Document:

EXHIBIT 10.25

 

NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREMENT,
NO SHARES OF WESTERN SIERRA BANCORP’S COMMON STOCK SHALL BE ISSUED PURSUANT
HERETO UNLESS THE WESTERN SIERRA BANCORP 2004 STOCK OPTION PLAN SHALL HAVE
FIRST BEEN APPROVED BY THE SHAREHOLDERS OF WESTERN SIERRA BANCORP.

 

WESTERN SIERRA BANCORP

NONQUALIFIED STOCK OPTION AGREEMENT

 

This Nonqualified
Stock Option Agreement (the “Agreement”) is made and entered into as of the             
day of                            ,
         , by and between Western
Sierra Bancorp, a California corporation (the “Bancorp”), and                          ,
(“Optionee”);

 

WHEREAS, pursuant
to the Western Sierra Bancorp 2004 Stock Option Plan (the “Plan”), a copy of
which is attached hereto, the Administrator of the Plan has authorized granting
to Optionee a nonqualified stock option to purchase all or any part of                             
(             )
authorized but unissued shares of the Bancorp’s common stock at the price of                         
Dollars and                
Cents ($    .    ) per share, such
option to be for the term and upon the terms and conditions hereinafter stated;

 

NOW, THEREFORE, it
is hereby agreed:

 

1.  Grant of Option.  Pursuant to said action of the Administrator,
the Bancorp hereby grants to Optionee the option to purchase, upon and subject
to the terms and conditions of the Plan which is incorporated in full herein by
this reference, all or any part of                             
(             )
shares of the Bancorp’s common stock (hereinafter called “stock”) at the price
of                
Dollars and                   
Cents ($     .   ) per share, which
price is not less than one hundred percent (100%) of the fair market value of
the stock as of the date of action of the Administrator granting this option.

 

2.  Exercisability.  This option shall be exercisable as to:

 

	
  Number of Shares

  	
   

  	
  Vesting Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

This option shall remain exercisable as to all vested shares until                        
    ,           
(but not later than ten (10) years from the date this option is granted) unless
this option has expired or terminated earlier in accordance with the provisions
hereof or in the Plan.  Subject to
paragraphs 4 and 5, shares as to which this option becomes exercisable pursuant
to the foregoing provision may be purchased at any time prior to expiration of
this option.

 

3.  Exercise of Option.  This option may be exercised by written
notice (substantially in the form as that which is attached as Exhibit A)
delivered to the Bancorp stating the number of shares with respect to which
this option is being exercised, together with (a) cash in the amount of the
purchase price of such shares, or (b) subject to applicable law, with the
Bancorp’s stock previously acquired by Optionee and held by Optionee for a
period of at least six months. 
Notwithstanding the foregoing, in the event Optionee does exercise the
option by utilizing (b) above, Optionee should obtain tax advice as to the
consequences of such action.  Not less
than ten (10) shares may be purchased at any one time unless the number
purchased is the total number which may be purchased under this option and in
no event may the option be exercised with respect to fractional shares.  Upon exercise, Optionee shall make
appropriate arrangements and shall be responsible for the withholding of any
federal and state taxes then due.

 

4.  Cessation of Directorship or Employment.  If Optionee shall cease to be a director or
an employee of the Bancorp or a subsidiary corporation for any reason other
than Optionee’s death or disability [as defined in Section 22(e)(3) of the
Internal Revenue Code of 1986, as amended from time to time (the “Code”)], this
option shall expire three (3) months thereafter, except (i) as provided in
Paragraphs 2 and 5 hereof in which case the option shall be exercisable as
provided in those respective sections and (ii) except when Optionee is both a
director and an employee in which case such Optionee’s nonqualified option
shall expire three (3) months after the later of the date of termination of
Optionee’s directorship or employment. 
During the three (3) month period this option shall be exercisable only
as to those installments, if any, which had accrued as of the date when
Optionee ceased to be a director or an employee of the Bancorp or a subsidiary
corporation.

