Document:

Exhibit
10.1

 

ICU Medical, Inc.

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT
is made and entered into as of this first day of January 2008, by and
between ICU Medical, Inc., a Delaware corporation (“Employer”), and George
A. Lopez (“Employee”).

 

RECITALS

 

A.                                   Employer is engaged in the business of
developing and manufacturing safe medical connectors.

 

B.                                     Employer desires to employ Employee, and
Employee desires to be employed, on the terms and conditions set forth in this
Agreement.

 

C. Prior to or contemporaneously
with the date of this Agreement, Employee and the Company have entered into an
Indemnification Agreement and a Confidentiality and Inventions Agreement.

 

AGREEMENT

 

Accordingly, in
consideration of the mutual covenants contained herein, the parties agree as
follows:

 

                                                                                                1.                                      TERMS OF AGREEMENT

 

1.1                               Initial Term The initial term of this agreement shall
begin on January 1, 2008 and shall continue until December 31, 2008
unless it is terminated earlier pursuant to Section 5.

 

1.2                               Renewal Terms Notwithstanding Section 1.1, this
Agreement shall be extended and continue in effect, subject to Section 5,
until the earlier of (i) the execution by Employer and Employee of an
amendment extending this Agreement or a new employment agreement or (ii) March 31,
2009 if, but only if, at December 31, 2008 each of the following is true:

 

a.                                       This Agreement has not been terminated
pursuant to Section 5 and Employer has not notified Employee of a
termination pursuant to Section 5;

 

 

b.                                      Neither Employer nor Employee has notified
the other of its or his intention not to extend or renew this Agreement; and

 

c.                                       The parties have not yet executed an
amendment extending this Agreement or a new employment agreement.

 

Neither this Agreement nor
the employment of Employee will in any event continue beyond March 31,
2009 unless Employer and Employee execute an amendment extending this Agreement
or a new employment agreement by such date.

 

2.                                       EMPLOYMENT

 

2.1                               Employment of Employee. Employer hereby hires Employee as President
and Chief Executive Officer. Employee hereby accepts such employment on the
terms and conditions of this Agreement.

 

2.2                               Position and Duties. Employee shall serve, as President and Chief
Executive Officer of Employer and shall have the general powers and duties of
management usually vested in that office in a corporation and such other powers
and duties as may be prescribed by the Board of Directors or the Bylaws of
Employer. In this position, Employee will report directly to, and be subject to
the supervision of the Board of Directors.

 

2.3                               Standard of Performance. Employee agrees that he will at all times
faithfully and industriously and to the best of his/her ability, experience and
talents perform all of the duties that may be required of and from him/her
pursuant to the terms of this Agreement. Such duties shall be performed at such
place or places as the interests, needs, business and opportunities of Employer
shall require or render advisable.

 

2.4                               Exclusive Service. Employee shall devote all of his business energies
and abilities and all of his productive time to the performance of his duties
under this Agreement (reasonable absences during holidays and vacations
excepted), and shall not, without the prior written consent of Employer, render
to others any service of any kind (whether or not for compensation) that, in
the opinion of Employer, would materially interfere with the performance of
his/her duties under this Agreement.

 

Employee shall not, without
the prior written consent of Employer, maintain any affiliation with, whether
as an agent, consultant, employee, officer, director, trustee or otherwise, nor
shall s/he directly or indirectly render any services of an advisory nature or
otherwise to, or participate or engage in, any other business activity that
conflict with Employee’s obligations to the Company.

 

2

 

3.                                      COMPENSATION

 

3.1                               Compensation. During the term of this Agreement, Employer
shall pay the amounts and provide the benefits described in this Section 3,
and Employee agrees to accept such amounts and benefits in full payment for
Employee’s services under this Agreement.

 

3.2                              Base Salary. Employer shall pay to Employee a base salary
of $500,000 annually in equal installments payable no less frequently than
semi-monthly.

