Document:

Exhibit 10.25

 

Edwards Lifesciences Corporation

 

Amended and Restated Officer Perquisite Program Guidelines

(as of February 20, 2013)

 

Edwards Lifesciences provides its corporate officers with a comprehensive perquisite program.  The perquisite program is reviewed periodically by the Compensation and Governance Committee of the Board of Directors to ensure that program components and flexible allowance levels remain competitive.  The various program components are described below.

 

Participation in the  perquisite program is effective from date the individual becomes a corporate vice president (or higher position) to the date an individual ceases to be a corporate vice president (or higher position).  Throughout this document, the term “officer” shall mean such individual.

 

Note that information and guidance contained in these Guidelines are subject to all applicable laws and regulations.

 

Tax Consequences

 

Amounts paid through the perquisite program constitute taxable income to the officers and will be reported on the individual officer’s W-2 (or any other such similar form).  Officers will not be grossed-up for any taxes due upon the receipt of a taxable benefit.

 

Flexible Allowance

 

An important feature of the perquisite program is a flexible allowance that is established to recognize our diverse officer group.  Each officer (except for the Chief Executive Officer) is entitled to a $20,000 annual flexible allowance, and the Chief Executive Officer is entitled to a $40,000 annual flexible allowance.  These flexible allowance amounts do not include (1) for each officer, a separate car allowance (as described below) and the cost of an annual physical examination, and (2) for the Chief Executive Office, the cost of two club memberships.  The annual flexible allowance is stated in the officer’s Total Compensation Statement.

 

Any costs incurred by an officer for any item covered by the perquisite program, including the flexible allowance and the car allowance, cannot be claimed for reimbursement by the Company.

 

Officers will receive the flexible allowance and the car allowance as pro-rated monthly stipends, which will be included in the officer’s regular paycheck.

 

 

I.  CAR ALLOWANCE

 

Officers will receive a stipend that is separate from the flexible allowance to cover car-related expenses.  Each officer (except for the Chief Executive Officer and any officer residing outside of the U.S.) is entitled to a $10,800 annual car allowance.  The Chief Executive Officer is entitled to annual car allowance of  $13,200, and an officer residing outside the U.S. would be entitled to an amount in local currency that would provide such officer with similar car benefits as those received by an officer in the U.S.  These car allowance amounts cover expenses related to the lease or purchase, insurance, maintenance of a vehicle, and mileage for business use.

 

II.  AIRLINE CLUBS/ FIRST CLASS AIR

 

First Class Air Travel.  Officers are eligible to use first class air travel for business reasons.

 

Airline First Class Upgrades.  Airlines often permit individuals to purchase upgrade tickets for a nominal fee that allow a passenger to fly first class if seats are available on the flight.  The flexible allowance will cover business-related airline upgrades.

 

Airline Clubs.  Officers can maintain membership in airline clubs that provide airport meeting facilities that are useful for conducting job-related business. The flexible allowance will cover airline club dues.

 

Consistent with company policy, corporate airline partners should be used for all business-related travel.

 

III.  CELLULAR PHONE

 

The flexible allowance covers expenses resulting from the purchase, installation and business use of a cellular telephone.

 

Reimbursement for business-related calls should be requested through expense reports submitted to Accounts Payable.  Any incidental personal use of the cellular phone should be excluded from the expense report and highlighted in the original phone company statement.

 

IV.  CLUB MEMBERSHIPS

 

In order to maintain customer relations and properly reflect the Company’s image, the Company’s policy is to maintain memberships in various and diverse business, dining, country, and social clubs.  Since most such clubs do not provide for corporate memberships, the Company’s policy is to enable officers to represent the Company’s interests by becoming members in such organizations.

 

2

 

Business and Dining Clubs.  The flexible allowance will cover the cost of maintaining membership in organizations that provide substantial visibility within the business community and are useful for conducting job-related business.

 

Country, Golf and Social Clubs.  The flexible allowance will cover the cost of maintaining membership in organizations that provide substantial visibility within the business community and are useful for conducting job-related business.  Because the primary goal of membership in these clubs is to conduct business with customers who are visiting an Edwards facility, these clubs should be local to the office of the individual officer.

 

V.  ATHLETIC/HEALTH CLUB MEMBERSHIP

 

Officer wellness is important for the Company to achieve success.  To help maintain the officer’s personal health, the flexible allowance will cover the cost of maintaining membership in an athletic or health club.

 

VI.  FINANCIAL PLANNING/ESTATE PLANNING/TAX COUNSELING/TAX PREPARATION

 

The flexible allowance covers expenses resulting from financial planning, estate planning, tax return preparation, and related matters.

 

VII.  HOME OFFICE EQUIPMENT

 

Expenses related to set up and maintenance of a home business office are covered under the flexible allowance.  These expenses include purchase of home office furniture, purchase of a personal computer, additional phone lines which may be necessary to operate office equipment, home fax line, and DSL/Cable connections for home office computers.

 

VIII.  SPOUSAL TRAVEL

 

If an officer takes a spouse to a business function where spousal attendance is optional, the flexible allowance will cover the cost of spousal travel.  If a spouse travels on the corporate jet for an optional function, the officer will reimburse the Company for the cost of a first-class commercial airline ticket for the same route, as priced by the Company’s travel office.

 

The Company recognizes that there are occasions when a spouse’s attendance is required at a function or event.  The Company will reimburse the cost of spousal attendance at approved events or functions.  Please submit an expense report to Accounts Payable for reimbursement.

 

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3Exhibit 4.5

 

FIRST SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of June 1, 2011, Exterior Portfolio, LLC (the “Guaranteeing Subsidiary”), a subsidiary of Georgia Gulf Corporation (or its permitted successor), a Delaware corporation (the “Company”), the Company and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of December 22, 2009, providing for the issuance of 9% Senior Secured Notes due 2017 (the “Notes”);

 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth therein and herein (the “Note Guarantee”); and

 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

1.             CAPITALIZED TERMS.   Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.             AGREEMENT TO GUARANTEE.   The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof.

 

4.             NO RECOURSE AGAINST OTHERS.   No past, present or future director, officer, employee, incorporator, stockholder or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.   Each Holder of the Notes by accepting a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes.  Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy.

 

5.             NEW YORK LAW TO GOVERN.   THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF

 

 

CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

6.             COUNTERPARTS.   The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.

 

7.             EFFECT OF HEADINGS.   The Section headings herein are for convenience only and shall not affect the construction hereof.

 

8.             THE TRUSTEE.   The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company.

 

[Signature Page to Follow]

 

2

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

 

 

Dated:  June 1, 2011

 

 

	
 
    	
EXTERIOR   PORTFOLIO, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
By:   ROYAL MOULDINGS LIMITED,
    
	
 
    	
 
    	
 its   sole member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Gregory C. Thompson
    
	
 
    	
 
    	
 
    	
Name:
    	
Gregory   C. Thompson
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
U.S.   BANK NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jack Ellerin
    
	
 
    	
 
    	
Authorized   Signatory
    

 

[Signature Page to First Supplemental Indenture]

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