Document:

EDMC Nelson Waiver and Release EX 10.3

EXHIBIT 10.3 

WAIVER AND RELEASE OF CLAIMS

1.    In consideration of the payments and benefits to be made under the Employment Agreement, dated as of February 8, 2007 (the “Employment Agreement”), and the additional benefits set forth on Exhibit A to which Todd S. Nelson (the “Executive”) and Education Management LLC (the “Company”) (each of the Executive and the Company, a “Party” and collectively, the “Parties”) are parties, the sufficiency of which the Executive acknowledges, the Executive, with the intention of binding himself and his heirs, executors, administrators and assigns, does hereby release, remise, acquit and forever discharge the Company and each of its parents, subsidiaries and affiliates (the “Company Affiliated Group”), their present and former officers, directors, executives, shareholders, agents, attorneys, employees and employee benefit plans (and the fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing (collectively, the “Company Released Parties”), of and from any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected, which the Executive, individually or as a member of a class, now has, owns or holds, or has at any time heretofore had, owned or held, arising on or prior to the date hereof, against any Company Released Party that arises out of, or relates to, the Employment Agreement, the Executive’s employment with the Company, or any termination of such employment, including claims (i) for severance or vacation benefits, unpaid wages, salary or incentive payments, (ii) for breach of contract, wrongful discharge, impairment of economic opportunity, defamation, intentional infliction of emotional harm or other tort, (iii) for any violation of applicable state and local labor and employment laws (including, without limitation, all laws concerning unlawful and unfair labor and employment practices) and (iv) for employment discrimination under any applicable federal, state or local statute, provision, order or regulation, and including, without limitation, any claim under Title VII of the Civil Rights Act of 1964 (“Title VII”), the Civil Rights Act of 1988, the Fair Labor Standards Act, the Americans with Disabilities Act (“ADA”), the Executive Retirement Income Security Act of 1974, as amended (“ERISA”), the Age Discrimination in Employment Act (“ADEA”), and any similar or analogous state statute, excepting only:
		
	(A)
	rights of the Executive arising under, or preserved by, this Agreement (including Exhibit A hereto) or Section 7 of the Employment Agreement;

		
	(B)
	the right of the Executive to receive COBRA continuation coverage in accordance with applicable law; 

		
	(C)
	claims for benefits under any health, disability, retirement, life insurance or other, similar employee benefit plan (within the meaning of Section 3(3) of ERISA) of the Company Affiliated Group; and

		
	(D)
	rights to indemnification the Executive has or may have under the by-laws, limited liability company agreement or certificate of incorporation of any member of the Company Affiliated Group, as an insured under any director’s and officer’s liability insurance policy now or previously in force, or pursuant to the terms of that certain Indemnification Agreement dated as of February 3, 2012 between the Executive and Education Management Corporation.

2.    The Employee acknowledges and agrees that the release of claims set forth in this Agreement is not to be construed in any way as an admission of any liability whatsoever by any Company Released Party, any such liability being expressly denied. 

3.    The release of claims set forth in this Agreement applies to any relief no matter how called, including, without limitation, wages, back pay, front pay, compensatory damages, liquidated damages, punitive damages, damages for pain or suffering, costs, and attorneys’ fees and expenses.  

4.    The Executive specifically acknowledges that his acceptance of the terms of the release of claims set forth in this Agreement is, among other things, a specific waiver of his rights, claims and causes of action under Title VII, ADEA, ADA and any state or local law or regulation in respect of discrimination of any kind; provided, however, that nothing herein shall be deemed, nor does anything contained herein purport, to be a waiver of any right or claim or cause of action which by law the Executive is not permitted to waive.

5.    As to rights, claims and causes of action arising under the ADEA, the Executive acknowledges that he has been given but not utilized a period of twenty-one (21) days to consider whether to execute this Agreement.  If the Executive accepts the terms hereof and executes this Agreement, he may thereafter, for a period of seven (7) days following (and not including) the date of execution, revoke this Agreement as it relates to the release of claims arising under the ADEA.  If no such revocation occurs, this Agreement shall become irrevocable in its entirety, and binding and enforceable against the Executive, on the day next following the day on which the foregoing seven-day period has elapsed.  If such a revocation occurs, the Executive shall irrevocably forfeit any right to payment of the Severance Payment (as such term is defined in the Employment Agreement), but the remainder of the Employment Agreement shall continue in full force.

