Document:

EX-4.13

 

Exhibit 4.13

Stock Option Pledge Agreement

     Stock Option Pledge Agreement, hereinafter referred to as the “Option”
or the “Agreement”, made as of the 25th day of February, 1999, between
Columbia/HCA Healthcare Corporation, a Delaware corporation, having its
principal place of business at One Park Plaza, Nashville, Tennessee 37203 (the
“Company”) and the Columbia/HCA Healthcare Foundation, Inc., a charitable
corporation, having its principle office at One Park Plaza, Nashville, Tennessee
37203 (the “Foundation”).

     1. Pledge of Options. As a charitable contribution, the Company hereby
pledges and grants an option on 2,000,000 shares of Common Stock of the Company,
par value $.01 per share (“Common Stock”) to the Foundation at the price and in
all respects subject to the terms, conditions and provisions of this Agreement
(the “Option”).

     2. Option Price. The option price is $18.19 for each share,
representing the closing price of the shares on the New York Stock Exchange on
the date of this Agreement.

     3. Exercise of Option. This Option shall be exercisable, in whole or in
part, at any time and from time to time during the period commencing on the date
hereof and ending on February 25, 2009 in accordance with the terms of this
Agreement as follows:

	 	(a)	 	Method of Exercises. This Option shall be exercisable, in
whole or in part and from time to time until all shares
subject to the Option have been acquired or the Option has
expired, by a written notice of exercise which shall:

(1) state the election to exercise the Option and the number
of shares in respect of which it is being exercised;

(2) contain such representations and agreements as to
investment intent with respect to such shares of Common Stock
as may be satisfactory to the Company’s counsel;

(3) be signed by the authorized person or persons exercising
the Option and be accompanied by proof, satisfactory to
counsel for the Company, of the right of such person or
persons to exercise the Option.

     Payment of the purchase price of any shares with respect to
which the Option is being exercised shall be by certified or bank
cashier’s or teller’s check, or wire transfer, and shall be delivered
with the notice of exercise. The certificate or certificates for shares
of Common Stock as to which the Option shall be exercised shall be
registered in the name of the person or persons exercising the Option.

	 	(b)	 	Restrictions on Exercise. As a condition to his exercise of
this Option, the Company may require the person exercising
this Option to make any

 

 

	 	 	 	representation or warranty to the Company as may be required
by counsel for the Company.

     4. Nontransferability of Option. This Option may not be transferred
except as follows:

	 	(a)	 	The Foundation may transfer and assign this Option or any
portion thereof to one or more unrelated charitable
organizations described in Sections 170(c)(2) and 501(c)(3) of
the Code;
	 
	 	(b)	 	A transferee of the Option or a portion thereof shall not
transfer or assign the Option or any portion thereof without
the written consent of the Company;
	 
	 	(c)	 	In the event of termination, dissolution, or winding up of the
Foundation, the Foundation may transfer this Option (or any
unexercised portion) to any organization or organizations to
which it is permitted to transfer its assets under the
provisions of the Charter of the Foundation;
	 
	 	(d)	 	In the event the Option is transferred under the provisions of
this paragraph, transfer shall be made by written notice from
the Foundation to the Company setting forth the name and
address of the transferee and the number of shares with
respect to which the option is being transferred. The transfer
of the Option with respect to such shares will not be
effective until the Company has received from its counsel a
written opinion that the proposed transfer is authorized under
the terms of this Agreement and that the proposed transfer
will not violate any applicable state or federal securities
laws or the rules and regulations of any stock exchange on
which the stock of the Company is listed;
	 
	 	(e)	 	A transfer or attempted transfer of the Option in violation of
the terms of this Agreement shall terminate and extinguish the
Option with respect to the shares covered by the transfer or
attempted transfer.

     5. Stock Subject to the Option. The Board of Directors of the Company
shall set aside and reserve Two Million (2,000,000) shares of the authorized and
unissued Common Stock to be issued in satisfaction of this Option. If the Option
should expire or become unexercisable for any reason without having been
exercised in full, the shares which were subject thereto shall be free from any
restrictions. The Company will not be required to issue or deliver any
certificate or certificates for shares to be issued hereunder until such shares
have been listed (or authorized for listing upon official notice of issuance)
upon each stock exchange on which outstanding shares of the same class may then
be listed and until the Company has taken such steps as may, in the opinion of
counsel for the Corporation, be required by law and applicable regulations,
including the rules and regulations of the Securities and Exchange Commission,
and state blue-sky laws and regulations in connection with the issuance or sale
of such shares, and the listing of such shares on each such exchange. The
Company will use its best efforts to comply with any such requirements. The
Company may require the Foundation or any of its successors or assigns to make
such representations, including, but not limited to, written representation that
the shares are to be acquired for investment and not for resale or with a view
to the distribution thereof, and

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to furnish such information as the Company may consider appropriate in
connection with the issuance and delivery of the shares in compliance with
applicable laws, rules and regulations. The Company may cause a legend or
legends to be placed on such certificates to make appropriate reference to such
representation and to restrict transfer in the absence of compliance with
applicable federal or state securities laws. Neither the Foundation, nor any of
its successors or assigns shall be, or have any rights and privileges of, a
stockholder of the Company in respect of any shares purchasable upon the
exercise of this Option unless and until certificates for such shares have been
issued.