 

3.3                               Incentive Bonus
Compensation. Employee
shall be eligible to receive a bonus equal to $500,000 which is equal to
one-hundred (100%) percent of the base salary, as set forth in section 3.2 and
an additional bonus of $500,000. Terms and conditions of payment of these
bonuses shall be determined by the Compensation Committee, Board of Directors
of Employer.

 

3.4                               Fringe Benefits. Subject to Section 3.6 and upon
satisfaction of the applicable eligibility requirements, Employee shall be
entitled to all fringe benefits which Employer may make generally available
from time to time for its executive employees. Such benefits shall include
without limitation those available, if any, under any group insurance, profit
sharing, pension or retirement plans or sick leave policy.

 

3.5                               Vacation and Holiday. Employee shall be entitled to vacations and
holidays in accordance with Employer’s policies in effect from time to time and
published in the Employer’s Employee Handbook. 
Employee is entitled to additional vacation time entirely at the sole
discretion of employee.

 

3.6                               Deduction from Compensation.
Employer shall deduct
and withhold from all compensation payable to Employee all amounts required to
be deducted or withheld pursuant to any present or future law, ordinance,
regulation, order, writ, judgment, or decree requiring such deduction and
withholding.

 

3.7                               Disability Severance
Benefits. Should
Employee’s employment hereunder be terminated by reason of his/her total and
permanent disability, which renders the Employee unable to perform the
essential functions of his/her job, with or without reasonable accommodation,
Employer shall pay Employee, within 30 days of termination, a lump sum
severance payment equal to 50% of the base salary in Section 3.2, and
regularly accrued salary for any pay periods worked by the employee, but not
paid. Total and permanent disability means Employee is unable to perform
his/her duties with or without reasonable accommodation for a consecutive
period of six months due to bodily injury or sickness, including mental or
nervous disorder, as determined by a physician selected by Employer and
acceptable to the Employee or his/her legal representative, and while disabled
s/he does not engage in any employment for wage or profit.

 

3

 

Employer’s obligation to pay
disability severance benefits shall be reduced by any payments for which s/he
and his/her dependents are eligible under the Federal Social Security Act, and
any payment to which s/he is eligible under the Worker’s Compensation Law,
Unemployment Insurance Code or other similar legislation, or under any other
plan or insurance maintained and paid for by Employer providing benefits for
loss of time from disability or unemployment.

 

4.                                      REIMBURSEMENT OF EXPENSES

 

Employer shall pay to or
reimburse Employee for those travel, promotional and similar expenditures
incurred by Employee which Employer determines are reasonably necessary for the
proper discharge of Employee’s duties under this Agreement and for which
Employee submits appropriate receipts and indicates the amount, date, location
and business character, provided that the nature and general amount of such
expenditures is either in accordance with the Company’s policies announced from
time to time or approved in advance.

 

5.                                      TERMINATION

 

5.1                               Termination Date. The date on which this Agreement terminates
shall be the “Termination Date.” After the Termination Date, Employee shall not
be employed by Employer, Employer shall promptly pay to Employee any
compensation under this Agreement accrued but unpaid as of that date, and
Employee shall not be entitled to any compensation from Employer for the
performance by Employee after that date of any obligations of Employee to
Employer under this Agreement.

 

5.2                               Termination Without Cause.  Without cause, Employer may terminate this
Agreement at any time for any reason, or no reason (including without
limitation the Employee’s disability as a result of any physical or mental
condition that prevents Employee from performing the essential functions of the
job, with or without reasonable accommodation) by giving Employee 60 days
written notice. If requested by Employer to do so, Employee shall continue to
perform his/her duties under this Agreement during such 60 day period. This
Agreement shall automatically and without further action of Employer terminate
on the death of Employee.

