Document:

Exhibit
4.11

 

Form of Note(1)

(FACE OF NOTE)

 

CDRV ACQUISITION CORPORATION

(to be succeeded by virtue of merger by VWR International, Inc.)

 

8% Senior Subordinated Notes Due 2014

 

CUSIP No. [•](2)[•](3)

No.
                                                      $
                 

 

CDRV Acquisition Corporation, a corporation duly
organized and existing under the laws of the State of Delaware (and its
successors and assigns, including VWR International, Inc., a Delaware
corporation) (the “Company”), promises to pay to                                                  ,
or registered assigns, the principal sum of
$                               
([                               ]
United States Dollars) [(or such lesser or greater amount as shall be
outstanding hereunder from time to time in accordance with Sections 312 and 313
of the Indenture referred to on the reverse hereof)](4) (the “Principal
Amount”) on April 15, 2014.   The
Company promises to pay interest semi-annually on April 15 and October 15 in
each year, commencing October 15, 2004, at the rate of 8% per annum [(subject
to adjustment as provided below)](5) [, except that interest accrued on this
Note for periods prior to the date on which the Initial Note was surrendered in
exchange for this Note will accrue at the rate or rates borne by such Initial
Note from time to time during such periods](6), until the Principal Amount is
paid or made available for payment. [Interest on this Note will accrue from the
most recent date to which interest on this Note or any of its Predecessor Notes
has been paid or duly provided for or, if no interest has been paid, from the
Issue Date.](7)  [Interest on this Note
will accrue (or will be deemed to have accrued) from the most recent date to
which interest on this Note or any of its Predecessor Notes has been paid or
duly provided for or, if no such interest has been paid, from
[                     ,
          ](8).](9)  Interest on the Notes shall be computed on
the basis of a 360-day year of twelve 30-day months.  The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid
to the Person in whose name this Note (or one or more Predecessor Notes) is
registered at the close of business on the Regular

 

(1)                                  Insert
any applicable legends from Article II.

(2)                                  Include
only for Initial Note.

(3)                                  Include
only for Exchange Note.

(4)                                  Include
only if the Note is issued in global form.

(5)                                  Include
only for Initial Note.

(6)                                  Include
only for Exchange Note.

(7)                                  Include
only for Original Notes.

(8)                                  Insert
the Interest Payment Date immediately preceding the date of issuance of the
applicable Additional Notes, or if the date of issuance of such Additional
Notes is an Interest Payment Date, such date of issuance.

(9)                                  Include
only for Additional Notes (and Exchange Notes issued in the exchange therefor).

 

 

Record Date for
such interest, which shall be the April 1 or October 1 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment
Date.  Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in
whose name this Note (or one or more Predecessor Notes) is registered at the
close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders
of Notes not more than 15 days nor less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be
listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture.

 

[The Holder of this Note is entitled to the benefits
of the Exchange and Registration Rights Agreement, dated April 7, 2004, among
the Company and the initial purchasers named therein (the “Registration Rights
Agreement”).  Until (i) this Note has
been exchanged for an Exchange Security (as defined in the Registration Rights
Agreement) in an Exchange Offer (as defined in the Registration Rights
Agreement); (ii) a Shelf Registration Statement (as defined in the Registration
Rights Agreement) registering this Note under the Securities Act has been
declared or becomes effective and this Note has been sold or otherwise
transferred by the holder thereof pursuant to and in a manner contemplated by
such effective Shelf Registration Statement; (iii) this Note is sold pursuant
to Rule 144 under circumstances in which any legend borne by this Note relating
to restrictions on transferability thereof, under the Securities Act or
otherwise, is removed by the Company or pursuant to the Indenture referred to
on the reverse hereof; or (iv) this Note is eligible to be sold pursuant to
paragraph (k) of Rule 144:  From and
including the date on which a Registration Default  (as defined below) shall occur to but excluding the date on which
such Registration Default has been cured, additional interest will accrue on
this Note until such time as all Registration Defaults have been cured at the
rate of (a) prior to the 91st day of such period (for so long as such period is
continuing), 0.25% per annum and (b) thereafter (so long as such period is
continuing), 0.50% per annum.  Any such
additional interest shall not exceed such respective rates for such respective
periods, and shall not in any event exceed 0.50% per annum in the aggregate,
regardless of the number of Registration Defaults that shall have occurred and
be continuing.  Any such additional
interest shall be paid in the same manner and on the same dates as interest
payments in respect of this Note. 
Following the cure of all Registration Defaults, the accrual of such
additional interest will cease.  A
Registration Default under clause (iv) or (v) below will be deemed cured upon
consummation of the Exchange Offer in the case of a Shelf Registration
Statement required to be filed due to a failure to consummate the Exchange
Offer within the required time period. 
For purposes of the foregoing, each of the following events, as more
particularly defined in the Registration Rights Agreement, is a “Registration
Default”:  (i) neither the Exchange
Registration Statement (as defined in the Registration Rights Agreement) nor a
Shelf Registration Statement (applicable to all of the Registrable Securities
(as defined in the Registration Rights Agreement)) has been filed with the SEC
on or before 150 days after the Issue Date; (ii) the Exchange Registration Statement
has not become effective or been declared effective on or before 240 days after
the Issue Date; (iii) the Exchange Offer has not been consummated within 270
days after the Issue Date; (iv) if a Shelf Registration Statement

