Document:

Exhibit 10.1

 

AMENDMENT NUMBER ONE TO CREDIT AGREEMENT

 

THIS AMENDMENT NUMBER ONE TO CREDIT AGREEMENT (this “Amendment”), dated as of November 5, 2014, is entered into by and among OMNICELL, INC. a Delaware corporation (“Borrower”), with respect to Section 12 below, the Subsidiary Guarantors listed on the signature pages hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for the Lenders (in such capacity, “Administrative Agent”), Issuing Lender and Lender (in such capacities, “Lender”), and in light of the following:

 

W I T N E S S E T H

 

WHEREAS, Borrower, Administrative Agent and Lender are parties to that certain Credit Agreement, dated as of September 25, 2013 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, Borrower has requested that Administrative Agent amend the negative covenant on restricted payments in the Credit Agreement, as set forth below; and

 

WHEREAS, upon the terms and conditions set forth herein, Administrative Agent and Required Lenders are willing to amend the Credit Agreement.

 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.                                      Defined Terms.  All initially capitalized terms used herein (including the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Credit Agreement.

 

2.                                      Amendment to Credit Agreement.  Subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, Section 8.6(g) of the Credit Agreement is hereby amended by amending and restating such clause in its entirety as follows:

 

(g)                                  so long as no Default or Event of Default has occurred and is continuing or would result therefrom, (i) repurchases of common stock of the Borrower in open market transactions authorized by the Borrower’s board of directors and (ii) repurchases of the Borrower’s outstanding Equity Interests theretofore held by any consultants, employees, officers or directors of the Borrower or any of its Subsidiaries following the death, disability, retirement or termination of employment of such employees, officers or directors; provided that the aggregate amount of repurchases pursuant to this paragraph (g) shall not exceed $50,000,000 per Fiscal Year.

 

3.                                      Conditions Precedent to Amendment.  The satisfaction of each of the following shall constitute conditions precedent to the effectiveness of this Amendment (such date being the “Amendment Effective Date”):

 

(a)                                 Administrative Agent shall have received (i) this Amendment duly executed by the parties hereto, and the same shall be in full force and effect, and (ii) such other documents as Administrative Agent may reasonably require under any other Section of this Amendment or otherwise.

 

(b)                                 After giving effect to this Amendment, the representations and warranties contained herein, in the Credit Agreement, and in the other Loan Documents, in each case shall be true

 

1

 

and correct in all material respects, except (i) for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects, on and as of the Amendment Effective Date (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects as of such earlier date) and (ii) that for purposes of this Section 3(b), the representations and warranties contained in Section 6.16 of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished prior to the Amendment Effective Date or pursuant to Section 7.1(a) and Section 7.1(b) of the Credit Agreement.

 

(c)                                  No Default or Event of Default shall have occurred and be continuing.

 

(d)                                 Borrower shall pay concurrently with the closing of the transactions evidenced by this Amendment all fees, costs, expenses and taxes then payable pursuant to the Credit Agreement and Section 5 hereof.

 

4.                                      Representations and Warranties.  To induce Administrative Agent and Lenders to enter into this Amendment, Borrower does hereby warrant, represent and covenant to Administrative Agent and Lenders that (i) the representations and warranties contained herein, in the Credit Agreement, and in the other Loan Documents, in each case are true and correct in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty is true and correct in all respects, on and as of the Amendment Effective Date (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty remains true and correct in all material respects as of such earlier date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty is true and correct in all respects as of such earlier date), (ii) no Default or Event of Default has occurred and is continuing as of the date hereof nor will any Default or Event of Default result from the transactions contemplated by this Amendment, and (iii) Borrower has the power and is duly authorized to enter into, deliver and perform its obligations under this Amendment and the Credit Agreement (as amended by this Amendment), and this Amendment and the Credit Agreement (as amended by this Amendment) are the legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditor’s rights generally.

 

5.                                      Payment of Costs and Fees.  Borrower shall pay to Administrative Agent all expenses (including, without limitation, the reasonable fees and expenses of any attorneys retained by Administrative Agent) in connection with the preparation, negotiation, execution and delivery of this Amendment and any documents and instruments relating hereto.

