Document:

exv10w1

Exhibit 10.1

SIXTEENTH AMENDMENT TO LOAN AGREEMENT

     THIS AMENDMENT is made as of June 30, 2009 by ASPECT MEDICAL SYSTEMS, INC. (the
“Borrower”) and BANK OF AMERICA, N.A. (successor by merger to Fleet National Bank) (the
“Lender”).

RECITALS

     A. The Lender and the Borrower are parties to a letter agreement dated as of May 16, 2001, as
amended (as amended, the “Loan Agreement”). Capitalized terms used herein without
definition have the meanings assigned to them in the Loan Agreement.

     B. The Borrower has requested that the Lender (x) extend the Expiration Date and (y) make
certain other amendments to the Loan Agreement.

     C. The Lender is willing to agree to such request subject to the terms set forth below.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

I. Amendments to Loan Agreement.

     A. The definition of “Commitment” in Section 7.1 of the Loan Agreement is hereby amended in
its entirety to read as follows:

     “Commitment” — $2,000,000.”

     B. The definition of “Expiration Date” in Section 7.1 of the Loan Agreement is hereby amended
in its entirety to read as follows:

     “Expiration Date” — May 7, 2010, unless extended by the Bank, which extension may be given
or withheld by the Bank in its sole discretion.”

     C. The definition of “Pledge Agreement” in Section 1.1(ii) is hereby amended to read in its
entirety as follows:

     “(ii) that certain Security Agreement dated as of May 10, 2008, as amended (as amended
and/or amended and restated from time to time, the “Pledge Agreement”) from the Borrower to
the Bank.”

     D. A new Section 1.7 is hereby added into the Loan Agreement as follows:

“1.7 Unused Fee. The Borrower shall pay to the Bank an unused fee (the “Unused
Fee”) equal to one-half of one percent (0.50%) per annum times the actual daily
amount by which the Commitment exceeds the sum of (x) the LC Exposure Amount, plus
(y) the aggregate amount of Revolving Loans. The Unused Fee shall accrue at all times and
shall be due and payable in arrears on the last Business Day of each March, June, September
and December, and on the Expiration Date. The Unused Fee shall be calculated quarterly in
arrears.”

 

 

     E. Notwithstanding the provisions of Section 1.6(b)(i)(A) of the Loan Agreement, the Lender
hereby agrees that (i) Letter of Credit No. 68033351 in the stated amount of $250,000.00 issued for
the account of the Borrower and to the benefit of Dell Financial Services L.P., may (1) have an
expiry date of March 31, 2011 (which date is later than 90 days after the Expiration Date) and (2)
provide by its terms that it will be automatically extended for additional successive periods of up
to one (1) year unless the Lender shall have given notice to the applicable beneficiary (with a
copy to the Borrower) of the election by the Lender (such election to be in the sole and absolute
discretion of the Lender) not to extend such Letter of Credit and (ii) Letter of Credit No.
68011349 in the stated amount of $759,298.00 issued for the account of the Borrower and to the
benefit of CFRI/CQ Norwood Upland, L.L.C., may (1) have an expiry date of February 3, 2011 (which
date is later than 90 days after the Expiration Date) and (2) provide by its terms that it will be
automatically extended for additional successive periods of up to one (1) year unless the Lender
shall have given notice to the applicable beneficiary (with a copy to the Borrower) of the election
by the Lender (such election to be in the sole and absolute discretion of the Lender) not to extend
such Letter of Credit.

II. Collateral.

     The Borrower covenants and agrees to maintain at all times in the Deposit Account (as defined
in the Pledge Agreement) an amount which equals or exceeds 102% of the sum of (x) the aggregate
amount of the Revolving Loans, plus (y) the LC Exposure Amount. Any violation of this
requirement shall be an immediate Event of Default under the Loan Agreement.

III. No Further Amendments.

     Except as specifically amended hereby, the Loan Agreement and the Pledge Agreement shall
remain unmodified and in full force and effect and are hereby ratified and affirmed in all
respects, and the indebtedness of the Borrower to the Lender evidenced thereby and by the Revolving
Note is hereby reaffirmed in all respects. On and after the date hereof, each reference in the
Loan Agreement to “this letter agreement”, “hereunder”, “hereof”, or words of like import referring
to the Loan Agreement, shall mean and be a reference to the Loan Agreement as amended by this
Amendment, and each reference in Pledge Agreement to the Loan Agreement, “thereunder”, “thereof”,
or words of like import referring to the Loan Agreement shall mean a reference to the Loan
Agreement as amended by this Amendment.

IV. Confirmation of Security.

     The Pledge Agreement, as amended on the date hereof, shall remain in full force and effect and
is hereby ratified and affirmed in all material respects. The Borrower hereby acknowledges and
agrees that the “Obligations” secured by, and entitled to, the benefits of the Pledge Agreement
include, without limitation, the Loan Agreement, the Revolving Note and the LC Exposure Amount.

V. Miscellaneous.

     A. As provided in the Loan Agreement, the Borrower agrees to reimburse the Lender upon demand
for all out-of-pocket costs, charges, liabilities, taxes and expenses of the Lender (including
reasonable fees and disbursements of counsel to the Lender) in connection with the (a) preparation,
negotiation, interpretation, execution and delivery of this Amendment and any other agreements,
instruments and documents executed pursuant or relating hereto, and (b) any enforcement hereof.

     B. This Amendment shall be governed by and construed in accordance with the laws of the
Commonwealth of Massachusetts.

 

 

     D. This Amendment may be executed by the parties hereto in several counterparts hereof and by
the different parties hereto on separate counterparts hereof, all of which counterparts shall
together constitute one and the same agreement.