 

5.3                               Termination For Cause. Employer may terminate this Agreement at any
time without prior notice for “cause” or in the event that Employee does not
cure a breach of any provision of this Agreement within five days after
Employer delivers demand to Employee to cure such breach. For this purpose, “cause”
shall include, without limitation, (i) Employee’s insubordination, meaning
the willful failure to conform to or conduct himself/herself in accordance with
the policies and standards of Employer or the refusal to

 

4

 

perform the duties assigned pursuant to Section 2
or assigned by the Board of Directors; (ii) the dishonesty of Employee; (iii) Employee’s
conviction for a felony or for fraud, embezzlement or any other act of moral
turpitude; (iv) any willful violation by Employee of laws or regulations
applicable to Employer’s business; or (v) Employee’s gross negligence or
willful misconduct in the performance of his/her duties under this Agreement
which would adversely affect the business or reputation of Employer. A
termination by Employee at any time after the occurrence of an event which
would constitute cause for termination by Employer shall be considered a
termination by Employer for cause.

 

5,4                               Return of Employer Property.
Within five days after
the Termination Date, Employee shall return to Employer all products, books,
records, forms, specifications, formulae, data processes, designs, papers and
writings relating to the business of Employer, including without limitation
proprietary or licensed computer programs, customer lists and customer data,
and/or copies or duplicates thereof in Employee’s possession or under Employee’s
control. Employee shall not retain any copies or duplicates of such property
and all licenses granted to him/her by Employer to use computer programs or
software shall be revoked on the Termination Date.

 

6.                                      NONCOMPETITION

 

6.1                               Noncompetition During
Employment. During the
term of this Agreement, Employee shall not, without the prior written consent
of Employer, directly or indirectly render services of a business,
professional, or commercial nature to any person or firm, whether for
compensation or otherwise, or engage in any activity directly or indirectly or
as an officer, director, employee, consultant, or holder of more than one (1%)
percent of the capital stock of any other corporation. Otherwise, Employee may
make personal investments in  any other business so long as
these investments do not require him/her to participate in the operation of the
companies in which s/he invests.

 

6.2                          Non-solicitation. Employee acknowledges that s/he will have access
at the highest level to, and the opportunity to acquire knowledge of, valuable,
confidential and proprietary information relating to the business of the
Company and, accordingly, in order
to preserve the value of such information for the Company, Employee covenants
and agrees as follows:

 

(a)                                       Employee shall not, during the term of this
Agreement and for a period of one year following the termination of this
Agreement for any reason, without the prior written consent of the Company,
directly or indirectly solicit any employee or contractor of the Company to
terminate his or her employment or contractor status with Company.

 

(b)                                      The Employee shall not, during the term of
this Agreement and thereafter, use Company trade secrets to solicit business
from or enter into a business relationship or transaction with any person or
entity that has or has had a business relationship with the Company (including,
but not limited to, customers) or disrupt, or attempt to disrupt, any
relationship, contractual or otherwise, between Company and any such person or
entity.

 

5

 

7.                                      OTHER PROVISIONS

 

7.1                               Compliance With Other
Agreements. Employee represents
and warrants to Employer that the execution, delivery and performance of this
Agreement will not conflict with or result in the violation or breach of any
term or provision of any order, judgment, injunction, contract, agreement,
commitment or other arrangement to which Employee is a party or by which s/he
is bound, including without limitation any agreement restricting the sale of
products similar to Employer’s products in any geographic location or
otherwise. Employee acknowledges that Employer is relying on his/her
representation and warranty in entering into this Agreement, and agrees to
indemnify Employer from and against all claims, demands, causes of actions,
damages, costs or expenses (including attorneys’ fees) arising from any breach
thereof.