 

5.  Termination of Employment for Cause.  If Optionee’s employment with the Bancorp or
a subsidiary corporation is terminated for cause, this option shall expire
thirty (30) days from the date of such termination.  Termination for cause shall include, but not
be limited to, termination for malfeasance or gross misfeasance in the
performance of duties or conviction of a crime involving moral turpitude, and,
in any event, the determination of the Board of Directors with respect thereto
shall be final and conclusive.

 

 

6.  Nontransferability; Death or Disability of
Optionee.  This
option shall not be transferable except by will or by the laws of descent and
distribution and shall be exercisable during Optionee’s lifetime only by
Optionee.  If Optionee dies while serving
as a director or an employee of the Bancorp or a subsidiary corporation, or
during the three (3) month period referred to in Paragraph 4 hereof, this option
shall expire one (1) year after the date of Optionee’s death or on the day
specified in Paragraph 2 hereof, whichever is earlier.  After Optionee’s death but before such
expiration, the persons to whom Optionee’s rights under this option shall have
passed by will or by the laws of descent and distribution or the executor or
administrator of Optionee’s estate shall have the right to exercise this option
as to those shares for which installments had accrued under Paragraph 2 hereof
as of the date on which Optionee ceased to be a director or an employee of the
Bancorp or a subsidiary corporation.

 

If Optionee
terminates his or her directorship or employment because of disability (as
defined in Section 22(e)(3) of the Code), Optionee may exercise this option to
the extent he or she is entitled to do so at the date of termination, at any
time within one (1) year of the date of termination, or before the expiration
date specified in Paragraph 2 hereof, whichever is earlier.

 

7.  Employment.  This Agreement shall not obligate the Bancorp
or a subsidiary corporation to employ Optionee for any period, nor shall it
interfere in any way with the right of the Bancorp or a subsidiary corporation
to reduce Optionee’s compensation.

 

8.  Privileges of Stock Ownership.  Optionee shall have no rights as a
shareholder with respect to the Bancorp’s stock subject to this option until
the date of issuance of stock certificates to Optionee.  Except as provided in the Plan, no adjustment
will be made for dividends or other rights for which the record date is prior
to the date such stock certificates are issued.

 

9.  Modification and Termination.  The rights of Optionee are subject to
modification and termination upon the occurrence of certain events as provided
in Sections 13 and 14 of the Plan.

 

10.  Notification of Sale.  Optionee agrees that Optionee, or any person
acquiring shares upon exercise of this option, will notify the Bancorp not more
than five (5) days after any sale or other disposition of such shares.

 

11.  Representations of Optionee.  No shares issuable upon the exercise of this
option shall be issued and delivered unless and until the Bancorp has complied
with all applicable requirements of California and federal law and of the
Securities and Exchange Commission and the California Department of
Corporations, as applicable pertaining to the issuance and sale of such shares,
and all applicable listing requirements of the securities exchanges, if any, on
which shares of the Bancorp of the same class are then listed.  Optionee agrees to ascertain that such
requirements shall have been complied with at the time of any exercise of this
option.  In addition, if the Optionee is
an “affiliate” for purposes of the Securities Act of 1933, there may be
additional restrictions on the resale of stock, and Optionee therefore agrees
to ascertain what those restrictions are and to abide by the restrictions and
other applicable federal and state securities laws.

 

Furthermore, the
Bancorp may, if it deems appropriate, issue stop transfer instructions against
any shares of stock purchased upon the exercise of this option and affix to any
certificate representing such shares the legends which the Bancorp deems
appropriate.

 

Optionee
represents that the Bancorp, its directors, officers, employees and agents have
not and will not provide tax advice with respect to the option, and Optionee
agrees to consult with his or her own tax advisor as to the specific tax
consequences of the option, including the application and effect of federal,
state, local and other tax laws.