**The balance of this page is left blank intentionally**

 

 

     IN WITNESS WHEREOF, the Lender and the Borrower have caused this Amendment to be duly executed
as a sealed instrument by their duly authorized representatives, all as of the day and year first
above written.

	 	 	 	 	 
	 	ASPECT MEDICAL SYSTEMS, INC.

 	 
	 	By:  	/s/ J. Neal Armstrong
 	 
	 	 	Title: Chief Financial Officer 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	/s/ Peter G. McCarthy
 	 
	 	 	Title: Senior Vice Presidentexv10w1

Exhibit 10.1

RETENTION AGREEMENT

     GenCorp Inc, its parents, subsidiaries and affiliates, with an address at Highway 50 and
Aerojet Road, Rancho Cordova, California 95742 (“GenCorp” or the “Company) and Chris W. Conley, an
individual residing at                                         , (“Executive”) make and enter into this Retention Agreement
(the “Agreement”) as of April 15, 2009 (the “Effective Date”).

     WHEREAS, the Company wishes to reward Executive should he remain employed by the Company for
at least the period of time set forth in this Agreement; and

     WHEREAS, the Agreement is also intended to reward Executive for his contributions toward the
success of the Company and for continuing to provide loyal service to the Company;

     NOW THEREFORE, in consideration of the covenants set forth in this Agreement, Company and
Executive, each intending to be legally bound, hereby agree as follows:

     1. Employment and Compensation. Executive acknowledges that he is employed by the
Company and has not and shall not give notice that actions by the Company up to the date of this
Agreement have resulted in the Constructive Termination of his employment as that term is defined
in Section 1(f) and 2(b) of the Severance Agreement that Executive signed on August 10, 2006. The
Company shall continue to pay Executive the same salary that he has been earning prior to the
effective date of this Agreement, with applicable withholdings and deductions.

     2. Duties and Title. Executive’s title and duties shall remain the same as they were
prior to the effective date of this Agreement. Executive continues to be eligible for severance
under the terms of the Severance Agreement dated August 10, 2006, the terms of which are
incorporated herein by reference.

     3. Retention Bonus. Provided Executive continues to be employed on March 6, 2011,
GenCorp shall pay to Executive a retention bonus (the “Retention Bonus”) in the amount of $200,000,
less applicable withholdings and deductions, to be paid on the first payroll date following March
6, 2011.

     4. Representations and Warranty. Executive represents and warrants that Executive’s
entering into this Agreement and the performance by Executive hereunder will not conflict with,
violate or constitute a breach of, or require any consent or approval under, any agreement,
license, arrangement or understanding, whether written or oral, or any law, judgment, decree,
order, rule or regulation to which Executive is a party or, to the best of his knowledge, by which
Executive is bound.

     5. Confidentiality. Except as required by law, the terms and conditions of this
Agreement are and shall be deemed to be confidential, and shall not be disclosed by Executive to
any person or entity without the prior written consent of the Company, except if required by law
and to Executive’s accountants, attorneys or spouse, provided that they agree to maintain the
confidentiality of this Agreement.

 

 

     6. Employment-at-will. Executive understands that he remains an employee-at-will and
that this Agreement does not constitute a contract of employment and does not imply that his
employment will continue for any period of time.

     7. Severability. If any provision of this Agreement shall be held by a court of
competent jurisdiction to be illegal, void, or unenforceable, such provision shall be of no force
and effect. However, the illegality or unenforceability of such provision shall have no effect
upon, and shall not impair the enforceability of, any other provision of this Agreement. The
parties agree that this Agreement may not be used as evidence in a subsequent proceeding except in
a proceeding to enforce the terms of this Agreement.

     8. Governing Law. This Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of Ohio, without regard to the conflict of laws provisions
thereof.

     9. Waiver. The waiver by either party of a breach of any provision of this Agreement
shall not or be construed as a waiver of any subsequent breach. The failure of a party to insist
upon strict adherence to any provision of this Agreement on one or more occasions shall not be
considered a waiver or deprive that party of the right thereafter to insist upon strict adherence
to that provision or any other provision of this Agreement. Any waiver must be in writing.

     10. Assignment. This Agreement, as it relates to your employment, is a personal
contract and you may not sell, transfer, assign, pledge or hypothecate your rights, interests and
obligations hereunder. Except as otherwise herein expressly provided, this Agreement shall be
binding upon and shall inure to the benefit of you and your personal representative and shall inure
to the benefit of and be binding upon the Company and its successors and assigns, including without
limitation, any corporation or other entity into which the Company is merged or which acquires all
or substantially all of the assets of the Company.

     11. Entire Agreement. This Agreement (including all agreements incorporated by
reference herein) constitutes the complete understanding between the parties with respect to
Executive’s employment with the Company and supersedes any and all agreements, understandings, and
discussions, whether written or oral, between the parties, all of which remain in full force and
effect. No amendment of any provision of this Agreement shall be valid unless the same shall be in
writing and signed by each of the parties.

GenCorp Inc.

	 	 	 	 	 	 	 	 	 
	By:	 	/s/ J. Scott Neish	 	 	 	/s/ Chris W. Conley
	 	 	 	 	 	 	 
	 	 	J. Scott Neish	 	 	 	Chris W. Conley
	 
	 	 	 	 	 	 	 	 
	Dated:

	 	April 14, 2009
	 	 	 	Dated:
	 	April 15, 2009

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