 

 

required by the
Registration Rights Agreement is not declared effective by the SEC on or before
150 days after the date on which the obligation to file the Shelf Registration
Statement arises or (v) if any Shelf Registration Statement required by the
Registration Rights Agreement is filed and declared effective, and during the
time the Company is required to use its reasonable best efforts to cause the
Shelf Registration Statement to remain effective, (1) the Company shall have
suspended the Shelf Registration Statement for more than 30 days in the
aggregate in any consecutive twelve-month period and be continuing to suspend
the availability of the Shelf Registration Statement, or (2) the Shelf
Registration Statement ceases to be effective (other than by action of the
Company) without being succeeded within 60 days by a Shelf Registration
Statement that is filed and declared effective.](10) (11)

 

Payment of the principal of (and premium, if any) and
interest on this Note will be made at the Corporate Trust Office of the
Trustee, or such other office or agency of the Company maintained for that
purpose; provided, however, that at the option of the Company
payment of interest may be made by check mailed to the address of the Person
entitled thereto as such address shall appear in the Note Register.

 

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

 

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

 

 

(10)                            Include
only for Initial Note when required by the Registration Rights Agreement.

(11)                            For an
Initial Additional Note, add any similar provision, if any, as may be agreed by
the Issuers with respect to additional interest on such Initial Additional
Note.

 

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.

 

 

	
   

  	
  CDRV ACQUISITION CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   Name:

  
	
   

  	
   

  	
   Title:

  

 

 

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

 

	
   

  	
  WELLS FARGO
  BANK, NATIONAL

  ASSOCIATION

  
	
   

  	
  As Trustee

  
	
   

  
	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  
					

 

Dated:

 

 

(REVERSE OF NOTE)

 

This Note is one of the duly authorized issue of 8%
Senior Subordinated Notes Due 2014 of the Company (herein called the “Notes”),
issued under an Indenture, dated as of April 7, 2004 (herein called the “Indenture,”
which term shall have the meanings assigned to it in such instrument), among
the Company, as issuer, the Subsidiary Guarantors from time to time parties
thereto, as Subsidiary Guarantors, and Wells Fargo Bank, National Association,
as Trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for
a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, any other obligor upon this Note, the
Trustee and the Holders of the Notes and of the terms upon which the Notes are,
and are to be, authenticated and delivered. 
The terms of the Notes include those stated in the Indenture and those
made a part of the Indenture by reference to the Trust Indenture Act of 1939,
as amended, as in effect from time to time (the “TIA”).  The Notes are subject to all such terms, and
Holders are referred to the Indenture and the TIA for a statement of such
terms.  Additional Notes may be issued
under the Indenture which will vote as a class with the Notes and otherwise be
treated as Notes for purposes of the Indenture.

 

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

 

This Note may hereafter be entitled to certain other
senior subordinated Subsidiary Guarantees made for the benefit of the
Holders.  Reference is made to Article
XIII of the Indenture for terms relating to such Subsidiary Guarantees,
including the release, termination and discharge thereof.  Neither the Company nor any Subsidiary
Guarantor shall be required to make any notation on this Note to reflect any
Subsidiary Guarantee or any such release, termination or discharge.

 

The Notes are subordinated to Senior Indebtedness of
the Company, as defined in the Indenture, and the Subsidiary Guarantees are
subordinated to Senior Indebtedness of the relevant Subsidiary Guarantor, as
defined in the Indenture.  To the extent
provided in the Indenture, Senior Indebtedness must be paid in full in cash or
Cash Equivalents before the Notes or the relevant Subsidiary Guarantee may be
paid.  The Company and the Subsidiary
Guarantors agree, and each Noteholder by accepting a Note agrees, to the
subordination provisions contained in the Indenture and authorizes the Trustee
to give it effect and appoints the Trustee as attorney-in-fact for such
purposes.