 

6.                                      GOVERNING LAW; JURISDICTION, ETC.  THIS AMENDMENT SHALL BE SUBJECT TO THE PROVISIONS OF GOVERNING LAW, JURISDICTION, WAIVER OF VENUE, SERVICE OF PROCESS AND WAIVER OF JURY TRIAL AS SET FORTH IN SECTIONS 11.5 AND 11.6 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

7.                                      Amendments.  This Amendment cannot be altered, amended, changed or modified in any respect except in accordance with Section 11.2 of the Credit Agreement.

 

2

 

8.                                      Counterparts; Integration; Effectiveness.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Amendment and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 3 hereof, this Amendment shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Amendment.

 

9.                                      Effect on Loan Documents.

 

(a)                                 The Credit Agreement, as amended hereby, and each of the other Loan Documents shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in all respects.  The execution, delivery, and performance of this Amendment shall not operate, except as expressly set forth herein, as a modification or waiver of any right, power, or remedy of Administrative Agent or any Lender under the Credit Agreement or any other Loan Document.  Except for the amendment to the Credit Agreement expressly set forth herein, the Credit Agreement and the other Loan Documents shall remain unchanged and in full force and effect.  The waivers, consents and modifications set forth herein are limited to the specifics hereof (including facts or occurrences on which the same are based), shall not apply with respect to any facts or occurrences other than those on which the same are based, shall neither excuse any future non-compliance with the Loan Documents nor operate as a waiver of any Default or Event of Default, shall not operate as a consent to any further waiver, consent or amendment or other matter under the Loan Documents, and shall not be construed as an indication that any future waiver or amendment of covenants or any other provision of the Credit Agreement will be agreed to, it being understood that the granting or denying of any waiver or amendment which may hereafter be requested by Borrower remains in the sole and absolute discretion of Administrative Agent and Lenders.  To the extent that any terms or provisions of this Amendment conflict with those of the Credit Agreement or the other Loan Documents, the terms and provisions of this Amendment shall control.

 

(b)                                 Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “herein”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “therein”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified hereby.

 

(c)                                  To the extent that any of the terms and conditions in any of the Loan Documents shall contradict or be in conflict with any of the terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified or amended hereby.

 

(d)                                 This Amendment is a Loan Document.

 

10.                               Entire Agreement.  This Amendment, and the terms and provisions hereof, the Credit Agreement and the other Loan Documents constitute the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersede any and all prior or

 

3

 

contemporaneous amendments or understandings with respect to the subject matter hereof, whether express or implied, oral or written.

 

11.                               Reaffirmation of Borrower’s Obligations.  Borrower hereby (a) acknowledges and reaffirms its obligations owing to Administrative Agent and Lenders under each Loan Document to which it is a party, and (b) agrees that each of the Loan Documents to which it is a party is and shall remain in full force and effect.  Borrower hereby (i) further ratifies and reaffirms the validity and enforceability of all of the Liens and security interests heretofore granted, pursuant to and in connection with the Credit Agreement or any other Loan Document to Administrative Agent, on behalf and for the benefit of the Lenders, as collateral security for the obligations under the Loan Documents in accordance with their respective terms, and (ii) acknowledges that all of such Liens and security interests, and all Collateral heretofore pledged as security for such obligations, continue to be and remain collateral for such obligations from and after the date hereof (including, without limitation, from after giving effect to this Amendment).

 

12.                               Acknowledgment and Consent.  Each Subsidiary Guarantor hereby acknowledges and agrees that any of the Subsidiary Guaranty, the Security Documents or other Loan Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment.  Each Subsidiary Guarantor represents and warrants that all representations and warranties of such Subsidiary Guarantor contained in the Loan Documents to which it is a party or otherwise bound are true and correct in all material respects on and as of Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date.  Each Subsidiary Guarantor acknowledges and agrees that (a) notwithstanding the conditions to effectiveness set forth in this Amendment, such Subsidiary Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit Agreement effected pursuant to this Amendment and (b) nothing in the Credit Agreement, this Amendment or any other Loan Document shall be deemed to require the consent of such Subsidiary Guarantor to any future amendments to the Credit Agreement.

 

13.                               Ratification.  Borrower hereby restates, ratifies and reaffirms each and every term and condition set forth in the Credit Agreement and the Loan Documents effective as of the date hereof and as modified hereby.

 

14.                               Severability of Provisions.  Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction.