6.    Other than as to rights, claims and causes of action arising under the ADEA, the release of claims set forth in this Agreement shall be immediately effective upon execution by the Executive.  

7.    The Executive acknowledges and agrees that he has not, with respect to any transaction or state of facts existing prior to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any governmental agency, court or tribunal.

8.    The Executive acknowledges that he has been advised to seek, and has had the opportunity to seek, the advice and assistance of an attorney with regard to the release of claims set forth in this Agreement, and has been given a sufficient period within which to consider the release of claims set forth in this Agreement.
9.    The Executive acknowledges that the release of claims set forth in this Agreement relates only to claims which exist as of the date of this Agreement.

10.    The Executive acknowledges that the Severance Payments and/or Pro-Rata Annual Bonus Payment set forth on Exhibit A he is receiving in connection with the release of claims set forth in this Agreement and his obligations under this Agreement are in addition to anything of value to which the Executive is entitled from the Company and that such payments and the other benefits set forth on Exhibit A satisfy the Company’s obligations to the Executive under the Employment Agreement in connection with the termination of the Executive’s employment with the Company.  The Executive acknowledges that he will continue to be subject to the provisions set forth in Sections 4 (Unauthorized Disclosure; Non-

Solicitation; Non-Competition; Proprietary Rights) and 6 (Non-Disparagement) pursuant to the terms of the Employment Agreement.

11.    Each provision hereof is severable from this Agreement, and if one or more provisions hereof are declared invalid, the remaining provisions shall nevertheless remain in full force and effect.  If any provision of this Agreement is so broad, in scope, or duration or otherwise, as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable.  
12.    This Agreement constitutes the complete agreement of the Parties in respect of the subject matter hereof and shall supersede all prior agreements between the Parties in respect of the subject matter hereof except to the extent set forth herein.
13.    The failure to enforce at any time any of the provisions of this Agreement or to require at any time performance by another party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect the validity of this Agreement, or any part hereof, or the right of any party thereafter to enforce each and every such provision in accordance with the terms of this Agreement.
14.    This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.  Signatures delivered by facsimile shall be deemed effective for all purposes.
15.    This Agreement shall be binding upon any and all successors and assigns of the Executive and the Company.
16.    Except for issues or matters as to which federal law is applicable, this Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York without giving effect to the conflicts of law principles thereof.  

17.    Capitalized terms used herein have the meanings given them in the Employment Agreement unless otherwise defined herein.

[signature page follows]

IN WITNESS WHEREOF, this Agreement has been signed by or on behalf of each of the Parties, all as of October 28, 2013.

    
	
		
	

/s/ Todd S. Nelson
Todd S. Nelson, Individually
	EDUCATION MANAGEMENT LLC 

By:/s/ Edward H. West
Name: Edward H. West
Title:  President and Chief Executive Officerex4-3.htm

 

Exhibit 4.3

SECOND SUPPLEMENTAL INDENTURE

 

SECOND SUPPLEMENTAL INDENTURE, dated as of July 26, 2013 (the “Second Supplemental Indenture”), by and among Obagi Medical Products, Inc. (“Obagi”), OMP, Inc. (“OMP”), Valeant Pharmaceuticals International, Inc., a corporation continued under the federal laws of Canada (the “Company”), and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee (the “Trustee”).