 

The Notes will be redeemable, at the Company’s option,
in whole or in part, and from time to time on and after April 15, 2009 and
prior to maturity at the applicable redemption price set forth below. Such
redemption may be made upon notice mailed by first-class mail to each Holder’s
registered address in accordance with the Indenture.  The Company may provide in such notice that payment of the
redemption price and the performance of the Company’s obligations with respect
to such redemption may be performed by another Person. Any such redemption and
notice may, in the Company’s discretion, be subject to the satisfaction of one
or more conditions precedent, including the occurrence of a Change of
Control.  The Notes will be

 

 

so redeemable at
the following redemption prices (expressed as a percentage of principal
amount), plus accrued and unpaid
interest, if any, to the relevant Redemption Date (subject to the right of
Holders of record on the relevant Regular Record Date to receive interest due
on the relevant Interest Payment Date), if redeemed during the 12-month period
commencing on April 15 of the years set forth below:

 

	
  Period

  	
   

  	
  Redemption
  Price

  	
   

  
	
  2009

  	
   

  	
  104.000

  	
  %

  
	
  2010

  	
   

  	
  102.667

  	
  %

  
	
  2011

  	
   

  	
  101.333

  	
  %

  
	
  2012 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

In addition, at any time and from time to time on or
prior to April 15, 2007, the Company at its option may redeem Notes in an
aggregate principal amount equal to up to 35% of the original aggregate
principal amount of Notes (including the principal amount of any Additional
Notes), with funds in an equal aggregate amount not exceeding the aggregate
proceeds of one or more Equity Offerings, at a redemption price (expressed as a
percentage of principal amount thereof) of 108.000%, plus accrued and unpaid interest, if any, to the Redemption
Date (subject to the right of Holders of record on the relevant Record Date to
receive interest due on the relevant Interest Payment Date); provided, however,
that an aggregate principal amount of Notes equal to at least 65% of the
original aggregate principal amount of Notes (including the principal amount of
any Additional Notes) must remain outstanding after each such redemption.  The Company may make such redemption upon
notice mailed by first-class mail to each Holder’s registered address in
accordance with the Indenture (but in no event more than 180 days after the
completion of the related Equity Offering). 
The Company may provide in such notice that payment of the redemption
price and performance of the Company’s obligations with respect to such
redemption may be performed by another Person. 
Any such notice may be given prior to the completion of the related Equity
Offering, and any such redemption or notice may, at the Company’s discretion,
be subject to the satisfaction of one or more conditions precedent, including
the completion of the related Equity Offering.

 

At any time prior to April 15, 2009, Notes may also be
redeemed or purchased (by the Company or any other Person) in whole or in part,
at the Company’s option, at a price equal to 100% of the principal amount
thereof plus the Applicable
Premium as of, and accrued but unpaid interest, if any, to, the date of
redemption or purchase (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date). Such redemption or purchase may be made upon notice mailed by
first-class mail to each Holder’s registered address in accordance with the
Indenture.  The Company may provide in
such notice that payment of the Redemption Price and performance of the
Company’s obligations with respect to such redemption or purchase may be
performed by another Person. Any such redemption, purchase or notice may, at
the Company’s discretion, be subject to the satisfaction of one or more
conditions precedent, including the occurrence of a Change of Control.

 

 

The Indenture provides that, upon the occurrence of a
Change of Control, each Holder will have the right to require that the Company
repurchase all or any part of such Holder’s Notes at a purchase price in cash
equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any,
to the date of such repurchase; provided,
however, that the Company shall
not be obligated to repurchase Notes in the event it has exercised its right to
redeem all the Notes as described above.

 

The Notes will not be entitled to the benefit of a
sinking fund.

 

The Indenture contains provisions for defeasance at
any time of the entire indebtedness of this Note or certain restrictive
covenants and certain Events of Default with respect to this Note, in each case
upon compliance with certain conditions set forth in the Indenture.

 

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

 

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Notes to be
affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of at least a majority in principal amount of the
Notes at the time Outstanding to be affected. 
The Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Notes at the time Outstanding,
on behalf of the Holders of all Notes, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences.  Any
such consent or waiver by the Holder of this Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange herefor or
in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note.