 

7.2                               Injunctive Relief. Employee acknowledges that the services to be
rendered under this Agreement and the items described in Sections 5.4, 6 and 7
are of a special, unique and extraordinary character, that it would be difficult or impossible to
replace such services or to compensate Employer in money damages for a breach
of this Agreement. Accordingly, Employee agrees and consents that if s/he
violates any of the provisions of this Agreement, Employer, in addition to any
other rights and remedies available under this Agreement or otherwise, shall be
entitled to temporary and permanent injunctive relief, without the necessity of
proving actual damages and without the necessity of posting any bond or other
undertaking in connection therewith

 

7.3                               Attorneys’ Fees. The prevailing party in any suit, arbitration
or other proceeding brought to enforce any provisions of this Agreement, shall
be entitled to recover all costs and expenses of the proceeding and
investigation (not limited to court costs), including attorneys’ fees at the
hourly rates usually charged by that party’s attorneys.

 

7.4                               Nondelegable Duties. This is a contract for Employee’s personal
services. The duties of Employee under this Agreement are personal and may not
be delegated or transferred in any manner whatsoever, and shall not be subject
to involuntary alienation, assignment or transfer by Employee during his/her
life.

 

7.5                               Entire Agreement. No discussions or comments made by the
Employer’s agents, personnel, staff, officers or attorneys concerning the
subject matter of this Agreement evidence or imply any agreement other than the terms specifically included
herein. No provision can be waived or modified by conduct or oral agreement
either before or after execution of this Agreement. No representation,
understanding, promise or condition shall be enforceable against any party
unless it is contained in this Agreement, except as set forth in the
Indemnification Agreement and Confidentiality and Inventions Agreement. If
there is any conflict between the teens, conditions and provisions of this
Agreement and those of any other agreement or instrument, the terms, conditions
and provisions of this Agreement shall prevail. This Agreement is the only
agreement and understanding between the parties pertaining to the subject
matter of this Agreement, and supersedes all prior agreements, summaries of
agreements, descriptions of compensation packages, discussions, negotiations,
understandings, representations or warranties, whether verbal or written,
between the parties pertaining to such subject matter.  Notwithstanding the foregoing, the parties
intend to be bound by the terms of the indemnification. Agreement and the
Confidentiality and Inventions Agreement, the Retention Agreement entered into
as of April 18, 2001, and the Long-Term Retention Plan, which govern the
relationship of the parties with respect to subject matter of those respective
agreements.

 

6

 

7.6                               Governing Law. The validity, construction and performance of
this Agreement shall be governed by the laws, without regard to the laws as to
choice or conflict of laws, of the State of California.

 

7.7                               Severability. The invalidity or unenforceability of any
particular provision of this Agreement shall not affect the other provisions,
and this Agreement shall be construed in all respects as if any invalid or
unenforceable provision were omitted.

 

7.8                               Amendment and Waiver. This Agreement may be amended, modified or
supplemented only by a writing executed by each of the parties. Either party
may in writing waive any provision of this Agreement to the extent such
provision is for the benefit of the waiving party. No waiver by either party of
a breach of any provision of this Agreement shall be construed as a waiver of
any subsequent or different breach, and no forbearance by a party to seek a
remedy for noncompliance or breach by the other party shall be construed as a
waiver of any right or remedy with respect to such noncompliance or breach.

 

7.9                               Binding Effect.  The provisions of this Agreement shall bind
and

inure to the benefit of the parties and their respective successors and
permitted assigns.

 

7.10                        Notice.  Any notices or communications required or
permitted by this Agreement shall be deemed sufficiently given if in writing
and when delivered personally or 48 hours after deposit with the United State
Postal Service as registered or certified mail, postage prepaid and addressed
as follows:

 

(a)                                  If to Employer, to the principal office of
Employer in the

State of California, marked “Attention: President”; or

 

(b)                            If to Employee, to the most recent address
for Employee

appearing in Employer’s records.

 

7.11                        Headings. The sections and other headings contained in
this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement.

 

IN WITNESS
WHEREOF, the parties
hereto have executed this Agreement as of the day and year first above written.

