Section 4 hereof, shall be effective when Wells Fargo shall have received an executed original of this Amendment, together with each of the following, each in substance and form acceptable to Wells Fargo in its sole discretion:

 6.1 A Certificate of the Secretary of the Company certifying as to (i) the resolutions of the board of directors of the Company
approving the execution and delivery of this Amendment, (ii) the fact that the certificate of incorporation and bylaws of the Company, which were certified and delivered to Wells Fargo pursuant to the Certificate of Authority of the
Company’s secretary or assistant secretary dated March 27, 2008, continue in full force and effect and have not been amended or otherwise modified except as set forth in the Certificate to be delivered, and (iii) the fact that the
officers and agents of the Company who have been certified to Wells Fargo, pursuant to the Certificate of Authority of the Company’s secretary or assistant secretary dated March 27, 2008, authorized to sign and to act on behalf of the
Company continue to be so authorized or setting forth the sample signatures of each of the officers and agents of the Company authorized to execute and deliver this Amendment and all other documents, agreements and certificates on behalf of the
Company. 
 6.2 Payment of the fee described in Section 5. 
 First Amendment to Credit and Security Agreement 
 and Waiver of Default 
 WFBC/Iridex 
  

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 6.3 Consent and approval of this Amendment by the Export Import Bank of the United States. 
 6.4 Such other matters as Wells Fargo may require. 
 7.
Representations and Warranties. The Company hereby represents and warrants to Wells Fargo as follows: 
 7.1 The Company has all
requisite power and authority to execute this Amendment and any other agreements or instruments required hereunder and to perform all of its obligations hereunder, and this Amendment and all such other agreements and instruments has been duly
executed and delivered by the Company and constitute the legal, valid and binding obligation of the Company, enforceable in accordance with its terms. 
 7.2 The execution, delivery and performance by the Company of this Amendment and any other agreements or instruments required hereunder have been duly authorized by all necessary corporate action and do not
(i) require any authorization, consent or approval by any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) violate any provision of any law, rule or regulation or of any order, writ,
injunction or decree presently in effect, having applicability to the Company, or the certificate of incorporation or by-laws of the Company, or (iii) result in a breach of or constitute a default under any indenture or loan or credit agreement
or any other agreement, lease or instrument to which the Company is a party or by which it or its properties may be bound or affected. 
 7.3
All of the representations and warranties contained in Section 4 of, and Exhibit D to, the Credit Agreements are true and correct on and as of the date hereof as though made on and as of such date, except to the extent that such representations
and warranties relate solely to an earlier date. 
 7.4 All indebtedness owing by the Company to American Medical Systems, Inc. has been
repaid in full 
 8. References. All references in the Credit Agreements to “this Agreement” shall be deemed to refer to the relevant Credit
Agreement as amended by this Amendment; and any and all references in the Security Documents to the Credit Agreements shall be deemed to refer to the relevant Credit Agreement as amended by this Amendment. 
 9. No Other Waiver. Except as otherwise provided in Section 4 hereof, the execution of this Amendment and the acceptance of all other agreements and
instruments related hereto shall not be deemed to be a waiver of any Default or Event of Default under the Credit Agreements or a waiver of any breach, default or event of default under any Security Document or other document held by Wells Fargo,
whether or not known to Wells Fargo and whether or not existing on the date of this Amendment. 
 First Amendment to Credit and Security Agreement

 and Waiver of Default 
 WFBC/Iridex

  

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 10. Release. The Company absolutely and unconditionally releases and forever discharges Wells Fargo, and any and
all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents, attorneys, and employees of any
of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which the Company has had, now has
or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether such claims, demands and causes of
action are matured or unmatured or known or unknown. It is the intention of the Company in executing this release that the same shall be effective as a bar to each and every claim, demand and cause of action specified and in furtherance of this
intention the Company waives and relinquishes all rights and benefits under Section 1542 of the Civil Code of the State of California, which provides: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MIGHT HAVE MATERIALLY AFFECTED HIS
SETTLEMENT WITH THE DEBTOR.” 
 The parties acknowledge that each may hereafter discover facts different from or in addition to those now known or
believed to be true with respect to such claims, demands, or causes of action and agree that this instrument shall be and remain effective in all respects notwithstanding any such differences or additional facts. 
 11. Costs and Expenses. The Company hereby reaffirms its agreement under the Credit Agreements to pay or reimburse Wells Fargo on demand for all costs and
expenses incurred by Wells Fargo in connection with the Loan Documents, including, without limitation, all fees and disbursements of legal counsel. Without limiting the generality of the foregoing, the Company specifically agrees to pay all fees and
disbursements of counsel to Wells Fargo for the services performed by such counsel in connection with the preparation of this Amendment and the documents and instruments incidental hereto. The Company hereby agrees that Wells Fargo may, at any time
or from time to time in its sole discretion and without further authorization by the Company, make a loan to the Company under the Credit Agreements, or apply the proceeds of any loan, for the purpose of paying any such fees, disbursements, costs
and expenses and the fee required under Section 5 of this Amendment. 
 12. Miscellaneous. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument. Transmission by facsimile or “pdf” file of an executed
counterpart of this Amendment shall be deemed to constitute due and sufficient delivery of such counterpart. Any party hereto may request an original counterpart of any party delivering such electronic counterpart. This Amendment and the rights and
obligations of the parties hereto shall be construed in accordance with, and governed by, the laws of the State of California. In the event of any conflict between this Amendment and the Credit Agreements, the terms of this Amendment shall govern.