 

12.  Notices.  Any notice to the Bancorp provided for in
this Agreement shall be addressed to it in care of its President or Chief
Financial Officer at its main office and any notice to Optionee shall be
addressed to Optionee’s address on file with the Bancorp or a subsidiary
corporation, or to such other address as either may designate to the other in
writing.  Any notice shall be deemed to
be duly given if and when enclosed in a properly sealed envelope and addressed
as stated above and deposited, postage prepaid, with the United States Postal
Service.  In lieu of giving notice by
mail as aforesaid, any written notice under this Agreement may be given to
Optionee in person, and to the Bancorp by personal delivery to its President or
Chief Financial Officer.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

 

	
  OPTIONEE

  	
   

  	
   

  	
  WESTERN SIERRA BANCORP

  
	
   

  	
   

  	
   

  	
   

  
	
  By

  	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
							

 

2

 

EXHIBIT A

 

NOTICE OF STOCK OPTION EXERCISE

 

 

Mr. Gary D. Gall

President

Western Sierra Bancorp

4080 Plaza Goldorado Circle

Cameron Park, California 95682

 

Dear Mr. Gall:

 

Pursuant to my nonqualified stock option agreement dated                               ,
I am exercising my stock option to acquire                       
shares of common stock of Western Sierra Bancorp.  I am also enclosing payment by means of (cash
in the amount of $                ,
or                 
qualifying shares of Western Sierra Bancorp having a fair market value)
equal to the sum of the option exercise price.

 

I further acknowledge that Western Sierra Bancorp makes no
representations as to federal or state tax matters, and that I am to consult
with my own tax attorney or tax accountant for advice with respect to the
exercise of my stock option and the effect of the sale of the option
shares.  [(For executive officers of
the Bancorp or insiders of the Bancorp) I further acknowledge that I am an
affiliate or insider of Western Sierra Bancorp and that federal securities laws
are applicable to the exercise of the stock option and any subsequent sale of
the option shares including the applicability of the Securities Act of 1933 and
Rule 144 (both dealing with the sale of shares by an affiliate).  I agree to comply with such securities laws
and rules.]

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name of Optionee

  

 

3

 

NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT,
NO SHARES OF WESTERN SIERRA BANCORP’S COMMON STOCK SHALL BE ISSUED PURSUANT
HERETO UNLESS THE WESTERN SIERRA BANCORP 2004 STOCK OPTION PLAN SHALL HAVE
FIRST BEEN APPROVED BY THE SHAREHOLDERS OF WESTERN SIERRA BANCORP.

 

WESTERN SIERRA BANCORP

INCENTIVE STOCK OPTION AGREEMENT

 

This Incentive
Stock Option Agreement (the “Agreement”) is made and entered into as of the          
day of                 ,
         , by and between Western
Sierra Bancorp, a California corporation (the “Bancorp”), and                                  
(“Optionee”);

 

WHEREAS, pursuant
to the Western Sierra Bancorp 2004 Stock Option Plan (the “Plan”), a copy of
which is attached hereto, the Administrator of the Plan has authorized granting
to Optionee an incentive stock option to purchase all or any part of                               
(        ) authorized but unissued
shares of the Bancorp’s common stock at the price of             
Dollars and            
Cents ($    .   ) per share, such option to
be for the term and upon the terms and conditions hereinafter stated;

 

NOW, THEREFORE, it
is hereby agreed:

 

1.  Grant of Option.  Pursuant to said action of the Administrator,
the Bancorp hereby grants to Optionee the option to purchase, upon and subject
to the terms and conditions of the Plan which is incorporated in full herein by
this reference, all or any part of                                  
(         ) shares of the Bancorp’s
common stock (hereinafter called “stock”) at the price of                    
Dollars and                 
Cents ($    .   ) per share, which price is
not less than one hundred percent (100%) of the fair market value of the stock
(or not less than 110% of the fair market value of the stock for
Optionee-shareholders who own securities possessing more than ten percent (10%)
of the total combined voting power of all classes of securities of the Bancorp)
as of the date of action of the Board of Directors granting this option.

 

2.  Exercisability.  This option shall be exercisable as to:

 

	
  Number of Shares

  	
   

  	
  Vesting Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

This option shall remain exercisable as to all vested shares until                      
     ,         (but
not later than ten (10) years from the date this option is granted) unless this
option has expired or terminated earlier in accordance with the provisions
hereof or in the Plan.  Subject to
paragraphs 4 and 5, shares as to which this option becomes exercisable pursuant
to the foregoing provision may be purchased at any time prior to expiration of
this option.