 

As provided in and subject to the provisions of the
Indenture, the Holder of this Note shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver
or trustee or for any other remedy thereunder, unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default
with respect to the Notes, the Holders of not less than 25% in principal amount
of the Notes at the time Outstanding shall have made written request to the
Trustee to pursue such remedy in respect of such Event of Default as Trustee
and offered the Trustee reasonable security or indemnity, and the Trustee shall
not have received from the Holders of a majority in principal amount of Notes
at the time Outstanding a direction inconsistent with such request, and shall
have failed to institute any such proceeding, for 60 days after receipt of such
notice, request and offer of security or indemnity.  The foregoing shall not apply to any suit instituted by the
Holder of this Note for the enforcement of any payment of principal hereof or
any premium or interest hereon on or after the respective due dates expressed
herein.

 

 

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

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Note is registrable in the
Note Register, upon surrender of this Note for registration of transfer at the
office or agency of the Company in a Place of Payment, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Note Registrar duly executed by, the Holder hereof or such
Holder’s attorney duly authorized in writing, and thereupon one or more new
Notes of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The Notes are issuable only in registered form without
coupons in denominations of $1,000.00 and any integral multiple thereof.  As provided in the Indenture and subject to
certain limitations therein set forth, the Notes are exchangeable for a like
aggregate principal amount of Notes of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such
registration, transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

 

Prior to due presentment of this Note for registration
or transfer, the Company,  any other
obligor in respect of this Note, the Trustee and any agent of the Company, such
other obligor or the Trustee may treat the Person in whose name this Note is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Company, any other obligor upon this Note, the Trustee
nor any such agent shall be affected by notice to the contrary.

 

No director, officer, employee, incorporator or
stockholder, as such, of the Company, any Subsidiary Guarantor or any
Subsidiary of any thereof shall have any liability for any obligation of the
Company, or any Subsidiary Guarantor under the Indenture, the Notes or any
Subsidiary Guarantee, or for any claim based on, in respect of, or by reason
of, any such obligation or its creation. 
Each Holder, by accepting this Note, hereby waives and releases all such
liability.  The waiver and release are
part of the consideration for issuance of the Notes.

 

THE INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  THE TRUSTEE, THE COMPANY, ANY OTHER OBLIGOR
IN RESPECT OF THE NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES) THE HOLDERS,
AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT
LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR THE
SUBSIDIARY GUARANTEES.Exhibit
10.1

 

This CONSULTING AGREEMENT, dated as of April 7,
2004  (this “Agreement”), is
entered into by and among CDRV Investors, Inc., a Delaware corporation (“Investors”),
CDRV Holdings, Inc., a Delaware corporation (“Holdings”), CDRV
Acquisition Corporation, a Delaware corporation (“AcquisitionCo”), CDRV
Delaware, Inc., a Delaware corporation (“MergerCo” and, together with
Investors, Holdings and AcquisitionCo, the “Company Group”), and
Clayton, Dubilier & Rice, Inc., a Delaware corporation (“CD&R”).

 

W  I  T  N  E
S  S  E  T  H:

 

WHEREAS, Investors owns all of the outstanding capital
stock of Holdings, which, in turn, owns all of the outstanding capital stock of
each of AcquisitionCo and MergerCo;

 

WHEREAS, Clayton, Dubilier & Rice Fund VI Limited
Partnership, a Cayman Islands exempted limited partnership (the “CD&R
Fund”), organized the Company Group in connection with the acquisition by
the Company of all of the outstanding capital stock of VWR International
Corporation, a Delaware corporation (the “Company”), and ten percent of
the equity ownership interests of VWR International Immobilien GmbH, a German
private limited liability company, from Merck KGaA, a German partnership
limited by shares (“Merck”), and certain of its Affiliates (as defined
below) (the “Acquisition”);

 

WHEREAS, in connection with the Acquisition,
AcquisitionCo has entered into a Stock Purchase Agreement, dated as of February
15, 2004 (the “Acquisition Agreement”), by and among AcquisitionCo,
Merck, Merck Holding GmbH, a German private limited liability company, VWR
International Holding Europe GmbH, a German private limited liability company
and EMD Chemicals Inc., a New York corporation;

 

WHEREAS, following the consummation of the
Acquisition, (i) the Company will merge with and into its wholly-owned
subsidiary, VWR International, Inc., a Pennsylvania corporation (“VWR”),
with VWR as the surviving corporation, (ii) AcquisitionCo will merge
with and into VWR, with VWR as the surviving corporation, and (iii) VWR
will merge with and into MergerCo, with MergerCo as the surviving corporation,
and, upon the consummation of such merger, MergerCo will change its name to VWR
International, Inc. (such transactions collectively, the “Restructuring”);

 

WHEREAS, concurrently with the execution and delivery
of this Agreement, the members of the Company Group, CD&R, the CD&R
Fund and certain of their respective Affiliates are entering into an
Indemnification Agreement, dated as of the date hereof (the “Indemnification
Agreement”);