 

7

 

	
   

  	
  EMPLOYER

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ICU MEDICAL, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
      /s/   Michael T. Kovalchik, III,
  MD

  	
   

  	
  March 24, 2008

  
	
   

  	
  Michael T. Kovalchik, III, MD

  	
   

  	
  date

  	
   

  
	
   

  	
  Chairman, Compensation Committee

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  EMPLOYEE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
      /s/ George A. Lopez, M.D.

  	
   

  	
  March 28, 2008

  
	
   

  	
   George A. Lopez M.D.

  	
   

  	
  date

  	
   

  
	
   

  	
   President and C.E.O.

  	
   

  	
   

  

 

8Exhibit 10.1

 

SECOND
AMENDMENT, dated as of April 30, 2008 (this “Amendment”), to the Super
Priority Debtor In Possession and Exit Credit and Guarantee Agreement, dated as
of August 21, 2006 (as further amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among NORTHWEST AIRLINES
CORPORATION, a Delaware corporation (“Holdings”), NORTHWEST AIRLINES,
INC., a Minnesota corporation, (the “Borrower”); the several banks and
other financial institutions or entities from time to time parties to the
Credit Agreement (the “Lenders”); the Syndication Agent, the
Documentation Agent, the Co-Syndication Agent, the Co-Documentation Agent, the
Agent, the Co-Arrangers, the Joint Lead Arrangers and the Collateral Agent
named therein; and CITICORP USA, INC.,
as Administrative Agent for both the DIP Facilities and the Exit Facilities (in
such capacity, the “Administrative Agent”).

 

R  E  C  I  T  A
L  S:

 

A.            The Borrower has requested
that the Lenders agree to amend certain provisions of the Credit Agreement as
herein set forth.

 

B.            The Lenders hereby consent
to such amendments on the terms and conditions contained herein.

 

NOW
THEREFORE, the parties hereto hereby agree as follows:

 

1.             Defined Terms.  Unless otherwise defined herein, capitalized
terms which are defined in the Credit Agreement are used herein as therein
defined.

 

2.             Amendments.

 

(a)           Subject to the satisfaction
of the conditions precedent set forth in Section 3 of this Amendment, the
Credit Agreement is hereby amended as follows:

 

(i)              Section 1.1 of the
Credit Agreement is amended by adding the following new definitions in the
appropriate alphabetical order:

 

“Second Amendment”:  Second Amendment, dated as of the Second
Amendment Date, to the Super Priority Debtor In Possession and Exit Credit and
Guarantee Agreement, dated as of August 21, 2006, among the Administrative
Agent, Holdings, the Borrower and Lenders party thereto.

 

“Second Amendment Date”: April 30,
2008.

 

(ii)             Section 1.1 of the
Credit Agreement is further amended by replacing the phrase

 

“(i) consolidated aircraft operating rental
expenses of Holdings and its Subsidiaries that were deducted in arriving at the
amount of such consolidated operating income for such period plus”

 

 

appearing in the definition of the term “Consolidated
EBITDAR” with the following phrase:

 

“(i) consolidated aircraft operating rental
expenses of Holdings and its Subsidiaries that were deducted in arriving at the
amount of such consolidated operating income for such period (excluding total
consolidated aircraft operating rental income received by Holdings and/or its
Subsidiaries during such period under leases with non-consolidated third-party
operators to the extent such income was excluded from Consolidated Fixed
Charges for such period) plus”

 

(iii)          Section 1.1 of the
Credit Agreement is further amended by replacing the phrase

 

“plus the total consolidated aircraft
operating rental expenses of Holdings and its Subsidiaries for such period”

 

appearing in the definition of the term “Consolidated
Fixed Charges” with the following phrase:

 

“plus (i) the total consolidated
aircraft operating rental expenses of Holdings and its Subsidiaries for such period
less (ii) the total consolidated aircraft operating rental
income received by Holdings and/or its Subsidiaries during such period under
leases with non-consolidated third-party operators but only if, in the case of
any such lease, such rental income was received at a time when the applicable
non-consolidated third-party operator was not in default in the payment of any
obligation due and owing under such lease which remains uncured”