 

3.  Exercise of Option.  This option may be exercised by written
notice (substantially in the form as that which is attached as Exhibit A)
delivered to the Bancorp stating the number of shares with respect to which
this option is being exercised, together with (a) cash in the amount of the
purchase price of such shares, or (b) subject to applicable law, with the
Bancorp’s stock previously acquired by Optionee and held by Optionee for a
period of at least six months. 
Notwithstanding the foregoing, in the event Optionee does exercise the
option by utilizing (b) above, Optionee should obtain tax advice as to the
consequences of such action.  Not less
than ten (10) shares may be purchased at any one time unless the number
purchased is the total number which may be purchased under this option and in
no event may the option be exercised with respect to fractional shares.  Upon exercise, Optionee shall make
appropriate arrangements and shall be responsible for the withholding of any
federal and state taxes then due.

 

4.  Cessation of Employment.  If Optionee shall cease to be an employee of
the Bancorp or a subsidiary corporation, this option shall expire three (3)
months thereafter, except (i) as provided in Paragraphs 2, 5 and 6 hereof in
which case the option shall expire as provided in those sections and (ii) when
the Optionee is changing his or her status from employee or employee-director
to director, in which case such stock option shall be converted to a
nonqualified stock option three months and one day following such change in
status. 
During the aforementioned three (3) month period this option
shall be exercisable only as to those installments, if any, which had accrued
as of the date when Optionee ceased to be an employee of the Bancorp or a
subsidiary corporation.

 

5.  Termination of Employment for Cause.  If Optionee’s employment with the Bancorp or
a subsidiary corporation is terminated for cause, this option shall expire
thirty (30) days from the date of such termination.  Termination for cause shall include, but not
be limited to, termination for malfeasance or gross misfeasance in the
performance of duties or conviction of a crime involving moral turpitude, and,
in any event, the determination of the Board of Directors with respect thereto
shall be final and conclusive.

 

6.  Nontransferability; Death or Disability of
Optionee.  This
option shall not be transferable except by will or by the laws of descent and
distribution and shall be exercisable during Optionee’s lifetime only by
Optionee.

 

4

 

If Optionee dies while
serving as an employee of the Bancorp or a subsidiary corporation, or during
the three (3) month period referred to in Paragraph 4 hereof, this option shall
expire one (1) year after the date of Optionee’s death or on the day specified
in Paragraph 2 hereof, whichever is earlier. 
After Optionee’s death but before such expiration, the persons to whom
Optionee’s rights under this option shall have passed by will or by the laws of
descent and distribution or the executor or administrator of Optionee’s estate
shall have the right to exercise this option as to those shares for which
installments had accrued under Paragraph 2 hereof as of the date on which
Optionee ceased to be an employee of the Bancorp or a subsidiary corporation.

 

If Optionee
terminates his or her employment because of disability (as defined in Section
22(e)(3) of the Code), Optionee may exercise this option to the extent he or
she is entitled to do so at the date of termination, at any time within one (1)
year of the date of termination, or before the expiration date specified in
Paragraph 2 hereof, whichever is earlier.

 

7.  Employment.  This Agreement shall not obligate the Bancorp
or a subsidiary corporation to employ Optionee for any period, nor shall it
interfere in any way with the right of the Bancorp or a subsidiary corporation
to reduce Optionee’s compensation.

 

8.  Privileges of Stock Ownership.  Optionee shall have no rights as a
shareholder with respect to the Bancorp’s stock subject to this option until
the date of issuance of stock certificates to Optionee.  Except as provided in the Plan, no adjustment
will be made for dividends or other rights for which the record date is prior
to the date such stock certificates are issued.

 

9.  Modification and Termination.  The rights of Optionee are subject to
modification and termination upon the occurrence of certain events as provided
in Sections 13 and 14 of the Plan.

 

10.  Notification of Sale.  Optionee agrees that Optionee, or any person
acquiring shares upon exercise of this option, will notify the Bancorp not more
than five (5) days after any sale or other disposition of such shares.