 

WHEREAS, CD&R has performed financial, investment
banking, management advisory and other services for the members of the Company
Group in connection with the Acquisition, including without limitation
assistance in connection with (a) the

 

 

preparation,
negotiation, execution and delivery of the Acquisition Agreement and certain
agreements with Merck and its Affiliates related thereto, including without
limitation: (i) certain distribution and supply agreements, (ii)
a transition services agreement, (iii) an information services master
agreement, (iv) an intellectual property assignment and license
agreement, and (v) the additional agreements described in Section 8.5 of
the Acquisition Agreement, (b) the retention of legal, accounting,
insurance, investment banking, financial, environmental and other advisors and
consultants in connection with the Acquisition, (c) the preparation,
negotiation, execution and delivery of the commitment, fee and engagement
letters, registration rights and purchase agreements, credit agreements, indentures
and indenture supplements, subscription agreements, stockholders agreements,
registration and participation agreements, exchange agent agreements, and other
agreements, instruments and documents relating to the financing of the
Acquisition, (d) the preparation and circulation of information and
offering memoranda and other materials in connection with the financing of the
Acquisition and (e) the structuring, implementation and consummation of
the Acquisition (such services collectively, the “Initial Services”);
and

 

WHEREAS, in addition to the Initial Services, the
members of the Company Group desire to receive future financial, investment
banking, management advisory and other services from CD&R, and CD&R
desires to provide such services to the members of the Company Group;

 

NOW, THEREFORE, in consideration of the premises and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

 

1.             Engagement.  Each member of the Company Group hereby
confirms that CD&R has performed the Initial Services as a consultant to
the Company Group.  Each member of the
Company Group hereby engages CD&R as a consultant, and CD&R hereby
agrees to provide Consulting Services (as defined below) and Transaction
Services (as defined below) to each member of the Company Group and their
respective subsidiaries, in each case on the terms and subject to the
conditions set forth below.

 

2.             Scope
of Future Services.

 

(a)            Consulting Services.  CD&R hereby agrees, during the term of
this Agreement, to provide the members of the Company Group and their
respective subsidiaries with such financial, investment banking, management
advisory and other services in connection with the operations of the members of
the Company Group and their respective subsidiaries as may reasonably be
requested from time to time by the Board of Directors of any member of the
Company Group, as the case may be (collectively, the “Consulting Services”),
including assistance (i) developing and implementing corporate and
business strategy and planning for the members of the Company Group and their
respective subsidiaries, including plans and programs for improving operating,
marketing and financial

 

2

 

performance, (ii) recruiting key management
employees, (iii) establishing and maintaining banking, legal and other
business relationships, (iv) arranging future debt and equity financings
and refinancings for corporate purposes and (v) providing professional
employees to serve as directors or officers of the members of the Company Group
and their respective subsidiaries.

 

(b)           Transaction
Services.  In addition to, and
without duplication of, the Initial Services and the Consulting Services,
CD&R hereby agrees, during the term of this Agreement, to provide the
members of the Company Group and their respective subsidiaries with financial,
investment banking, management advisory and other services with respect to
proposed transactions, including, without limitation, any proposed acquisition,
merger, full or partial recapitalization, structural reorganization (including
any divestiture of one or more subsidiaries or operating divisions of any
member of the Company Group), reorganization of the shareholdings or other
ownership structure of any member of the Company Group or any other similar
transaction (each, a “Transaction”) directly or indirectly involving any
of the members of the Company Group or any of their respective subsidiaries
(collectively, the “Transaction Services”).

 

3.  Compensation;
Reimbursement of Expenses.

 

(a)            Compensation
for Initial Services.  As
compensation for the Initial Services, immediately following the consummation
of the Acquisition, AcquisitionCo, on behalf of itself and the other members of
the Company Group, shall pay CD&R a fee of $18,000,000.

