Document:

Exhibit
10.15

 

SIXTH AMENDMENT

TO CREDIT AGREEMENT,

CONSENTS AND
WAIVER

 

This SIXTH AMENDMENT TO
CREDIT AGREEMENT, CONSENT AND WAIVER, dated as of April 20, 2005 (this “Amendment”)
by and among MWI VETERINARY SUPPLY CO. (the “Borrower”) and MEMORIAL PET
CARE, INC. (the “Subsidiary Borrower” and collectively with the
Borrower, the “Borrowers”), the Lenders (as defined below) and BANK OF
AMERICA, N.A., as agent for the Lenders (in its capacity as agent, the “Agent”),
is made with reference to that certain Credit Agreement, dated as of
June 18, 2002, by and among the Borrowers, the financial institutions from
time to time party thereto (the “Lenders”) and the Agent, as amended by
that certain First Amendment to Credit Agreement, dated as of August 13, 2002,
that certain Second Amendment to Credit Agreement, dated as of December 19,
2003, that certain Third Amendment to Credit Agreement, dated as of September
1, 2004, that certain Fourth Amendment to Credit Agreement, dated as of
September 29, 2004, and that certain Fifth Amendment to Credit Agreement, dated
as of March 28, 2005 (as so amended and as otherwise modified prior to the date
hereof, the “Credit Agreement”).  Capitalized terms used herein
without definition shall have the same meanings herein as set forth in the
Credit Agreement.

 

RECITAL

 

WHEREAS, the Borrower has
informed the Agent and the Lenders that Holdings proposes to consummate a
Qualified Public Offering and desires to use the net proceeds thereof to redeem
all of the outstanding Holdings Preferred Stock (as hereinafter defined), to
pay all accrued dividends on such Holdings Preferred Stock, and to pay a fee in
connection with the termination of the Management Agreement, and to contribute
the balance of the net proceeds of the Qualified Public Offering to the
Borrower which will use such contributed proceeds to repay the Revolving Loans;

 

WHEREAS, pursuant to the
Holdings Guaranty, all net proceeds of the issuance of equity by Holdings are
required to be contributed to the Borrower and Distributions with respect to
Holdings’ Capital Stock are prohibited;

 

WHEREAS, on the terms and
subject to the conditions set forth herein, the Lenders are willing to permit
the redemption of the Holdings Preferred Stock, the payment of accrued
dividends thereon and the payment of a fee in connection with the termination
of the Management Agreement, in each case solely out of the net proceeds of the
Qualified Public Offering;

 

WHEREAS, pursuant to
Section 11.1 of the Credit Agreement, the Borrowers and the Lenders desire
to amend the Credit Agreement as set forth below in connection with the
proposed consummation of a Qualified Public Offering;

 

 

NOW, THEREFORE, in
consideration of the premises and the agreements, provisions and covenants
herein contained, the parties hereto agree as follows:

 

AGREEMENT

 

1.            
Amendments. To Annex A of the Credit
Agreement.  (a)  Annex A of the Credit Agreement is hereby
amended to delete the definitions of “Adjusted Net Earnings from Operations,”
“Change of Control,” and “Fixed Charges” in their entirety and to
replace them with the following:

 

“Adjusted Net Earnings from Operations” means, with respect to any fiscal
period, the consolidated net income of Holdings and its Subsidiaries after
provision for income taxes for such fiscal period, as determined in accordance
with GAAP and reported on the Financial Statements for such period, excluding
any and all of the following included in such net income:  (a) gain or
loss arising from the sale of any capital assets; (b) non-cash gain or non-cash
loss arising from any write-up in the book value of any asset; (c) earnings of
any Person, substantially all the assets of which have been acquired by the
Borrower in any manner, to the extent realized by such other Person prior to
the date of acquisition; (d) earnings of any Person (other than a wholly-owned
Subsidiary) in which the Borrower has an ownership interest unless (and only to
the extent) such earnings shall actually have been received by the Borrower in
the form of cash distributions; (e) earnings of any Person to which assets of
the Borrower or any of its Subsidiaries shall have been sold, transferred or
disposed of, or into which the Borrower or any of its Subsidiaries shall have
been merged, or which has been a party with the Borrower or any of its
Subsidiaries to any consolidation or other form of reorganization, prior to the
date of such transaction; (f) non-cash gain or non-cash loss arising from the
acquisition of debt or equity securities of Holdings or any of its Subsidiaries
or from cancellation or forgiveness of Debt; (g) non-cash gain or non-cash loss
arising from extraordinary items, as determined in accordance with GAAP, or
from any other non-recurring transaction; (h) unamortized transaction costs
incurred in connection with the Recapitalization to the extent the same have
been reimbursed by ABC; and (i) to the extent paid out of the net proceeds of a
Qualified Public Offering, a fee paid to BRS and ABC concurrently with the
termination of the Management Agreement and in connection with the consummation
of a Qualified Public Offering.