 

11.  Representations of Optionee.  No shares issuable upon the exercise of this
option shall be issued and delivered unless and until the Bancorp has complied
with all applicable requirements of California and federal law and of the
Securities and Exchange Commission and the California Department of
Corporations, as necessary pertaining to the issuance and sale of such shares,
and all applicable listing requirements of the securities exchanges, if any, on
which shares of the Bancorp of the same class are then listed.  Optionee agrees to ascertain that such
requirements shall have been complied with at the time of any exercise of this
option.  In addition, if the Optionee is
an “affiliate” for purposes of the Securities Act of 1933, there may be
additional restrictions on the resale of stock, and Optionee therefore agrees
to ascertain what those restrictions are and to abide by the restrictions and
other applicable federal and state securities laws.

 

Furthermore, the
Bancorp may, if it deems appropriate, issue stop transfer instructions against
any shares of stock purchased upon the exercise of this option and affix to any
certificate representing such shares the legends which the Bancorp deems
appropriate.

 

Optionee
represents that the Bancorp, its directors, officers, employees and agents have
not and will not provide tax advice with respect to the option, and Optionee
agrees to consult with his or her own tax advisor as to the specific tax
consequences of the option, including the application and effect of federal,
state, local and other tax laws.

 

12.  Notices.  Any notice to the Bancorp provided for in
this Agreement shall be addressed to it in care of its President or Chief
Financial Officer at its main office and any notice to Optionee shall be
addressed to Optionee’s address on file with the Bancorp or a subsidiary
corporation, or to such other address as either may designate to the other in
writing.  Any notice shall be deemed to
be duly given if and when enclosed in a properly sealed envelope and addressed
as stated above and deposited, postage prepaid, with the United States Postal
Service.  In lieu of giving notice by
mail as aforesaid, any written notice under this Agreement may be given to
Optionee in person, and to the Bancorp by personal delivery to its President or
Chief Financial Officer.

 

13.  Incentive Stock Option.  This Agreement is intended to be an incentive
stock option agreement as defined in Section 422 of the Code; provided,
however, that if the option shall fail to constitute an incentive stock option
for any reason, the option shall thereafter be governed by the provisions of
the Plan regarding nonqualified stock options.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

 

	
  OPTIONEE

  	
  WESTERN SIERRA BANCORP

  
	
   

  	
   

  	
   

  	
   

  
	
  By

  	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
						

 

5

 

EXHIBIT
A

 

NOTICE OF STOCK OPTION EXERCISE

 

 

Mr. Gary D. Gall

President

Western Sierra Bancorp

4080 Plaza Goldorado Circle

Cameron Park, California 95682

 

Dear Mr. Gall:

 

Pursuant to my incentive stock option agreement dated                           ,
I am exercising my stock option to acquire                        
shares of common stock of Western Sierra Bancorp.  I am also enclosing payment by means of (cash
in the amount of $                ,
or                  
qualifying shares of Western Sierra Bancorp having a fair market value)
equal to the sum of the option exercise price.

 

I further acknowledge that Western Sierra Bancorp makes no
representations as to federal or state tax matters, and that I am to consult
with my own tax attorney or tax accountant for advice with respect to the exercise
of my stock option and the effect of the sale of the option shares.  [(For executive officers of the Bancorp or
insiders of the Bancorp) I further acknowledge that I am an affiliate or
insider of Western Sierra Bancorp and that federal securities laws are
applicable to the exercise of the stock option and any subsequent sale of the
option shares including the applicability of the Securities Act of 1933 and
Rule 144 (both dealing with the sale of shares by an affiliate).  I agree to comply with such securities laws
and rules.]

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name of Optionee

  

 

6Exhibit 10.03

 

FIRST AMENDMENT TO

CREDIT AGREEMENT

 

THIS
FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and
entered into as of November 25, 2003, by BANK ONE, NA, a national banking
association having its principal office in Chicago, Illinois, as Lender;
MAGNETEK, INC., a Delaware corporation, MAGNETEK ADS POWER, INC., a Delaware
corporation and Subsidiary of MagneTek, and MAXTEC INTERNATIONAL CORP., a
Delaware corporation and Subsidiary of MagneTek as Borrowers; and MAGNETEK
LEASING CORPORATION, a Delaware corporation, MAGNETEK MONDEL HOLDING, INC., a
Delaware corporation, MAGNETEK NATIONAL ELECTRIC COIL, INC., a Delaware
Corporation, MONDEL ULC, an unlimited liability corporation organized under the
laws of Nova Scotia, Canada, and MXT HOLDINGS, INC., an Illinois corporation,
as Guarantors.