 

(iv)         Section 1.1 of the
Credit Agreement is further amended by replacing the phrase

 

“for any period, the total consolidated interest
expense”

 

appearing in the definition of the term “Consolidated
Fixed Charges” with the following phrase:

 

“for any period, the total consolidated interest
expense (excluding fees and expenses incurred in connection with the Second
Amendment)”

 

(v)          The definition of the term “Disposed
Japanese Foreign Slots” is amended and restated to read in its entirety as
follows:

 

“Disposed Japanese Foreign Slots”:  at
any time, the Japanese Foreign Slots at Narita Airport sold, transferred, leased
(so long as such lease remains in effect and conveys to another Person the
right to utilize the relevant Japanese Foreign Slot) or otherwise disposed of
by the Borrower after the Closing Date; provided, however, that (i) up
to 15% of the Base Number of Japanese Foreign Slots that are leased on an arm’s-length
basis to another Person under a lease which conveys to such Person the right to
utilize the relevant Japanese Foreign Slot shall not be deemed to 

 

2

 

constitute a Disposed Japanese Foreign Slot so long
as such lease is not in default and (ii) any such Japanese Foreign Slot
that is sold, transferred or otherwise disposed of pursuant to the restructuring
of Borrower’s cargo division shall not be deemed to constitute a Disposed
Japanese Foreign Slot as long as the Administrative Agent shall have received
prior to each such sale, transfer or disposition, an Appraisal of each Japanese
Foreign Slot subject to such sale, transfer or disposition, together with a
Compliance Certificate showing Borrower’s compliance with the Total Appraised
Value Ratio on a pro forma basis after deducting from the then Total Appraised
Value the Appraised Value of each such Japanese Foreign Slot as set forth in
the Appraisal then being furnished.

 

(vi)         Paragraph (b) of Section 7.1
of the Credit Agreement is amended and restated to read in its entirety as
follows:

 

“(b)          Consolidated EBITDAR to Consolidated Fixed Charges.   Permit the ratio of (A) Consolidated
EBITDAR (excluding from the calculation thereof following a public announcement
of an agreement regarding a proposed merger, consolidation or acquisition
involving one or more Loan Parties and a US based airline that is not
prohibited by Section 7.4, one-time fees, costs, and expenses incurred in
connection with such proposed merger, consolidation or acquisition (whether or
not consummated), provided that the portion of such fees, costs and expenses
payable in cash and excluded from the calculation of Consolidated EBITDAR shall
not exceed $150,000,000 in the aggregate), to (B) Consolidated Fixed
Charges for any period of four consecutive fiscal quarters ending with any
fiscal quarter set forth below (or with respect to the fiscal quarters ending
on June 30, 2009, September 30, 2009, and December 31, 2009, the
period commencing on April 1, 2009, and ending on the last day of such
fiscal quarter) to be less than the ratio set forth below opposite such fiscal
quarter:

 

	
  Fiscal Quarter(s) Ended

  	
   

  	
  Consolidated

  EBITDAR to

  Consolidated Fixed

  Charges

  	
   

  
	
  12/31/06

  	
   

  	
  1.15
  to 1.00

  	
   

  
	
  3/31/07

  	
   

  	
  1.20
  to 1.00

  	
   

  
	
  6/30/07

  	
   

  	
  1.30
  to 1.00

  	
   

  
	
  9/30/07

  	
   

  	
  1.40
  to 1.00

  	
   

  
	
  12/31/07

  	
   

  	
  1.50
  to 1.00

  	
   

  
	
  3/31/08

  	
   

  	
  1.50
  to 1.00

  	
   

  
	
  6/30/09

  	
   

  	
  1.00
  to 1.00

  	
   

  
	
  9/30/09

  	
   

  	
  1.10
  to 1.00

  	
   

  
	
  12/31/09

  	
   

  	
  1.20
  to 1.00

  	
   

  
	
  3/31/10

  	
   

  	
  1.30
  to 1.00

  	
   

  
	
  6/30/10

  	
   

  	
  1.40
  to 1.00

  	
   

  
	
  9/30/10 and thereafter

  	
   

  	
  1.50
  to 1.00

  	
   

  

 

3

 

For the avoidance of
doubt, compliance with the above ratio will not be tested for the fiscal
quarters ending June 30, 2008, September 30, 2008, December, 31, 2008,
and March 31, 2009.”