     6. Adjustments Upon Changes in Capitalization. In the event that the
Common Stock should as a result of a stock split or stock dividend or
combination of shares or other change or exchange for other securities by
reclassification or otherwise, be increased or decreased or changed into, or
exchanged for, a different number or kind of shares or other securities of the
Company or any other corporation, or in the event of a spin-off, spin-out or
other distribution of assets to shareholders or the assumption or conversion of
outstanding grants pursuant to an acquisition, the number and kind of shares
then subject to this Option and the exercise price per share thereof, shall be
appropriately adjusted by the Company to reflect such action.

     7. Notices. Each notice relating to this Agreement shall be in writing
and delivered in person or by certified mail to the proper address. Each notice
shall be deemed to have been given on the date it is received. Each notice to
the Company shall be addressed to it at its principal office, now at One Park
Plaza, Nashville, Tennessee 37203, attention of the Secretary. Each notice to
the Foundation shall be addressed to the Foundation or such other at the
Foundation’s address set forth in the heading of this Agreement. In the event of
a transfer of this Option, in whole or in part, notice to a transferee shall be
sent to the address set forth in the notice to transfer required by paragraph 3
of this Agreement. Anyone to whom a notice may be given under this Agreement may
designate a new address by notice to that effect.

     8. Benefit of Agreement. This Agreement shall inure to the benefit of
and be binding upon each successor of the Company. All obligations imposed upon
the Foundation and all rights granted to the Company under this Agreement shall
be binding upon the Foundation’s successors and any assignee of this Option.
This Agreement shall be the sole and exclusive source of any and all rights
which the Foundation, its successors or assigns may have in respect to any
options or Common Stock granted or issued hereunder.

     9. Resolution of Disputes. Any dispute or disagreement which should
arise under, or as a result of, or in any way relate to, the interpretation,
construction or application of this Agreement will be determined by the Board of
Directors of the Company. Any determination made hereunder shall be final
binding, and conclusive for all purposes.

     10. Modifications. No change or modification of this Agreement shall be
valid or binding upon the parties hereto, nor shall any waiver of any term or
condition in the future be so binding, unless such change or modification or
waiver shall be in writing and signed by the parties hereto.

3

 

     11. Governing Law. This Agreement shall be interpreted and construed in
accordance with the laws of the State of Tennessee. The titles of the sections
and subsections herein have been inserted as a matter of convenience of
reference only and shall not control or affect the meaning on any of the terms
of the provisions herein.

     IN WITNESS WHEREOF, the Company and the Foundation have caused this
Agreement to be executed as of the day, month and year first above written.

	 	 	 	 	 
	ATTEST:	 	COLUMBIA/HCA HEALTHCARE CORPORATION
	 
	 	 	 	 
	/s/
Robert A. Waterman 

	 	By:	 	 /s/ R. Milton Johnson
	 

	 	 	 	 
	 
	 	 	 	 
	ATTEST:	 	COLUMBIA/HCA HEALTHCARE FOUNDATION, INC.
	 
	 	 	 	 
	 /s/
Gary Pack

	 	By:	 	 /s/ David G. Anderson
	 

	 	 	 	 

4EX-10.1

 

Exhibit 10.l

EXECUTION COPY

FOURTH AMENDMENT TO CREDIT AGREEMENT

     FOURTH AMENDMENT TO CREDIT AGREEMENT, dated as of November 6, 2006 (this “Amendment”),
to the Credit Agreement, dated as of November 5, 2004, as amended on December 22, 2004, June 13,
2005 and September 12, 2005 (as so amended, the “Credit Agreement”), among SPHERIS HOLDING
II, INC. (“Holdings”), SPHERIS INC. (as successor to Spheris Holding, Inc.) (the
“Borrower”), the several agents and lenders from time to time parties thereto and JPMORGAN
CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”).