 

(b)           Compensation
for Consulting Services.  As
compensation for the Consulting Services, MergerCo, on behalf of itself and the
other members of the Company Group, shall pay CD&R a fee of $1,500,000 per
year (the “Consulting Fee”), one quarter of which shall be payable
quarterly in advance on the first day of each January, April, July and October
(each, a “Consulting Services Payment Date”).  The Consulting Fee shall begin accruing immediately following the
consummation of the Acquisition, and the amount of the Consulting Fee accrued
prior to the next succeeding Consulting Services Payment Date shall be payable
on such Consulting Services Payment Date, together with the regular installment
of the Consulting Fee payable on such Consulting Services Payment Date.  The Consulting Fee may be increased with the
approval of a majority of the members of the Board of Directors of Investors
who are not employees of Investors, CD&R or any of their respective
subsidiaries and Affiliates (the “Disinterested Directors”), but may not
be decreased without the prior written consent of CD&R.  If an employee of CD&R or any of its
subsidiaries or Affiliates is elected to serve on the Board of Directors of
Investors or any of its subsidiaries (a “Designated Director”), CD&R
shall cause such Designated Director to waive any and all director's fees to
which he or she otherwise would be entitled for any

 

3

 

period for which the Consulting Fee (or an installment
thereof) is paid and for which such Designated Director continues to be
employed by CD&R or any of its subsidiaries or Affiliates.  If, on the other hand, an employee of
CD&R or any of its subsidiaries or Affiliates is appointed to an executive
management position (or a position of comparable responsibility) with Investors
or any of its subsidiaries, whether in addition to or other than as a
Designated Director, then, for the period of such employee's service in such
position, the Consulting Fee shall be increased by an amount to be reasonably
determined by CD&R, such amount not to exceed 100% of the Consulting Fee
then in effect.  For purposes of this
Agreement, “Affiliate” shall mean, with respect to any person or entity,
any other person or entity directly or indirectly controlling, controlled by or
under common control with, such person or entity.

 

(c)            Compensation
for Transaction Services.  As
compensation for the Transaction Services, and subject to the second sentence
of this paragraph (c), in connection with each Transaction that is consummated,
MergerCo, on behalf of itself and the other members of the Company Group
(subject to the provisions of Section 3(e)), shall pay CD&R a fee (a “Transaction
Fee”) equal to 1.0% of the Transaction Value of such Transaction, or such
lesser amount as CD&R and MergerCo, on behalf of itself and the other
members of the Company Group, may agree. 
The members of the Company Group may agree to pay a Transaction Fee in
excess of 1.0% of the Transaction Value of a Transaction, but only with the
approval of a majority of the Disinterested Directors.  As used herein, “Transaction Value”
means the total value of the applicable Transaction, including, without
limitation, the aggregate amount of the cash funds and the aggregate value of
the other securities or obligations required to complete such Transaction
(excluding any fees payable pursuant to this paragraph (c)), including any
indebtedness, guarantees, capital stock or similar items issued or made to
facilitate, and the amount of any revolving credit or other liquidity
facilities or arrangements established in connection with, such Transaction or
assumed, refinanced or left outstanding in connection with or immediately
following such Transaction.  For
purposes of calculating a Transaction Fee, the value of any securities included
in the Transaction Value will be determined by the average of the last sales
prices for such securities on the five trading days ending five days prior to
the consummation of the applicable Transaction, provided that if such
securities do not have an existing public trading market, the value of the
securities shall be their fair market value as mutually agreed between CD&R
and MergerCo, on behalf of itself and the other members of the Company Group,
on the day prior to consummation of such Transaction.  For the avoidance of doubt, (i) CD&R may not charge,
and the Company Group shall not be obligated to pay, any Transaction Fee (or
portion thereof) that it is not permitted to be paid under the Amended and
Restated Limited Partnership Agreement of the CD&R Fund, as amended,
restated, waived or otherwise modified from time to time, and (ii) no
Transaction Fee shall be payable to CD&R in respect of the Initial
Services.

 

4

 

(d)          Reimbursement
of Expenses.  MergerCo, on behalf of
itself and the other members of the Company Group (subject to the provisions of
Section 3(e)) shall reimburse CD&R for such reasonable travel and other
out-of-pocket expenses (“Expenses”) as may be incurred by CD&R and
its subsidiaries and Affiliates and its and their respective employees and
agents in the course or on account of rendering any services under this
Agreement (including the Initial Services), including but not limited to any
applicable fees and expenses of any legal, accounting or other professional
advisors to CD&R and its subsidiaries and Affiliates and any expenses
incurred by any Designated Director in connection with the performance of his
or her duties to any member of the Company Group.  CD&R may submit monthly expense statements to such member of
the Company Group, which statements shall be payable within thirty days.