 

Recitals 

 

A.            The Borrowers, the Guarantors and
the Lender have entered into a Credit Agreement dated as of August 15,
2003 (the “Credit Agreement”). Capitalized terms used, but not defined,
in this Amendment which are defined in the Credit Agreement will have the
meanings given to them in the Credit Agreement.

 

B.            The Borrowers and the Guarantors
desire that the Lender (i) consent to a one-time repayment of certain SPA
Indebtedness existing as of the date of the Credit Agreement (“SPA Repayment”)
up to a maximum amount equal to $9,160,000 (approximately $9,000,000 of
principal and $160,000 of accrued interest) and (ii) amend Section 6.32
of the Credit Agreement in light of the prepayment of the Revolving Loans to
zero dollars with the proceeds of the issuance by MagneTek of certain Capital
Stock, all as contemplated by the terms and subject to the conditions of this
Amendment.

 

C.            Lender is willing to amend the
Credit Agreement as contemplated by the terms, and subject to the conditions,
of this Amendment.

 

Statement of Amendment 

 

In
consideration of the mutual covenants and agreements and the conditions set
forth in this Amendment, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Lender, the
Borrowers, and the Guarantors hereby agree as follows:

 

1.             Amendments to Credit Agreement.  Section 6.32 of the Credit
Agreement is hereby amended in its entirety by substituting in its stead the
following:

 

 

6.32.        Required Rate
Management Transactions. If the outstanding principal balance of the
Revolving Loans exceeds, as of any date, an aggregate amount equal to
$7,500,000, then, within 60 days after such date, the Borrowers will, if
requested by the Lender, enter into one or more transactions of the type
described in the definition of “Rate Management Transactions” with one or more
financial institutions acceptable to the Lender in the exercise of its
discretion in a reasonable manner, providing for a fixed rate of interest on a
notional amount of at least $3,000,000 and an average weighted maturity at
least equal to the remaining term of this Agreement.

 

2.             Consent to SPA
Repayment. Without representation, warranty or recourse, the Lender
consents, solely for the purposes of Section 6.26(c) of the Credit
Agreement, to the SPA Repayment.

 

3.             Representations.
To induce Lender to accept this Amendment, the Borrowers and the Guarantors
hereby represent and warrant to the Lender as follows:

 

3.1           Each Borrower and Guarantor has full
power and authority to enter into, and to perform its obligations under, this
Amendment, and the execution and delivery of, and the performance of its
obligations under and arising out of, this Amendment have been duly authorized
by all necessary corporate action.

 

3.2           This Amendment constitutes the legal,
valid and binding obligations of each Borrower and Guarantor enforceable in
accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization or similar laws affecting creditors’
rights generally.

 

3.3           Each Borrower’s and Guarantor’s
representations and warranties contained in the Loan Documents are complete and
correct as of the date of this Amendment (other than a representation or warranty
that is stated to relate solely to an earlier date) with the same effect as
though such representations and warranties had been made again on and as of the
date of this Amendment, subject to those changes as are not prohibited by, or
do not constitute a Default under, the Loan Documents.

 

3.4           No Default or Unmatured Default has
occurred and is continuing.

 

4.             Costs and Expenses. The
Borrowers will promptly on demand pay or reimburse the Lender for the
reasonable costs and expenses incurred by the Lender in connection with this
Amendment.

 

5.             Release. The Borrowers and
the Guarantors hereby release the Lender from any and all liabilities, damages
and claims arising from or in any way related to the Loans, other than such
liabilities, damages and claims which arise after the execution of this
Amendment.  The foregoing release does
not release or discharge, or operate to waive performance by, the Lender

 

2

 

of its express agreements
and obligations stated in the Loan Documents on and after the date of this
Amendment.

 

6.             Continuing Effect of Credit
Agreement. Except as expressly amended hereby, all of the provisions of the
Credit Agreement are ratified and confirmed and remain in full force and
effect.