     WHEREAS pursuant to the Credit Agreement, the Lenders have agreed to extend credit to the
Borrower; and

     WHEREAS the Borrower has requested that the Credit Agreement be amended in the manner provided
for in this Amendment, and the Lenders are willing to agree to such amendments as provided for
herein;

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

     1. Defined Terms. Capitalized terms used and not defined herein shall have the
meanings given to them in the Credit Agreement.

     2. Amendment to Section 1.1 (Defined Terms). (a) Section 1.1 of the Credit Agreement
is hereby amended by deleting the proviso clause of the definition of “Applicable
Percentage” and substituting therefor the following:

; provided, that on and after the first Adjustment Date (as defined in the
definition of “Pricing Grid”) occurring after December 31, 2004 (or in the case of Term
Loans, on and after the Fourth Amendment Effective Date), the Applicable Percentage with
respect to Term Loans, Revolving Loans and Swingline Loans will be determined pursuant to
the Pricing Grid.

 

     (b) Section 1.1 of the Credit Agreement is hereby amended by deleting from the definition of
“Pricing Grid” the table set forth therein and substituting therefor the following:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	ABR Spread-	 	Eurodollar	 	 
	 	 	Eurodollar Spread-	 	Revolving Loans and	 	Spread -	 	ABR Spread -
	Leverage Ratio	 	Revolving Loans	 	Swingline Loans	 	Term Loans	 	Term Loans
	Category 1

Greater than 6.00
to 1.00

	 	 	3.50	%	 	 	2.50	%	 	 	4.50	%	 	 	3.50	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Category 2

Greater than 5.00
to 1.00, but less
than or equal to
6.00 to 1.00

	 	 	3.00	%	 	 	2.00	%	 	 	4.00	%	 	 	3.00	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Category 3

Greater than 4.50
to 1.00, but less
than or equal to
5.00 to 1.00

	 	 	2.75	%	 	 	1.75	%	 	 	4.00	%	 	 	3.00	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Category 4

Greater than 4.00
to 1.00, but less
than or equal to
4.50 to 1.00

	 	 	2.50	%	 	 	1.50	%	 	 	4.00	%	 	 	3.00	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Category 5

Less than or equal
to 4.00 to 1.00

	 	 	2.25	%	 	 	1.25	%	 	 	4.00	%	 	 	3.00	%

The Applicable Margins shall be those set forth for Category 1 as of the Fourth Amendment Effective
Date and thereafter shall be subject to adjustment as provided in the definition of “Pricing
Grid.”

     (c) Section 1.l of the Credit Agreement is hereby amended by adding the following new
definition in proper alphabetical order:

     “Fourth Amendment Effective Date”: the date on which the Fourth
Amendment dated as of November 6, 2006 to this Agreement becomes effective in
accordance with Section 11 thereof.

     3. Amendment to Section 2.1 (Commitments). Section 2.1 of the Credit Agreement is
hereby amended by adding the following at the end of paragraph (a):

Notwithstanding any other provision of this Agreement, at any time after the
Fourth Amendment Effective Date, the Borrower shall not increase the aggregate
Revolving Credit Exposures above $17,500,000 if the Leverage Ratio, determined
as of the end of the most recently ended fiscal quarter for which financial
statements are required to have been delivered to the Administrative Agent, was
in excess of 5.50 to 1.00 (but may effect such increase thereafter if the
Leverage Ratio (as so determined) becomes equal to

2

 

or less than 5.50 to 1.00), provided that nothing in this sentence shall require
a prepayment of any Revolving Credit Loan or collateralization of any Letter of
Credit.

     4. Amendment to Section 6.1 (Indebtedness). Section 6.1 of the Credit Agreement is
hereby amended by:

     (i) adding immediately after the phrase “Foreign Subsidiaries” which
appears in clause (o) the phrase “provided by financing sources reasonably
acceptable to the Administrative Agent,” which consent shall not be unreasonably
withheld (it being understood that the Administrative Agent agrees that Kotak
Mahindra Bank Limited is acceptable)”; and

     (ii) deleting clause (t) and substituting therefor the following:

     (t) other Indebtedness of the Borrower or the Domestic
Subsidiaries from financing sources reasonably satisfactory to the
Administrative Agent (it being understood that the seller in a
Permitted Acquisition and its affiliates are satisfactory to the
Administrative Agent) in an aggregate principal amount not exceeding
$10,000,000 at any time outstanding; provided, that such Indebtedness
may not be incurred if the Leverage Ratio, determined as of the end
of the most recently ended fiscal quarter for which financial
statements were required to have been delivered to the Administrative
Agent, is greater than 5.50 to 1.0 unless (i) the proceeds thereof
will be used to finance (in whole or in part) a Permitted
Acquisition, and (ii) after giving effect to the consummation of such
Permitted Acquisition, the Leverage Ratio calculated on a Pro Forma
Basis is no greater than the Leverage Ratio in effect immediately
prior to the consummation of such Permitted Acquisition.