 

(e)          Obligations
Joint and Several; Payment Obligations for Certain Transaction Fees and
Expenses.  The obligations of the
Company Group under this Section 3 shall be borne jointly and severally by the
members of the Company Group and their respective subsidiaries, provided
that none of Holdings, AcquisitionCo, MergerCo or any of their respective
subsidiaries shall be obligated to pay (i) any Transaction Fee or
Expense incurred in connection with any Transaction solely involving Investors
or any of its subsidiaries, other than Holdings, AcquisitionCo, MergerCo or any
of their respective subsidiaries, and (ii) more than its reasonably
proportional share, as determined by CD&R in its reasonable discretion, of
any Transaction Fee or Expense incurred in connection with any Transaction
involving any subsidiaries of Investors, other than Holdings, AcquisitionCo,
MergerCo or any of their respective subsidiaries, on the one hand, and
Holdings, AcquisitionCo, MergerCo or any of their respective subsidiaries, on
the other hand.  Investors, on behalf of
itself and its subsidiaries other than Holdings, AcquistionCo, MergerCo and
their respective subsidiaries, shall pay CD&R any Transaction Fee or
Expense or portion thereof that none of Holdings, AcquisitionCo, MergerCo or
any of their respective subsidiaries is obligated to pay because of the
provisions of the foregoing proviso.

 

4.             Term,
etc.  (a) This Agreement shall be in
effect until, and shall terminate upon, the earlier to occur of (i) the
tenth anniversary of the date of hereof and (ii) the date on which the
CD&R Fund (or any other investment fund managed by CD&R) no longer
owns, directly or indirectly, any shares of the capital stock of Investors or
any successor company, and may be earlier terminated by Investors or CD&R
upon thirty days' prior written notice to the other party.  The provisions of this Agreement shall
survive any termination hereof, provided that, notwithstanding the
foregoing, Sections 1 and 2 shall not survive any termination hereof and provided,
further, that Section 3 shall survive any termination hereof solely as
to any portion of any Consulting Fee, Transaction Fee or Expense not paid or
reimbursed prior to such termination and not required to be paid or reimbursed
thereafter pursuant to Section 4(c).

 

5

 

(b)           Upon
any consolidation or merger of any member of the Company Group, or any
conveyance, transfer or lease of all or substantially all of the assets of any
member of the Company Group, whether in connection with the Restructuring or otherwise,
the entity formed by such consolidation, or into which such member of the
Company Group is merged or to which such conveyance, transfer or lease is made
(each, a “Successor Entity”), shall succeed to and be substituted for
such member of the Company Group under this Agreement with the same effect as
if the Successor Entity had been a party hereto.  Subject to Section 4(a)(ii), no such consolidation, merger or
conveyance, transfer or lease shall have the effect of terminating this
Agreement or of releasing any member of the Company Group or any Successor
Entity from its obligations hereunder.

 

(c)           Upon
any termination of this Agreement, each member of the Company Group, jointly
and severally, agrees immediately to pay or reimburse, as the case may be, any
accrued and unpaid installment of the Consulting Fee or portion thereof (pro
rated, with respect to the month in which such termination occurs, for the
portion of such month that precedes such termination), and (subject to the
provisions of Section 3(e)) any accrued and unpaid Transaction Fee or portion
thereof and any unpaid and unreimbursed Expenses that shall have been incurred
prior to such termination (whether or not such Expenses shall then have become
payable).  In the event of the
liquidation of any member of the Company Group, all amounts due CD&R under
this Agreement shall be paid to CD&R before any liquidating distributions
or similar payments are made to stockholders of such member of the Company
Group.

 

5.             Information.  The members of the Company Group will use
their respective best efforts to furnish, or to cause their respective
subsidiaries and agents to furnish, CD&R with such information (the “Information”)
as CD&R reasonably believes appropriate to its engagement hereunder.  Each member of the Company Group
acknowledges and agrees that (a) CD&R will rely on the Information
and on information available from generally recognized public sources in
performing the Consulting Services and the Transaction Services and (b)
CD&R does not assume responsibility for the accuracy or completeness of the
Information and such other information.

 

6.             Independent
Contractor Status.  The parties
acknowledge and agree that CD&R has performed the Initial Services, and
shall perform the Consulting Services and the Transaction Services, as an
independent contractor, retaining control over and responsibility for its own
operations and personnel and those of its subsidiaries.  Each member of the Company Group further
acknowledges and agrees that CD&R may, in its sole discretion, remove or
substitute any of the members of, or add members to, the team of professional
employees of CD&R and its subsidiaries that will be providing services
pursuant to this Agreement, and that any such removal, substitution or addition
shall not in any way modify or affect any of the obligations of any member of
the Company Group hereunder, including, without limitation, its obligation to
pay the any fee or reimburse any Expense. 
None of CD&R and its subsidiaries and Affiliates and its and their
respective employees and agents shall, solely by virtue of this Agreement or
the

 

6

 

arrangements
hereunder, be considered employees or agents of any member of the Company Group
or any of their respective Affiliates, nor shall any of them have authority
hereunder to contract in the name of or bind any member of the Company Group or
any of their respective Affiliates, except (i) to the extent that any
professional employee of CD&R or any of its subsidiaries may be serving as
a director or an officer of such member of the Company Group or (ii) as
expressly agreed to in writing by such member of the Company Group.  Any duties of CD&R arising out of its
engagement to perform services hereunder shall be owed solely to the members of
the Company Group.