 

7.             One Agreement; References; Fax
Signature. The Credit Agreement, as amended by this Amendment, will be
construed as one agreement.  All
references in any of the Loan Documents to the Credit Agreement will be deemed
to be references to the Credit Agreement as amended by this Amendment.  This Amendment may be signed by facsimile
signatures, and if so signed, (i) may be relied on by each party as if the
document were a manually signed original and (ii) will be binding on each party
for all purposes.

 

8.             Captions. The headings to
the Sections of this Amendment have been inserted for convenience of reference
only and shall in no way modify or restrict any provisions hereof or be used to
construe any such provisions.

 

9.             Counterparts. This Amendment
may be executed in multiple counterparts, each of which shall be an original
but all of which together shall constitute one and the same instrument.

 

10.           Entire Agreement. This
Amendment, together with the Credit Agreement and the other Loan Documents,
sets forth the entire agreement of the parties with respect to the subject
matter of this Amendment and supersedes all previous understandings, written or
oral, in respect of this Amendment.

 

11.           Governing Law. This Amendment
shall be governed by and construed in accordance with the internal laws of the
State of Ohio (without regard to Ohio conflicts of law principles).

 

12.           Reaffirmation of Guaranties.
The Guarantors hereby each reaffirm their respective Guaranty and acknowledge
and agree that none of the Guarantors is released from its obligations under
its Guaranty by reason of this Amendment and that the obligations of the
Guarantors under their respective Guaranties extend to the Credit Agreement and
the other Loan Documents as amended by this Amendment.  This reaffirmation of Guaranty shall not be
construed, by implication or otherwise, as imposing any requirement that the
Lender notify or seek the consent of any of the Guarantors relative to any past
or future extension of credit, or modification, extension or other action with
respect thereto, in order for any such extension of credit or modification,
extension or other action with respect thereto to be subject to the Guaranties,
it being expressly acknowledged and reaffirmed that the Guarantors have under
their respective Guaranty consented, among others things, to modifications,
extensions and other actions with respect thereto without any notice thereof or
consent thereto.

 

3

 

13.           Other Documents. With the
signing of this Amendment, the Borrowers will deliver to the Lender such other
documents, instruments, and agreements deemed necessary or desirable by the
Lender to effect the amendments to the Borrowers’ credit facilities with the
Lender contemplated by this Amendment.

 

IN
WITNESS WHEREOF, the Borrowers and the Guarantors have executed this Amendment
to be effective as of the date set forth in the opening paragraph of this
Amendment.

 

 

	
   

  	
  BORROWERS:

  
	
   

  	
   

  
	
   

  	
  MAGNETEK, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David P. Reiland

  	
   

  
	
   

  	
   

  	
  David P. Reiland, Executive Vice

  President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
  MAGNETEK ADS POWER, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David P. Reiland

  	
   

  
	
   

  	
   

  	
  David P. Reiland, President

  
	
   

  	
   

  	
   

  
	
   

  	
  MAXTEC INTERNATIONAL CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David P. Reiland

  	
   

  
	
   

  	
   

  	
  David P. Reiland, President

  
	
   

  	
   

  
	
   

  	
  GUARANTORS:

  
	
   

  	
   

  
	
   

  	
  MXT HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David P. Reiland

  	
   

  
	
   

  	
   

  	
  David P. Reiland, President

  
	
   

  	
   

  	
   

  
	
   

  	
  MONDEL ULC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David P. Reiland

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
  Name:

  	
  David P. Reiland

  	
   

  
	
   

  	
   

  	
   

  	
   

  
							

 

4

 

	
   

  	
  MAGNETEK MONDEL HOLDING, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David P. Reiland

  	
   

  
	
   

  	
   

  	
  David P. Reiland, President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MAGNETEK LEASING CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David P. Reiland

  	
   

  
	
   

  	
   

  	
  David P. Reiland, President 

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MAGNETEK NATIONAL ELECTRIC COIL, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David P. Reiland

  	
   

  
	
   

  	
   

  	
  David P. Reiland, President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Accepted at Cincinnati, Ohio, 

  	
   

  
	
  as of November 25, 2003 

  	
   

  
	
   

  	
   

  
	
  BANK ONE, NA 

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Jeffrey W. Swartz

  	
   

  	
   

  
	
   

  	
  Jeffrey W. Swartz, Associate Director 

  	
   

  	
   

  

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]