     5. Amendment to Section 6.2 (Liens). Section 6.2 of the Credit Agreement is hereby
amended by deleting clause (v) and substituting therefor the following:

     (v) other Liens on the assets of the Borrower or any Domestic
Subsidiary that do not, individually or in the aggregate, secure
obligations (or encumber property with a fair market value) in excess
of $10,000,000 at any one time; provided, that such Liens may not be
incurred if the Leverage Ratio, determined as of the end of the most
recently ended fiscal quarter for which financial statements were
required to have been delivered to the Administrative Agent, is
greater than 5.50 to 1.0 unless (i) such Liens secure only
obligations incurred to finance (in whole or in part) a Permitted
Acquisition, (ii) such Liens encumber only assets acquired in such
Permitted Acquisition, and (iii) after giving effect

3

 

to the consummation of such Permitted Acquisition, the Leverage Ratio
calculated on a Pro Forma Basis is no greater than the Leverage Ratio
in effect immediately prior to the consummation of such Permitted
Acquisition.

     6. Amendment to Section 6.9 (Other Indebtedness; Material Agreements). Section 6.9 of
the Credit Agreement is hereby amended by adding in clause (b) after the phrase “in excess of
$5,000,000 during the term of this Agreement” the phrase “(provided that no such distribution may
be made at any time the Leverage Ratio determined as of the end of the most recently ended fiscal
quarter for which financial statements were required to have been delivered to the Administrative
Agent but giving effect to such distribution would be greater than or equal to 5.50 to 1.00)”.

     7.  Amendment to Section 6.11 (Interest Coverage Ratio). Section 6.11 of the Credit
Agreement is hereby amended by deleting it in its entirety and substituting therefor the following:

     Section 6.11 Interest Coverage Ratio. Permit the Interest Coverage
Ratio for any period of four consecutive fiscal quarters, in each case taken as
one accounting period, ending during any period set forth below to be less than
the ratio set forth opposite such period below:

	 	 	 	 	 
	Period	 	Ratio	 
	July 1, 2006 through September 30, 2006
	 	 	1.35 to 1.00	 
	October 1, 2006 through December 31, 2006
	 	 	1.35 to 1.00	 
	January 1, 2007 through March 31, 2007
	 	 	1.35 to 1.00	 
	April 1, 2007 through June 30, 2007
	 	 	1.35 to 1.00	 
	July 1, 2007 through September 30, 2007
	 	 	1.35 to 1.00	 
	October 1, 2007 through December 31, 2007
	 	 	1.40 to 1.00	 
	January 1, 2008 through March 31, 2008
	 	1.45  to 1.00
	April 1, 2008 through June 30, 2008
	 	1.50  to 1.00
	July 1, 2008 through September 30, 2008
	 	 	1.55 to 1.00	 
	October 1, 2008 through December 31, 2008
	 	 	1.60 to 1.00	 
	January 1, 2009 through March 31, 2009
	 	 	1.65 to 1.00	 
	April 1, 2009 through June 30, 2009
	 	 	1.70 to 1.00	 

4

 

	 	 	 	 	 
	Period	 	Ratio	 
	July 1, 2009 through September 30, 2009
	 	 	1.75 to 1.00	 
	October 1, 2009 through December 31, 2009
	 	 	1.85 to 1.00	 
	January 1, 2010 and thereafter
	 	 	2.30 to 1.00	 

     8. Amendment to Section 6.12 (Maximum Leverage Ratio). Section 6.12 of the Credit
Agreement is hereby amended by deleting it in its entirety and substituting therefor the following:

     Section 6.12 Maximum Leverage Ratio. Permit the Leverage Ratio
at the end of any fiscal quarter ending during a period set forth below to be
greater than the ratio set forth opposite such period below.