 

“Change of Control” means (a) prior to
consummation of a Qualified Public Offering, the Fund shall cease to have the
power to elect (whether by ownership of Capital Stock, contract or otherwise) a
majority of the Board of Directors of Holdings, or shall cease to own and
control all of the economic and voting rights associated with ownership of at
least a majority of the Capital Stock of Holdings, on a fully diluted basis; (b)
after consummation of a Qualified Public Offering, (i) any Person or
“group” of Persons (within the meaning of the Securities Exchange Act of 1934,
as amended) (other than the Fund) shall acquire or become the beneficial owner
of shares representing 30% or more of (and the Fund shall

 

 

cease to beneficially own more than 50% of) the shares
of the Capital Stock of Holdings having the power to elect directors of
Holdings under ordinary circumstances; or (ii) during any period of twelve
(12) months, individuals who at the beginning of such period constituted the
Board of Directors of Holdings (together with any new directors whose election
to the Board of Directors of Holdings or whose nomination for election was
approved by a vote of at least two-thirds of the directors still in office who
either were directors at the beginning of such period or whose election or
nomination was so previously approved) cease for any reason other than death or
disability to constitute a majority of the directors of Holdings then in
office; or (c) at any time, the Borrower ceases to be a wholly-owned Subsidiary
of Holdings or any Subsidiary of the Borrower ceases to be a wholly-owned
Subsidiary of the Borrower; or (d) at any time, the sale of all or
substantially all of the assets of the Borrower or Holdings.

 

“Fixed Charges” means, with respect to any
fiscal period of any Person on a consolidated basis, without duplication, (i)
cash interest expense (excluding, however, any accrued or accreted
dividends on the Holdings Preferred Stock which are classified as interest
expense to the extent such dividends were paid out of the net proceeds of a
Qualified Public Offering), (ii) Capital Expenditures (excluding (a)
computer hardware acquired from ABC in June 2002 and (b) Capital Expenditures
funded with Debt other than Loans, but including, without duplication, all
scheduled principal payments with respect to such Debt), (iii) scheduled
principal payments of Debt, (iv) Federal, state, local and foreign income
taxes, excluding deferred taxes, and (iv), cash dividends on Capital
Stock of Holdings and repurchases of Capital Stock of Holdings or any of its
Subsidiaries, excluding to the extent paid out of the net proceeds of a
Qualified Public Offering (a) the payment of accrued or accreted dividends on
the Holdings Preferred Stock and (b) the redemption or repurchase of the
Holdings Preferred Stock.

 

(b)  Annex A
of the Credit Agreement is further amended to add the following definition in
proper alphabetical order:

 

“Holdings Preferred Stock” means the Series A
preferred stock, par value $1.00 per share, of Holdings.

 

 

2.            
Consents.  Provided that all payments are
made solely out of the net proceeds of a Qualified Public Offering,
notwithstanding the provisions of the Credit Agreement and the Holdings
Guaranty, the Lenders hereby consent to (a) the payment of accrued or accreted
dividends on the Holdings Preferred Stock, (b) the redemption or repurchase of
the Holdings Preferred Stock and (c) the payment of a fee in an amount not in
excess of $5,000,000 to BRS and ABC concurrently with the termination of the
Management Agreement (and thereafter no further fees may be paid under the
Management Agreement).  Further, notwithstanding the provisions of the
Credit Agreement and the Holdings Guaranty, the Lenders hereby consent to the
termination of the Management Agreement, provided that any termination payments
to BRS and ABC are made solely from the net proceeds of a Qualified Public
Offering.

 

3.            
Waiver.  The Borrower has informed the
Agent and the Lenders that Holdings proposes to change its name to MWI
Veterinary Supply, Inc. prior to the filing of the registration statement for
the Qualified Public Offering The Lenders hereby waive any requirement of the
Loan Documents for prior notice of such name change.  Holdings, by
execution of the Consent of Guarantor attached hereto, and Borrowers hereby
authorize the Agent to take such actions as necessary or appropriate to reflect
such name change in the Lien filings in favor of the Agent, if any, without
further signature by any Loan Party.