 

(vii)        Section 7.10 of the
Credit Agreement is amended and restated to read in its entirety as follows:

 

“7.10        Investments.  Make any advance, loan, extension of credit
(by way of guaranty or otherwise) or capital contribution to, or purchase any
Capital Stock, bonds, notes, debentures or other debt securities of, or any
assets constituting a business unit of, or make any other investment in, any
Person (all of the foregoing, “Investments”), except:

 

(a)            non-cash consideration received in connection with
sales and dispositions of assets;

 

(b)           investments in cash, cash equivalents and short term
investments;

 

(c)            Investments consisting of loans advanced by one or
more Loan Parties to any Person that owns, directly or indirectly, all of the
issued and outstanding equity interest in Holdings in an aggregate outstanding
principal amount not exceeding $250,000,000 at any time, provided that
after giving effect to any such Investment, no Default or Event of Default
shall have occurred, and be continuing;

 

(d)           intercompany loans permitted by Section 7.2(b);

 

(e)            any Acquisition permitted by Section 7.11; and

 

(f)            other Investments in an aggregate principal amount
not exceeding $250,000,000 at any time, provided that after giving
effect to any such Investment, no Default or Event of Default shall have
occurred, and be continuing.”

 

(viii)       Section 7.11 of the
Credit Agreement is amended by replacing the phrase “(excluding any Acquisition
permitted as an Investment under Section 7.10)” appearing therein with the
phrase “(excluding any Acquisition permitted as an Investment under Section 7.10(a),
7.10(b) or 7.10(f).”

 

3.             Effectiveness.  The effectiveness of this Amendment  is subject to the satisfaction on the Second Amendment
Date of the following conditions precedent:

 

(i)             the Administrative Agent shall have received this
Amendment, executed and delivered by the Administrative Agent, Holdings, the
Borrower and the Required Lenders;

 

(ii)            the Administrative Agent shall have received (1) for
distribution to those Lenders who have consented to this Amendment and have
delivered (and released) to the Administrative Agent an executed counterpart
hereof by facsimile at (646) 688-2072, attention Jenny Zou, by 5:00 p.m. (New
York City time) on or prior to Wednesday, 

 

4

 

April 30, 2008 (each such Lender, a “Qualifying
Lender”) but who have not been excluded pursuant to the proviso in this paragraph, an amendment fee equal to 5% of the
sum of the unpaid principal amount of the Term Loans and the Revolving
Commitments held by such Lender on the Second Amendment Date, provided, however,
that no amendment fee shall be payable to a Qualifying Lender whose executed
counterpart hereof has been received by the Administrative Agent after the
executed counterparts of Qualifying Lenders constituting holders of in excess
of 50% of the sum of the aggregate unpaid principal amount of the Term Loans
then outstanding and the Revolving Commitments then in effect have been
received by the Administrative Agent (as determined by the Administrative Agent
in its sole discretion based on the order of receipt by the Administrative
Agent by facsimile at (646) 688-2072, attention Jenny Zou, of the counterparts
hereof executed by Lenders), (2) all fees then due and payable in
connection with this Amendment; and (3) all expenses payable by the
Borrower as set forth in the Credit Agreement for which invoices have been
presented (including the reasonable fees and expenses of legal counsel) on or
before the Second Amendment Date;

 

(iii)           the Administrative Agent shall have received a
certificate of each Loan Party, dated the date hereof substantially in the form
of Exhibit A hereto, with appropriate insertions and attachments; and

 

(iv)          The Administrative Agent shall have received the
executed legal opinions of counsel to the Borrower and the Guarantor,
addressing such matters as the Administrative Agent shall reasonably request,
including, without limitation, the enforceability of all Loan Documents.

