Document:

exv10w1

Exhibit 10.1

 EXECUTION VERSION

     FIRST AMENDMENT dated as of December 19, 2008 (this
“Amendment”) to the Credit Agreement dated as of June 13, 2008, as
amended and restated as of August 14, 2008 (as amended, restated or
otherwise modified from time to time, the “Credit Agreement”),
among PAREXEL INTERNATIONAL CORPORATION, a Massachusetts corporation (the
“Administrative Borrower”), PAREXEL INTERNATIONAL HOLDING B.V., a
private company with limited liability (besloten vennootschap met beperkte
aansprakelijkheid) (the “Dutch Borrower”), PAREXEL INTERNATIONAL
HOLDING UK LIMITED, a company incorporated in England and Wales
(“Bidco”; and together with the Administrative Borrower, the Dutch
Borrower and other Persons who are or hereafter are designated as Borrowers
pursuant to Section 2.21 of the Credit Agreement, the “Borrowers”),
the Subsidiaries of the Borrowers party thereto, the lenders party thereto
(the “Lenders”), JPMORGAN CHASE BANK, N.A., as Administrative
Agent, J.P. MORGAN EUROPE LIMITED, as London Agent, and KEYBANK NATIONAL
ASSOCIATION, as Syndication Agent.

          The Administrative Borrower has requested that the Lenders amend the Credit Agreement, and the
Lenders are willing to amend the Credit Agreement, on the terms and subject to the conditions set
forth herein. Capitalized terms used and not otherwise defined herein have the meanings assigned
to them in the Credit Agreement.

          Accordingly, in consideration of the mutual agreements herein contained and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

          SECTION 1. Amendments.

          (a) The definition of “Alternate Base Rate” is hereby amended and restated to read in its
entirety as follows:

“‘Alternate Base Rate’ means, for any day, a rate per annum equal to the greatest of (a)
the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on
such day plus 1/2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period in
Dollars on such day (or if such day is not a Business Day, the immediately preceding
Business Day) plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate
for any day shall be based on the rate appearing on Reuters Screen LIBOR01 Page (or on any
successor or substitute page of such page) at approximately 11:00 a.m. London time on such
day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal
Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the
effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the
Adjusted LIBO Rate, respectively.”

 

 

2

          (b) Section 6.9(c) of the Credit Agreement is hereby amended and restated to read in its
entirety as follows:

“The Administrative Borrower will not permit Consolidated Net Worth as of the last day of
any fiscal quarter to be less than 80% of Consolidated Net Worth as of March 31, 2008 (as
set forth in the Administrative Borrower’s Form 10-Q for such period), (i) increased by (A)
50% of Consolidated Net Income for each fiscal quarter ended after March 31, 2008 (with no
reduction for any fiscal quarter in which Consolidated Net Income is negative), plus (B)
100% of all Net Equity Proceeds which are received and retained by the Administrative
Borrower from and after March 31, 2008, plus (C) 100% of the incremental amount added to
Consolidated Net Worth immediately upon the consummation of the ClinPhone Acquisition, plus
(D) the lesser of (x) $50,000,000 and (y) the amount by which Consolidated Net Worth as of
the last day of such fiscal quarter shall have been increased net of the amount by which
Consolidated Net Worth as of such day shall have been reduced, in each case by foreign
currency translation adjustments made in fiscal quarters ended after March 31, 2008 to the
value of assets and liabilities on the balance sheet on March 31, 2008, and (ii) reduced by
the lesser of (x) $50,000,000 and (y) the amount by which Consolidated Net Worth as of the
last day of such fiscal quarter shall have been reduced net of the amount by which
Consolidated Net Worth as of such day shall have been increased, in each case by foreign
currency translation adjustments made in fiscal quarters ended after March 31, 2008 to the
value of assets and liabilities on the balance sheet on March 31, 2008.”

          SECTION 2. Representations and Warranties. To induce the other parties hereto to
enter into this Amendment, the Administrative Borrower (on behalf of itself and its Subsidiaries)
represents and warrants to each of the Lenders and the Administrative Agent that, as of the
Amendment Effective Date:

          (a) after giving effect to this Amendment, the representations and warranties of each Loan
Party set forth in the Loan Documents are true and correct on and as of the Amendment Effective
Date with the same effect as though made on and as of the Amendment Effective Date, except for
representations and warranties that expressly relate to an earlier date, which representations and
warranties were true and correct as of such earlier date; and

          (b) after giving effect to this Amendment, no Default or Event of Default has occurred and is
continuing.