	 	 	 	 	 
	Period	 	Ratio	 
	July 1, 2006 through September 30, 2006
	 	 	7.25 to 1.00	 
	October 1, 2006 through December 31, 2006
	 	 	7.25 to 1.00	 
	January 1, 2007 through March 31, 2007
	 	 	7.25 to 1.00	 
	April 1, 2007 through June 30, 2007
	 	 	7.25 to 1.00	 
	July 1, 2007 through September 30, 2007
	 	 	7.15 to 1.00	 
	October 1, 2007 through December 31, 2007
	 	 	6.80 to 1.00	 
	January 1, 2008 through March 31, 2008
	 	 	6.50 to 1.00	 
	April 1, 2008 through June 30, 2008
	 	 	6.25 to 1.00	 
	July 1, 2008 through September 30, 2008
	 	 	6.00 to 1.00	 
	October 1, 2008 through December 31, 2008
	 	 	5.85 to 1.00	 
	January 1, 2009 through March 31, 2009
	 	 	5.75 to 1.00	 
	April 1, 2009 through June 30, 2009
	 	 	5.60 to 1.00	 
	July 1, 2009 through September 30, 2009
	 	 	5.40 to 1.00	 
	October 1, 2009 through December 31, 2009
	 	 	5.20 to 1.00	 
	January 1, 2010 and thereafter
	 	 	4.20 to 1.00	 

     9. No Other Amendments; Confirmation. Except as expressly amended hereby, the
provisions of the Credit Agreement are and shall remain in full force and effect. Nothing herein
shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment,

5

 

modification or other change of, any of the terms, conditions, obligations, covenants or
agreements contained in the Credit Agreement or any Loan Document in similar or different
circumstances.

     10. Representations and Warranties. The Borrower hereby represents and warrants to
the Administrative Agent and the Lenders that, as of the date hereof and after giving effect to the
waivers and amendment contained herein:

     (a) no Default or Event of Default has occurred and is continuing other than those described
herein; and

     (b) the execution, delivery and performance by the Borrower of this Amendment have been duly
authorized by all necessary corporate and other action and does not and will not require any
registration with, consent or approval of, notice to or action by, any person (including any
Governmental Authority) in order to be effective and enforceable.

     11. Conditions Precedent to Effectiveness. This Amendment shall become effective on
the date on which the Administrative Agent shall have received counterparts hereof duly executed
and delivered by the Borrower, the Required Lenders and Revolving Credit Lenders holding at least a
majority in interest of the Revolving Credit Commitments.

     12. Amendment Fee. The Borrower agrees to pay an amendment fee, for the account of
each Lender that delivers an executed signature page to this Amendment by 5:00 p.m., New York City
time, on November 6, 2006, in an amount equal to 0.20% of the sum of (a) such Lender’s Revolving
Credit Commitment and (b) the aggregate principal amount of such Lender’s outstanding Term Loans,
which fee shall be payable promptly upon this Amendment becoming effective. Failure to pay such
fee shall be deemed to, and shall, constitute an Event of Default under the Credit Agreement.

     13. Expenses. The Borrower agrees to promptly pay and/or reimburse the Administrative
Agent for its invoiced out-of-pocket expenses in connection with this Amendment (including the
reasonable fees, charges and disbursements of Simpson Thacher & Bartlett LLP, counsel for the
Administrative Agent).

     14. Governing Law; Counterparts. (a) This Amendment and the rights and obligations
of the parties hereto shall be governed by, and construed and interpreted in accordance with, the
laws of the State of New York.

     (b) This Amendment may be executed by one or more of the parties to this Amendment on any
number of separate counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. This Amendment may be delivered by facsimile transmission
of the relevant signature pages hereof.

6

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their duly authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	SPHERIS HOLDING II, INC.

 	 
	 	By:  	/s/ Gregory T. Stevens
 	 
	 	 	Name:  	Gregory T. Stevens 	 
	 	 	Title:  	Chief Administrative Officer and General
Counsel 	 
	 

	 	 	 	 	 
	 	SPHERIS INC.

 	 
	 	By:  	/s/ Gregory T. Stevens
 	 
	 	 	Name:  	Gregory T. Stevens 	 
	 	 	Title:  	Chief Administrative Officer and General
Counsel 	 
	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A. individually and as

Administrative Agent

 	 
	 	By:  	/s/ Stephanie Parker
 	 
	 	 	Name:  	Stephanie Parker 	 
	 	 	Title:  	Vice President 	 
	 

ACKNOWLEDGED AND AGREED:

SPHERIS OPERATIONS LLC

VIANETA COMMUNICATIONS

SPHERIS LEASING LLC

SPHERIS CANADA INC.

	 	 	 	 	 
	 	 	 
	By:  	/s/ Gregory T. Stevens
 	 	 
	 	Name:  	Gregory T. Stevens 	 	 
	 	Title:  	Chief Administrative Officer and General
Counsel 	 	 

7

 

	 	 	 	 	 

Signature page to the FOURTH AMENDMENT DATED AS OF

NOVEMBER 6, 2006 TO THE SPHERIS INC. CREDIT

AGREEMENT, dated as of November 5, 2004, as amended.

	 	 	 	 	 
	 	 	 
	 	                                              /s/ Signatures on File
 	 
	 	 	 
	 	 	 
	 

8

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