 [signatures on next page] 
 First
Amendment to Credit and Security Agreement 
 and Waiver of Default 
 WFBC/Iridex 
  

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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. 
  

									
	WELLS FARGO BANK, NATIONAL ASSOCIATION	 		 	IRIDEX CORPORATION
					
	By:	 	/s/ Jorge Visitacion	 		 	By:	 	/s/ Jim Mackaness
	Print Name:	 	Jorge Visitacion	 		 	Print Name:	 	Jim Mackaness
	Title:	 	AVP/Relationship Manager	 		 	Title:	 	CFO

 First Amendment to Credit and Security Agreement 
 and Waiver of Default 
 WFBC/Iridex 
  

 S-1Gereral Release of Thomas A. Renyi

 Exhibit 10.1 
 G E N E R A L    R E L E A S E 
 GENERAL RELEASE (this
“Release”) by Thomas A. Renyi (“you”) in favor of The Bank of New York Mellon Corporation (“Company”), its subsidiaries, affiliates, and all of their officers, directors, employees, shareholders,
attorneys and agents and their predecessors, successors and assigns, individually and in their official capacities (together, the “Released Parties”). 
 WHEREAS, you have been employed as Executive Chairman of the Company; and 
 WHEREAS, you are entitled to
certain payments and benefits under your letter agreement, dated June 25, 2007 (as the same may have been amended from time to time, the “Service Agreement”), with the Company that are conditioned on the effectiveness of this
Release. 
 NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, the parties agree as follows: 

1. General Release. You, for yourself and for your heirs, executors, administrators, successors and assigns, knowingly and voluntarily forever
waive, terminate, cancel, release and discharge the Released Parties from and against any and all legally waivable claims, causes of action, allegations, rights, obligations, liabilities or charges (collectively, “Claims”) that you
(or your heirs, executors, administrators, successors and assigns) have or may have, whether known or unknown, by reason of any matter, cause or thing occurring at any time before and including the date of this Release, including, without
limitation, claims for compensation or bonuses (including, without limitation, any claim for an award under any compensation plan or arrangement); breach of contract; tort; wrongful, abusive, unfair, constructive or unlawful discharge or dismissal;
impairment of economic opportunity defamation; age and national origin discrimination; sexual harassment; back pay; front pay; benefits’ attorneys’ fees; whistleblower claims; emotional distress’ intentional infliction of emotional
distress’ assault’ battery; pain and suffering; punitive or exemplary damages; violations of the Equal Pay Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination Employment Act of 1967
(“ADEA”), the Americans with Disabilities Act of 1991, the Employee Retirement Income Security Act, the Older Workers Benefit Protection Act of 1990, the Sarbanes-Oxley Act of 2002, the Worker Adjustment and Retraining Notification
Act of 1989, the Family and Medical Leave Act of 1993, the New York State and New York City anti-discrimination laws, including all amendments to any of the aforementioned acts; and violations of any other federal, state, or municipal fair
employment statutes or laws, including, without limitation, violations of any other law, rule, regulation or ordinance pertaining to employment, wages, compensation, hours worked, or any other matters related in any way to your employment with the
Company and its affiliates (and their respective predecessors) or the termination of that employment. In addition, in consideration of the provisions of this Release, you further agree to waive any and all rights under the laws of any jurisdiction
in the United States or any other country that limit a general release to those claims that are known or suspected to exist in your favor as of the Effective Release Date (as defined below). You also understand you are releasing any rights or claims
concerning bonus(es) and any award(s) or grant(s) under any incentive compensation plan or program, except as specifically set forth in the Service Agreement. 
 2. Surviving Claims: Notwithstanding anything herein to the contrary, this Release shall not: 
 (a)
release any Claims relating to the payments and benefits set forth in the Service Agreement; 