 

4.            
Conditions To
Effectiveness Of This Amendment.  This Amendment shall be effective only if
and when signed by, and when counterparts hereof shall have been delivered to
the Agent (by hand delivery, mail or telecopy) by, the Borrowers and the
Lenders and the Consent of Guarantor in the form attached hereto shall have
been delivered to the Agent by Holdings.

 

5.            
Miscellaneous.

 

5.1          
Reference to and
Effect on the Credit Agreement and the other Transaction Documents.

 

(a).         
On
and after the date hereof, each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein,” or words of like import referring
to the Credit Agreement, and each reference in the other Transaction Documents
to the “Credit Agreement,” or words of like import referring to the Credit
Agreement, shall mean and be a reference to the Credit Agreement as amended
hereby.

 

(b).         
Except
as specifically amended by this Amendment, the Credit Agreement and the other
documents entered into pursuant to the Credit Agreement and the Liens granted
thereby shall remain in full force and effect and are hereby ratified and
confirmed.  The undersigned Borrowers hereby confirm that their
Obligations are not impaired or affected and ratify the Loan Documents to which
they are a party and the Liens created thereunder.

 

(c).         
The
execution, delivery and performance of this Amendment shall not, except as
expressly provided herein, constitute a waiver of any provision of, or operate
as a waiver of any right, power or remedy of the Agent or any Lender under the
Credit Agreement or any of the other Loan Documents.

 

 

5.2          
Headings.  Section and subsection 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 or be given any
substantive effect.

 

5.3          
New York Law.  THIS AMENDMENT SHALL BE GOVERNED
BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

 

5.4          
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 an
original, but all such counterparts together shall constitute but one and the
same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages
are physically attached to the same document.

 

5.5          
Complete
Agreement. 
This Amendment sets forth the complete agreement of the parties with respect to
the subject matter hereof.

 

[Remainder of page
intentionally left blank]

 

 

IN WITNESS WHEREOF, the
parties hereto have caused this Sixth Amendment to Credit Agreement, Consent
and Waiver to be duly executed and delivered by their respective officers thereunto
duly authorized as of the date first above written.

 

 

	
   

  	
  “BORROWERS”

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MWI VETERINARY SUPPLY
  CO.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mary Pat B. Thompson

  	
   

  
	
   

  	
   

  	
  Mary Pat B. Thompson

  	
   

  
	
   

  	
   

  	
  Vice President and
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MEMORIAL PET CARE, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   //s/ Mary Pat B. Thompson

  	
   

  
	
   

  	
   

  	
  Mary Pat B. Thompson

  	
   

  
	
   

  	
   

  	
  Vice President and
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  “AGENT”

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Steven W. Sharp

  	
   

  
	
   

  	
   

  	
  Steven W. Sharp

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  “LENDERS”

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Steven W. Sharp

  	
   

  
	
   

  	
   

  	
  Steven W. Sharp

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
					

 

 

	
   

  	
  GENERAL ELECTRIC
  CAPITAL

  CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Christopher Croteau

  	
   

  
	
   

  	
   

  	
   Christopher
  Croteau

  	
   

  
	
   

  	
   

  	
  Duly Authorized
  Signatory

  	
   

  

 

 

CONSENT
OF GUARANTOR

 

The undersigned is a
Guarantor of the Obligations of the Borrowers under the Credit Agreement and
hereby (a) consents to the foregoing Amendment, (b) acknowledges that
notwithstanding the execution and delivery of the foregoing Amendment, the
obligations of the undersigned Guarantor are not impaired or affected and the
Holdings Guaranty continues in full force and effect, and (c) ratifies the
Holdings Guaranty and each of the Loan Documents to which it is a party and the
Liens created thereunder.

 

IN WITNESS WHEREOF, the
undersigned has executed and delivered this CONSENT OF GUARANTOR as of the 20th
day of April,  2005.

 

	
   

  	
  MWI HOLDINGS, INC.

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   /s/ Mary Pat B. Thompson

  	
   

  	 

	
   

  	
  Name:

  	
   Mary Pat B. Thompson

  	
   

  	 

	
   

  	
  Title:

  	
   Vice President and Chief Financial
  Officer<Page>

                                                                    Exhibit 4.1

COMMON STOCK                                                       COMMON STOCK

                           PRESSURE BIOSCIENCES, INC.

        INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS
                  20,000,000 AUTHORIZED SHARES $.01 PAR VALUE

                               CUSIP 74112E 10 9
                      SEE REVERSE FOR CERTAIN DEFINITIONS

                              THIS CERTIFIES THAT

                                is the owner of

          FULLY-PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK OF

PRESSURE BIOSCIENCES, INC. (HEREINAFTER CALLED THE "CORPORATION"), transferable
on the books of the Corporation in person or by duly authorized attorney, upon
surrender of this Certificate properly endorsed. This Certificate and the shares
represented hereby, are issued and shall be held subject to all of the
provisions of the Restated Articles of Organization, as amended, and the Amended
and Restated By-Laws, as amended, of the Corporation (copies of which are on
file with the Corporation and with the Transfer Agent), to all of which each
holder, by acceptance hereof, assents. This Certificate is not valid unless
countersigned and registered by the Transfer Agent and Registrar.

Witness the facsimile seal of the Corporation and the facsimile signatures of
its duly authorized officers.

/s/ Richard T. Schumacher
-------------------------
President & CEO

/s/ R. Wayne Fritzsche
-------------------------
Chairman of the Board

DATED
COUNTERSIGNED AND REGISTERED:
COMPUTERSHARE TRUST CO., INC.
(DENVER) TRANSFER AGENT AND REGISTRAR,

By
   --------------------------
   AUTHORIZED SIGNATURE

<Page>

                           PRESSURE BIOSCIENCES, INC.

                TRANSFER FEE: $25.00 PER NEW CERTIFICATE ISSUED

THE CORPORATION IS AUTHORIZED TO ISSUE MORE THAN ONE CLASS OF STOCK. A COPY OF
THE FULL TEXT OF THE PREFERENCES, VOTING POWERS, QUALIFICATIONS AND SPECIAL OR
RELATIVE RIGHTS OF THE SHARES OF EACH CLASS OF STOCK WILL BE PROVIDED TO THE
HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.

THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS
AS SET FORTH IN A RIGHTS AGREEMENT BETWEEN THE CORPORATION AND COMPUTERSHARE
TRUST COMPANY, INC., AS RIGHTS AGENT, DATED AS OF FEBRUARY 27, 2003, AS THE SAME
MAY BE AMENDED FROM TIME TO TIME (THE "RIGHTS AGREEMENT"), THE TERMS OF WHICH
ARE HEREBY INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS ON FILE AT
THE PRINCIPAL EXECUTIVE OFFICES OF THE CORPORATION. UNDER CERTAIN CIRCUMSTANCES,
AS SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL BE EVIDENCED BY SEPARATE
CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS CERTIFICATE. THE
CORPORATION WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A COPY OF THE RIGHTS
AGREEMENT WITHOUT CHARGE AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR. UNDER
CERTAIN CIRCUMSTANCES, RIGHTS THAT ARE OR WERE ACQUIRED OR BENEFICIALLY OWNED BY
ACQUIRING PERSONS (AS DEFINED IN THE RIGHTS AGREEMENT) MAY BECOME NULL AND VOID.

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<Table>
<Caption>
<S><C>

TEN COM -as tenants in common           UNIF GIFT MIN ACT-              Custodian
                                                           ------------------------------------------
                                                                   (Cust)         (Minor)

TEN ENT -as tenants by the entireties                   under Uniform Gifts to Minors Act
                                                                                          --------------
                                                                                              (State)
JT TEN -as joint tenants with right
        of survivorship and not as      UNIF TRF MIN ACT         Custodian (until age   )
        tenants in common                                 ------------------------------------------
                                                                   (Cust)         (Minor)
                                                       under Uniform Transfers to Minors Act
                                                                                            ------------
                                                                                              (State)
</Table>

Additional abbreviations may also be used though not in the above list.

For value received, ____________________________hereby sell,
assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE [     ]

--------------------------------------------------------------------------------
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF
ASSIGNEE)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

------------------------------------------------------------------------- Shares
of the common stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

----------------------------------------------------------------------- Attorney
to transfer the said stock on the books of the within-named Corporation with
full power of substitution in the premises.

Dated:                       20            Signature:
      ----------------------   --------              ---------------------------

Signature(s) Guaranteed:
BY:
   -----------------------------------------------------------------------------
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(Banks, Stockbrokers, Savings and Loan Associations and Credit Unions) WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO
S.E.C. RULE 17Ad-15.

Signature:
----------------------------------------------------------------------
Notice: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATEVER.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]