 

4.             Representation and Warranties.  Each of the Guarantor and the Borrower hereby
represents and warrants that, after giving effect to the provisions of this
Amendment, (a) each of the representations and warranties made by such Loan
Party in or pursuant to the Loan Documents is true and correct in all material
respects on and as of the date hereof as if made on and as of such date, except
to the extent that such representation and warranty refers to an earlier date,
in which case it is true and correct in all material respects as of such
earlier date, and (b) no Default or Event of Default has occurred and is
continuing.

 

5.             Continuing Effect of the
Credit Agreement.  This
Amendment shall not constitute an amendment of any other provision of the
Credit Agreement not expressly referred to herein and shall not be construed as
a waiver of or consent to any Default, Event of Default or future action on the
part of any Loan Party that would require the consent of the Lenders or the
Administrative Agent.  Except as
expressly amended hereby, the provisions of the Credit Agreement are and shall
remain in full force and effect.  Upon
the effectiveness of this Amendment, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean
and be a reference to the Credit Agreement as amended hereby.

 

6.             Counterparts.  This Amendment may be executed by the parties
hereto in any number of separate counterparts (including facsimiled
counterparts), each of which shall be deemed to be an original, and all of
which taken together shall be deemed to constitute one and the same instrument.

 

7.             Expenses.  The Borrower agrees to pay or reimburse the
Administrative Agent for all of its reasonable out-of-pocket costs and expenses
incurred in connection with the preparation, negotiation and execution of this
Amendment, including, without limitation, the reasonable fees and disbursements
of counsel to the Administrative Agent.

 

5

 

8.             Reaffirmation.  The Guarantor hereby acknowledges and
reaffirms all of its obligations and undertakings under each of the Loan
Documents to which it is a party and acknowledges and agrees that subsequent
to, and after taking account of the provisions of, this Amendment, each such
Loan Document is and shall remain in full force and effect in accordance with
the terms thereof.

 

9.             GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

 

[The
remainder of this page is intentionally left blank.]

 

6

 

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

 

	
   

  	
  NORTHWEST
  AIRLINES CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Daniel B. Matthews

  
	
   

  	
   

  	
  Name:  Daniel
  B. Matthews

  
	
   

  	
   

  	
  Title:
   Senior Vice President &
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  NORTHWEST
  AIRLINES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Daniel B. Matthews

  
	
   

  	
   

  	
  Name:  Daniel
  B. Matthews

  
	
   

  	
   

  	
  Title:
   Senior Vice President &
  Treasurer

  
	
   

  	
   

  
	
   

  	
  CITICORP USA, INC., as

  
	
   

  	
  Administrative
  Agent, Lender and Issuing Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ James J. McCarthy

  
	
   

  	
   

  	
  Name:  James
  J. McCarthy

  
	
   

  	
   

  	
  Title:
   Managing Director & Vice
  President

  
				

 

 

SIGNATURE PAGE TO

THE SECOND AMENDMENT TO

 THE SUPER PRIORITY
DEBTOR IN POSSESSION AND

 EXIT CREDIT AND
GUARANTY AGREEMENT

 

 

	
   

  	
   

  	
  Signature page to the
  Second

  Amendment, dated as of April

  30, 2008, to the Northwest

  Airlines, Inc. Credit Agreement

  

 

 

	
   

  	
   

  
	
   

  	
  [Name of Lender]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

SIGNATURE PAGE TO

THE SECOND AMENDMENT TO

 THE SUPER PRIORITY
DEBTOR IN POSSESSION AND

 EXIT CREDIT AND
GUARANTY AGREEMENT

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