          SECTION 3. Effectiveness. This Amendment shall become effective on the date (the
“Amendment Effective Date”) when each of the conditions set forth in this Section 3
shall have been fulfilled to the satisfaction of the Administrative Agent.

          (a) Counterparts. The Administrative Agent shall have received counterparts hereof
executed on behalf of each of the Administrative Borrower, the Subsidiary Guarantors and the
Required Lenders.

 

 

3

          (b) Amendment Fee. The Administrative Agent shall have received payment from the
Administrative Borrower, for the account of each Lender that executes and delivers this Amendment
at or prior to 12:00 p.m., EST, on December 19, 2008, an amendment fee (the “Amendment
Fee”) in an aggregate amount equal to two-and-a-half basis points on the principal amount of
the Loans and Commitments of such Lender. The Amendment Fee shall be payable in immediately
available funds and, once paid, such fee or any part thereof shall not be refundable.

          (c) Fees and Expenses. The Administrative Agent shall have received payment by the
Administrative Borrower of all fees and reasonable out-of-pocket expenses, to the extent invoiced,
to be paid or reimbursed to it by the Administrative Borrower in connection herewith.

          SECTION 4. Effect of Amendment. Except as expressly set forth herein, this Amendment
shall not by implication or otherwise limit, impair, constitute a waiver of, amend or otherwise
affect the rights and remedies of the Lenders, the Issuing Bank, the Administrative Agent or the
London Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify,
amend or in any way affect any of the terms, conditions, obligations, covenants or agreements
contained in the Credit Agreement or any other Loan Document, all of which are ratified and
affirmed in all respects and shall continue in full force and effect. Nothing herein shall be
deemed to entitle any Borrower or Subsidiary Guarantor to a consent to, or a waiver, amendment,
modification or other change of, any of the terms, conditions, obligations, covenants or agreements
contained in the Credit Agreement or any other Loan Document in similar or different circumstances.
This Amendment shall apply and be effective only with respect to the provisions of the Credit
Agreement specifically referred to herein. After the Amendment Effective Date, any reference to
the Credit Agreement shall mean the Credit Agreement as amended hereby. This Amendment shall
constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan
Documents.

          SECTION 5. Reaffirmation of Guarantees and Loan Documents. Each of the Subsidiary
Guarantors, by its signature below, hereby (a) agrees that, notwithstanding the effectiveness of
this Amendment, the Subsidiary Guarantee Agreement to which it is a party and each of the other
Loan Documents continue to be in full force and effect and (b) affirms and confirms its guarantee
of all of the Obligations, all as provided in the Credit Agreement, the Subsidiary Guarantee
Agreement and the other Loan Documents, as executed, and acknowledges and agrees that such
guarantee continues in full force and effect in respect of the Obligations under the Credit
Agreement, as amended hereby, and the other Loan Documents.

          SECTION 6. Costs and Expenses. The Administrative Borrower agrees to reimburse the
Administrative Agent for its reasonable out-of-pocket expenses in connection with this Amendment,
including the reasonable fees, charges and disbursements of counsel.

          SECTION 7. Counterparts. This Amendment may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original,
but all of which when taken together shall constitute a single contract.

 

 

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Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other
electronic image transmission shall be effective as delivery of a manually executed counterpart
hereof.

          SECTION 8. Applicable Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

          SECTION 9. Headings. The headings of this Amendment are for purposes of reference
only and shall not limit or otherwise affect the meaning hereof.

 

 

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

	 	 	 	 	 	 
	 	PAREXEL INTERNATIONAL CORPORATION

 	 
	 	 	by  	/s/ James F. Winschel, Jr.
 	 
	 	 	 	Name:  	James F. Winschel, Jr. 	 
	 	 	 	Title:  	SVP and CFO 	 
	 	 
	 	Subsidiary Guarantors:

PAREXEL INTERNATIONAL, LLC

 	 
	 	 	by  	/s/ James F. Winschel, Jr.
 	 