 

WHEREAS, VPII Escrow Corp., a corporation organized under the federal laws of Canada (the “Escrow Issuer”), has heretofore executed and delivered to the Trustee an Indenture, dated as of July 12, 2013 (the “Indenture”), providing for the issuance of the Escrow Issuer’s 6.75% Senior Notes due 2018 (the “2018 Notes”) and 7.50% Senior Notes due 2021 (the “2021 Notes” and, together with the 2018 Notes, the “Securities”);

 

WHEREAS, Obagi desires to provide a full and unconditional guarantee (the “Obagi Guarantee”) of the obligations of the Company under the Securities and the Indenture on the terms and conditions set forth herein;

 

WHEREAS, OMP desires to provide a full and unconditional guarantee (together with the Obagi Guarantee, the “Guarantee”) of the obligations of the Company under the Securities and the Indenture on the terms and conditions set forth herein;

 

WHEREAS, pursuant to Section 9.1 of the Indenture, the Company, the Trustee, Obagi and OMP are authorized to execute and deliver this Second Supplemental Indenture; and

 

WHEREAS, the Company has complied with all conditions precedent provided for in the Indenture relating to the Second Supplemental Indenture.

 

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

 

1.         Definitions.  Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Indenture.

 

2.         Guarantee.  Effective upon the Escrow Release, Obagi and OMP hereby agree, jointly and severally, to provide a full and 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.

 

3.         Effectiveness of Second Supplemental Indenture.  This Second Supplemental Indenture shall become effective upon the execution and delivery of this Second Supplemental Indenture by the Company, Obagi, OMP and the Trustee.

 

4.         Indenture Remains in Full Force and Effect.  This Second Supplemental Indenture shall form a part of the Indenture for all purposes and, except as supplemented or amended hereby, all other provisions in the Indenture and the Securities, to the extent not inconsistent with the terms and provisions of this Second Supplemental Indenture, shall remain in full force and effect.

  

1

  

 

5.         No Recourse Against Others.  No stockholder, officer, director or incorporator, as such, past, present or future of Obagi or OMP shall have any personal liability under this Guarantee, the Securities, the Indenture or this Second Supplemental Indenture by reason of his, her or its status as such stockholder, officer, director or incorporator.

 

6.         Headings.  The headings of the Articles and Sections of this Second Supplemental Indenture are inserted for convenience of reference and shall not be deemed a part thereof.

 

7.         Counterparts.  This Second Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

 

8.         Governing Law.  This Second Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflicts of laws.

 

9.         Trustee Disclaimer.  The Trustee is not responsible for the validity or sufficiency of this Second Supplemental Indenture nor for the recitals herein.

 

[Intentionally Left Blank]

 

 

 

  

2

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed as of the day and year first written above.

	
Company: 

	
VALEANT PHARMACEUTICALS INTERNATIONAL, INC.

	  	  
	  	
By:   

	
/s/ Howard B. Schiller

	  
	  	  	
Name:   

	
Howard B. Schiller

	  	  	
Title:

	
Executive Vice President and Chief Financial Officer

	  	  	  	  

	
Obagi:   

	
OBAGI MEDICAL PRODUCTS, INC.

	  	  
	  	
By:   

	
/s/ Linda LaGorga

	  
	  	  	
Name:   

	
Linda LaGorga

	  	  	
Title:

	
Treasurer

	  	  	  	  

	
OMP:     

	
OMP, INC.

	  	  
	  	
By:   

	
/s/ Linda LaGorga

	  
	  	  	
Name:   

	
Linda LaGorga

	  	  	
Title:

	
Treasurer

	  	  	  	  

[Signature Page to Second Supplemental Indenture to VPII Escrow July 2013 Indenture]

  

  

  

 

	
Trustee:  

	
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

as Trustee

	  	  
	  	
By:   

	
/s/ Teresa Petta

	  
	  	  	
Name:   

	
Teresa Petta

	  	  	
Title:

	
Authorized Signatory

	  	  	  	  

 

 

[Signature Page to Second Supplemental Indenture to VPII Escrow July 2013 Indenture]

  

  

  

Acknowledged and Agreed by:

VPII ESCROW CORP.

 

 

	
By:   

	  	
/s/ Robert R. Chai-Onn

	  
	  	
Name:   

	
Robert R. Chai-Onn

	  
	  	
Title:

	
President and Chief Executive Officer

	  

 

 

 

 

 

[Signature Page to Second Supplemental Indenture to VPII Escrow July 2013 Indenture]

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