 

[Signature pages follow]

 

4

 

IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above written.

 

	
“Borrower”
    	
 
    
	
 
    	
 
    
	
OMNICELL, INC.,   a Delaware corporation 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Rob Seim 
    	
 
    
	
Name:
    	
Rob   Seim 
    	
 
    
	
Title:
    	
CFO   and EVP, Finance, Administration and Manufacturing
    	
 
    

 

 

	
For   purposes of Section 12 only, “Subsidiary   Guarantors”
    	
 
    
	
 
    	
 
    
	
MEDPAK   HOLDINGS, INC., a Delaware corporation 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Rob Seim
    	
 
    
	
Name:
    	
Rob   Seim
    	
 
    
	
Title:
    	
President,   CFO and Treasurer
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
MTS   MEDICATION TECHNOLOGIES, INC., a Delaware corporation
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Rob Seim
    	
 
    
	
Name:
    	
Rob   Seim
    	
 
    
	
Title:
    	
EVP
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
MTS   PACKAGING SYSTEMS, INC., a Florida corporation
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Rob Seim
    	
 
    
	
Name:
    	
Rob Seim
    	
 
    
	
Title:
    	
EVP
    	
 
    

 

 

	
“Administrative Agent” and “Issuing   Lender” and “Lender”
    	
 
    
	
 
    	
 
    
	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, a national banking association 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Tahereh Sadeghi 
    	
 
    
	
Name:
    	
Tahereh   (Tina) Sadeghi 
    	
 
    
	
Title:
    	
Vice   PresidentExhibit 10.1 9.30.14 RSA

Exhibit 10.1

ARCH CAPITAL GROUP LTD. 
Restricted Share Agreement
THIS AGREEMENT, dated as of July 14, 2014, between Arch Capital Group Ltd. (the “Company”), a Bermuda company, and ____ (the “Director”).
WHEREAS, the following terms reflect the Company’s 2012 Long Term Incentive and Share Award Plan (the “Plan”);
NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto agree as follows.
1.Award of Shares.  Pursuant to the provisions of the Plan, the terms of which are incorporated herein by reference, the Director is hereby awarded 1,090 Restricted Shares (the “Award”), subject to the terms and conditions herein set forth.  Capitalized terms used herein and not defined shall have the meanings set forth in the Plan.  In the event of any conflict between this Agreement and the Plan, the Plan shall control.
2.Terms and Conditions.  It is understood and agreed that the Award of Restricted Shares evidenced hereby is subject to the following terms and conditions:
(a)    Vesting of Award.  Subject to Section 2(b) below and the other terms and conditions of this Agreement, this Award shall become vested on May 8, 2015.  Unless otherwise provided by the Company, all dividends and other amounts receivable in connection with any adjustments to the Shares under Section 4(c) of the Plan shall be subject to the vesting schedule in this Section 2(a).  Notwithstanding the foregoing, if a Change in Control occurs and the Director ceases to be a director of the Company for any reason, then the Restricted Shares shall become immediately vested in full upon such termination of service.
“Change in Control” shall mean:
		
	(A)
	any person (within the meaning of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), other than a Permitted Person, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of Voting Securities representing 50% or more of the total voting power or value of all the then outstanding Voting Securities; or 

		
	(B)
	the individuals who, as of the date hereof, constitute the Board of Directors of the Company (the “Board”) together with those who become directors subsequent to such date and whose recommendation, election or nomination for election to the Board was approved by a vote of at least a majority of the directors then still in office who either were 

    

-2-

directors as of such date or whose recommendation, election or nomination for election was previously so approved, cease for any reason to constitute a majority of the members of the Board; or 

		
	(C)
	the consummation of a merger, consolidation, recapitalization, liquidation, sale or disposition by the Company of all or substantially all of the Company's assets, or reorganization of the Company, other than any such transaction which would (x) result in more than 50% of the total voting power and value represented by the voting securities of the surviving entity outstanding immediately after such transaction being beneficially owned by the former shareholders of the Company and (y) not otherwise be deemed a Change in Control under subparagraphs (A) or (B) of this paragraph.