 (b) release any Claims arising after the date of this Release; 
 (c) limit or prohibit in any way your (or your beneficiaries’ or legal representatives’) ability to bring an action to enforce the terms of
this Release; 
 (d) release the Company's obligations to you as a past, present, or future customer or client of the Company or its
affiliates; 
 (e) release any claim for employee benefits under plans covered by the Employee Retirement Income Security Act of 1974, as
amended, or other vested benefits to the extent that such claims may not lawfully be waived or for any payments or benefits under any plans of the Company that have vested according to the terms of those plans; or 
 (f) release any claims for indemnification in accordance with applicable laws and the corporate governance documents of the Company including any right
to contribution, in accordance with their terms as in effect from time to time or pursuant to any applicable directors and officers insurance policy with respect to any liability incurred by you as an officer or director of the Company or any right
you may have to obtain contribution as permitted by law in the event of entry of judgment. 
 The Claims that are not released pursuant to this
Section 2 are collectively referred to as the “Surviving Claims”. 
 3. Additional Representations and
Covenants. You represent and warrant that you have not filed any civil action, suit, arbitration, administrative charge, or legal proceeding against any Released Party nor have you assigned, pledged, or hypothecated as of the Effective Release
Date your claim to any person and no other person has an interest in the claims that you are releasing. You also agree that should any person or entity file or cause to be filed any civil action, suit, arbitration, administrative charge or other
legal proceeding seeking equitable or monetary relief concerning any claim released by you herein, you shall not seek or accept any personal relief from or as the result of such civil action, suit, arbitration, administrative charge or other legal
proceeding. 
 4. Your Acknowledgements. You acknowledge and agree that you have read this Release in its entirety and that, except
for the Surviving Claims, this Release is a general release of all known and unknown claims, including, without limitation, to rights and claims arising under ADEA. You further acknowledge and agree that: 
 (a) this Release does not release, waive or discharge any rights or claims that may arise for actions or omissions after the date of this Release;

 (b) you are entering into this Release and releasing, waiving and discharging rights or claims only in exchange for consideration which
you are not already entitled to receive; 
 (c) you have been advised, and are being advised by this Release, to consult with an attorney
before executing this Release, and you acknowledge that you have consulted with counsel of your choice concerning the terms and conditions of this Release; 
 (d) you have been advised, and are being advised by this Release, that you have 21 days within which to consider this Release; 
  

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 (e) you are aware that this Release shall become
null and void if you revoke your agreement to this Release within 7 days following the date of execution and delivery of this Release. You may revoke this Release at any time during such 7-day period by delivering (or causing to be delivered) to the
Company’s Director of Human Resources a written notice of your revocation of this Release. In the event that the 7th day following the date you
sign this Release falls on a Saturday, Sunday or legal holiday, you will have until 5:00 p.m. on the next business day to deliver your written notice of revocation. You expressly understand and agree that if you do not sign this Release, or if you
revoke it within this 7-day period, you are not entitled to, and will not receive, any of the payments or benefits provided for under the Service Agreement that are conditioned upon the effectiveness of this Release; and 
 (f) this Release shall become effective and irrevocable on the 8th day following the day on which you have signed it, unless you have revoked it as
provided in Paragraph 4(e) above (“Effective Release Date”). 
 5. Additional Agreements. You acknowledge and
represent that you have returned or will return prior to the Effective Release Date , all Company-owned property, including but not limited to, all documents and records, materials, policies, procedures, forms and documents, identification cards,
credit cards, telephone cards, files, memoranda, keys and other equipment and/or supplies in your possession, custody or control and all copies thereof, that you have retained no such item in your possession, custody or control, and you understand
that the Company has relied upon your representation and that the return of such property is an express condition of your Service Agreement and this Release. You may retain all benefits-related documents pertaining to you. 
 6. Governing Law. To the extent not subject to federal law, this Release will be governed by and construed in accordance with the law of the State
of New York applicable to contracts made and to be performed entirely within that state. 
 7. Captions; Section Headings. Captions
and section headings used herein are for convenience only and are not a part of this Release and shall not be used in construing it. 
 8.
Facsimile Signature. Any signature on this Release, delivered by facsimile transmission shall be deemed to be an original signature thereto. 
  

					
	 July 22, 2008
	 		 	 /s/ Thomas A. Renyi

	Date	 		 	Thomas A. Renyi

  

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