 

7.             Entire
Agreement; No Representations or Warranties.  This Agreement and the Indemnification Agreement (a)
contain the complete and entire understanding and agreement between CD&R
and the Company Group with respect to the subject matter hereof and (b)
supersede all prior and contemporaneous understandings, conditions and
agreements, whether written or oral, express or implied, in respect of the
subject matter hereof.  Each member of
the Company Group acknowledges and agrees that CD&R makes no
representations or warranties in connection with this Agreement or its
provision of the Initial Services, the Consulting Services and the Transaction
Services.

 

8.             Counterparts;
Amendments and Waivers.  This
Agreement may be executed in any number of counterparts, each of which shall be
deemed an original and which together shall constitute one agreement.  This Agreement may not be amended, restated,
supplemented or otherwise modified, and no provision of this Agreement may be
waived, other than in a writing duly executed by the parties hereto and
approved by a majority of the Disinterested Directors.

 

9.             Binding
Effect; Assignment.  This Agreement
shall be binding upon and inure to the benefit of the parties to this Agreement
and their respective successors and assigns; provided, that neither this
Agreement nor any right, interest or obligation hereunder may be assigned by
either party, whether by operation of law or otherwise, without the express
written consent of the other party hereto; and provided, further,
that any such assignment in connection with the Restructuring shall be
expressly permitted hereunder and shall not require the prior written consent
of CD&R.  This Agreement is not
intended to confer any right or remedy hereunder upon any person or entity
other than the parties to this Agreement and their respective successors and
assigns.

 

10.           Governing
Law; Jurisdiction; Waiver of Jury Trial. 
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICT OF LAWS TO THE EXTENT THAT SUCH PRINCIPLES WOULD REQUIRE OR PERMIT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.  Each of the parties hereto irrevocably and unconditionally (a)
agrees that any legal suit, action or proceeding brought by any party hereto
arising out of or based upon this Agreement or the transactions contemplated
hereby may be brought in any court of the State of New York or Federal District
Court

 

7

 

for the Southern
District of New York located in the City, County and State of New York (each, a
“New York Court”), (b) waives, to the fullest extent that it may
effectively do so, any objection that it may now or hereafter have to the
laying of venue of any such proceeding brought in a New York Court, and any
claim that any such action or proceeding brought in a New York Court has been
brought in an inconvenient forum, (c) submits to the non-exclusive jurisdiction
of any New York Court in any suit, action or proceeding and (d)
ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE
HEREBY WAIVES ANY RIGHT THAT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT.  With respect to clause (d) of the
immediately preceding sentence, each of the parties hereto acknowledges and
certifies that (i) no representative, agent or attorney of any other
party has represented, expressly or otherwise, that such other party would not,
in the event of litigation, seek to enforce the waiver contained therein, (ii)
it understands and has considered the implications of such waiver, (iii)
it makes such waiver voluntarily and (iv) it has been induced to enter
into this Agreement by, among other things, the mutual waivers and
certifications contained in this Section 10.

 

8

 

IN WITNESS WHEREOF, the parties have duly executed
this Agreement as of the date first above written.

 

	
   

  	
  CLAYTON, DUBILIER & RICE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ THERESA A. GORE

  	
   

  
	
   

  	
   

  	
  Name: Theresa A. Gore

  
	
   

  	
   

  	
  Title: Vice President and Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CDRV INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ THERESA A. GORE

  	
   

  
	
   

  	
   

  	
  Name: Theresa A. Gore

  
	
   

  	
   

  	
  Title: Vice President and Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CDRV HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ GEORGE K. JAQUETTE

  	
   

  
	
   

  	
   

  	
  Name: George K. Jaquette

  
	
   

  	
   

  	
  Title: Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CDRV ACQUISITION CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ GEORGE K. JAQUETTE

  	
   

  
	
   

  	
   

  	
  Name: George K. Jaquette

  
	
   

  	
   

  	
  Title: Vice President and Treasurer

  
							

 

 

	
   

  	
  CDRV DELAWARE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ THERESA A. GORE

  	
   

  
	
   

  	
   

  	
  Name: Theresa A. Gore

  
	
   

  	
   

  	
  Title: Vice President and Secretary

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