“Permitted Persons” means (A) the Company; (B) any Related Party; or (C) any group (as defined in Rule 13b-3 under the Exchange Act) comprised of any or all of the foregoing.
“Related Party” means (A) a majority-owned subsidiary of the Company; (B) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any majority-owned subsidiary of the Company; or (C) any entity, 50% or more of the voting power of which is owned directly or indirectly by the shareholders of the Company in substantially the same proportion as their ownership of Voting Securities immediately prior to the transaction.
“Voting Security” means any security of the Company which carries the right to vote generally in the election of directors.

(b)    Termination of Service; Forfeiture of Unvested Shares.  Except as otherwise set forth in Section 2(a) above, in the event the Director ceases to be a director of the Company prior to the date the Restricted Shares otherwise become vested due to his or her death or Permanent Disability (as defined in the Company’s Incentive Compensation Plan), the Restricted Shares shall become immediately vested in full upon such termination of service.  If the Director ceases to be a director of the Company for any other reason prior to the date the Restricted Shares become vested, the Award shall be forfeited by the Director and become the property of the Company.  
(c)    Certificates.  Each certificate issued in respect of Restricted Shares awarded hereunder shall be issued in book entry format with the Company’s transfer agent and shall bear a legend disclosing the restrictions on transferability imposed on 

-3-

such Restricted Shares by this Agreement (the “Restrictive Legend”).  Upon the vesting of Restricted Shares pursuant to Section 2(a) hereof and the satisfaction of any withholding tax liability pursuant to Section 5 hereof, such vested Shares, not bearing the Restrictive Legend, shall be delivered to the Director.
(d)    Rights of a Stockholder.  Prior to the time a Restricted Share is fully vested hereunder, the Director shall have no right to transfer, pledge, hypothecate or otherwise encumber such Restricted Shares.  During such period, the Director shall have all other rights of a stockholder, including, but not limited to, the right to vote and to receive dividends (subject to Section 2(a) hereof) at the time paid on such Restricted Shares.
(e)    No Right to Continued Services.  This Award shall not confer upon the Director any right with respect to continuance of services with the Company nor shall this Award interfere with the right of the Company to terminate the Director’s services at any time.
3.    Transfer of Shares.  The Shares delivered hereunder, or any interest therein, may be sold, assigned, pledged, hypothecated, encumbered, or transferred or disposed of in any other manner, in whole or in part, only in compliance with the terms, conditions and restrictions as set forth in the governing instruments of the Company, applicable United States federal and state securities laws or any other applicable laws or regulations and the terms and conditions hereof.  
4.    Expenses of Issuance of Shares.  The issuance of stock certificates hereunder shall be without charge to the Director.  The Company shall pay, and indemnify the Director from and against any issuance, stamp or documentary taxes (other than transfer taxes) or charges imposed by any governmental body, agency or official (other than income taxes) or by reason of the issuance of Shares.
5.    Withholding.  No later than the date of vesting of (or the date of an election by the Director under Section 83(b) of the Code with respect to) the Award granted hereunder, the Director shall make arrangements satisfactory to the Committee regarding payment of any federal, state or local taxes of any kind required by law to be withheld at such time with respect to such Award and the Company shall, to the extent permitted or required by law, have the right to deduct from any payment of any kind otherwise due to the Director, federal, state and local taxes of any kind required by law to be withheld at such time.  
6.    References.  References herein to rights and obligations of the Director shall apply, where appropriate, to the Director’s legal representative or estate without regard to whether specific reference to such legal representative or estate is contained in a particular provision of this Agreement.
7.    Notices.  Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or by courier, or sent by certified or registered mail, postage prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below or 

-4-

to such changed address as such party may subsequently by similar process give notice of:
If to the Company:
Arch Capital Group Ltd. 
Waterloo House
100 Pitts Bay Road 
Pembroke HM 08, Bermuda  
Attn.:  Secretary

If to the Director:

To the last address delivered to the Company by the  
Director in the manner set forth herein.
8.    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to principles of conflict of laws.
9.    Entire Agreement.  This Agreement and the Plan constitute the entire agreement among the parties relating to the subject matter hereof, and any previous agreement or understanding among the parties with respect thereto is superseded by this Agreement and the Plan.
10.    Counterparts.  This Agreement may be executed in two counterparts, each of which shall constitute one and the same instrument.

-5-

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.
ARCH CAPITAL GROUP LTD.
		
	By:
	/s/ Dawna Ferguson     

Dawna Ferguson
Secretary

[/s/ Director signature]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]