	 	 	 	Name:  	James F. Winschel, Jr. 	 
	 	 	 	Title:  	Treasurer 	 
	 	 
	 	PERCEPTIVE INFORMATICS, INC.

 	 
	 	 	by  	/s/ James F. Winschel, Jr.
 	 
	 	 	 	Name:  	James F. Winschel, Jr. 	 
	 	 	 	Title:  	Treasurer 	 
	 	 
	 	JPMORGAN CHASE BANK, N.A., 
individually
and as Administrative Agent

 	 
	 	 	by  	/s/ D. Scott Farquhar
 	 
	 	 	 	Name:  	D. Scott Farquhar 	 
	 	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

LENDER SIGNATURE PAGE TO AMENDMENT

TO THE PAREXEL CREDIT AGREEMENT

	 	 	 	 	 
	To Approve this Amendment:

Name of Institution: KeyBank National Association

	 
	 	by  	/s/ TJ Purcell
 	 
	 	 	Name:  	THOMAS J. PURCELL 	 
	 	 	Title:  	SENIOR VICE PRESIDENT 	 
	 	 	 
	 	by  	
 	1
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

			
	1	 	For any institution requiring a second signature line.

 

 

LENDER SIGNATURE PAGE TO AMENDMENT

TO THE PAREXEL CREDIT AGREEMENT

	 	 	 	 	 
	To Approve this Amendment:

Name of Institution: R.B.S. Citizens, N.A.

	 
	 	by  	/s/ Darcy Salinger
 	 
	 	 	Name:  	Darcy Salinger 	 
	 	 	Title:  	Vice President 	 
	 	 	 
	 	by  	
 	1 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

			
	1	 	For any institution requiring a second signature line.

 

 

LENDER SIGNATURE PAGE TO AMENDMENT

TO THE PAREXEL CREDIT AGREEMENT

	 	 	 	 	 
	To Approve this Amendment:

Name of Institution: HSBC Bank USA, NA

 	 
	 	by  	/s/ Elise M Russo
 	 
	 	 	Name:  	Elise M Russo 	 
	 	 	Title:  	First Vice President 	 
	 	 	 
	 	by  	
 	1 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

			
	1	 	For any institution requiring a second signature line.

 

 

LENDER SIGNATURE PAGE TO AMENDMENT

TO THE PAREXEL CREDIT AGREEMENT

	 	 	 	 	 
	To Approve this Amendment:

Name of Institution: HSBC BANK PLC

 	 
	 	by  	/s/ Peter Ian Wood
 	 
	 	 	Name:  	PETER IAN WOOD 	 
	 	 	Title:  	SENIOR CORPORATE BANK MANAGER
FOR AND ON BEHALF OF HSBC BANK PLC 	 
	 	 	 
	 	by  	
 	1 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

			
	1	 	For any institution requiring a second signature line.

 

 

LENDER SIGNATURE PAGE TO AMENDMENT

TO THE PAREXEL CREDIT AGREEMENT

	 	 	 	 	 
	To Approve this Amendment:

	 
	Name of Institution:  /s/ Fifth Third Bank
 	 
	 	 	 
	 	by  	     /s/ Valerie Schanzer
 	 
	 	 	Name:  	Valeria Schanzer 	 
	 	 	Title:  	Vice President 	 
	 	 	 
	 	by  	  	1 
	 	 	Name:	 
	 	 	Title:  	 	 

 

			
	1	 	For any institution requiring a second signature line.

 

 

LENDER SIGNATURE PAGE TO AMENDMENT

TO THE PAREXEL CREDIT AGREEMENT

	 	 	 	 	 
	To Approve this Amendment:

Name of Institution: ABN AMRO Bank N.V. (representing MEW MBU II N.V.)

 
	 	by  	/s/ E.W.A. de Rayter de Wildt
 	 
	 	 	Name:  	E.W.A. de Rayter de Wildt 	 
	 	 	Title:  	Vice President, Relationship Manager 	 
	 	 	 
	 	by  	     /s/ Mw Drs A M J H de Kleijn1
 	 
	 	 	Name:  	Mw Drs A M J H de Kleijn 	 
	 	 	Title:  	Senior Vice President 	 

 

			
	1	 	For any institution requiring a second signature line.

 

 

LENDER SIGNATURE PAGE TO AMENDMENT

TO THE PAREXEL CREDIT AGREEMENT

	 	 	 	 	 
	To Approve this Amendment:

Name of Institution: Bank of America

 	 
	 	by  	/s/ Linda Alto
 	 
	 	 	Name:  	Linda Alto 	 
	 	 	Title:  	SVP 	 
	 	 	 
	 	by  	
 	1
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

			
	1	 	For any institution requiring a second signature line.

 

 

LENDER SIGNATURE PAGE TO AMENDMENT

TO THE PAREXEL CREDIT AGREEMENT

	 	 	 	 	 
	To Approve this Amendment:

Name of Institution: PNC BANK, NATIONAL ASSOCIATION 
	 
	 	by  	/s/ Robert M. Martin
 	 
	 	 	Name:  	Robert M. Martin 	 
	 	 	Title:  	Senior Vice President 	 
	 	 	 
	 	by  	
 	1
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

			
	1	 	For any institution requiring a second signature line.

 

 

LENDER SIGNATURE PAGE TO AMENDMENT

TO THE PAREXEL CREDIT AGREEMENT

	 	 	 	 	 
	To Approve this Amendment:

Name of Institution: Northern Trust

 	 
	 	by  	/s/ Tamara Dowd
 	 
	 	 	Name:  	Tamara Dowd 	 
	 	 	Title:  	Vice President 	 
	 	 	 
	 	by  	
 	1
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

			
	1	 	For any institution requiring a second signature line.EX-10.23

Exhibit 10.23

SEPARATION AGREEMENT

          This Separation Agreement (“Agreement”) is entered into on December 31, 2008 between Ralf
Suerken (“Employee”), a Minnesota resident, and SoftBrands, Inc. (“Company”).

BACKGROUND

	 	A.	 	Employee has been employed by the Company or one of its wholly owned
subsidiaries as the Senior Vice President of Manufacturing.
	 
	 	B.	 	In connection with his resignation of employment, the Employee and the Company
desire to clarify all matters between them and to consolidate within one document their
obligations to each other.

          NOW, THEREFORE, in consideration of the mutual promises and provisions contained in this
Agreement and the Release referred to below, the parties agree as follows:

AGREEMENTS

               Mutual Release of Claims. By executing this Agreement the Employee acknowledges that
he releases the Company, its insurers, affiliates, subsidiaries, divisions, committees, directors,
officers, employees, agents, predecessors, successors, and assigns of all claims related to his
employment. This Agreement will not be interpreted or construed to limit such Release in any
manner. Further, the existence of any dispute respecting the interpretation of this Agreement or
the alleged breach of this Agreement will not nullify or otherwise affect the validity or
enforceability of this Release. By executing this Agreement, the Company acknowledges that it
releases Employee from any claims it may have against Employee arising from the scope of his
employment with the Company. SoftBrands will continue to provide indemnity to Employee after
termination, to the fullest extent provided in its bylaws, for any actions taken prior to
termination in Employee’s official capacity as an executive of SoftBrands or any of its subsidiary
corporations.

          1. Separation from Employment. By executing this Agreement, Employee hereby resigns
from employment as an employee of the Company, effective as of February 28, 2009. (“Termination
Date”).

          2. Payments and Consideration. The Company agrees to the conditions set forth below
only if the Employee successfully transitions his responsibilities:

	 	1)	 	Mr. Suerken will be eligible for the RSU’s granted under the 2001 Stock Option Plan
that will vest in January 2009. The total number of shares scheduled to vest is 9,875;
	 
	 	2)	 	The vesting for a prorated portion of the RSU’s granted on October 2, 2006 will be
accelerated. A total of 80,000 shares will vest on February 28, 2009.
	 
	 	3)	 	All other shares granted to Mr. Suerken under the 2001 Stock Option Plan will be
forfeited by Mr. Suerken.
	 
	 	4)	 	Mr. Suerken will be paid his per pay period base salary through February 28, 2009.
	 
	 	5)	 	Mr. Suerken will be paid for any bonus earned for the first quarter of fiscal 2009.

Mr. Suerken shall be responsible for paying all taxes and other fees and expenses associated with
the exercise of stock options and any income earned.

1

 

          3. Non-Disclosure Agreements.

     a. Agreement Not to Disclose Confidential Information.
Employee will not, without the prior written
consent of the Company, disclose to any person,
other than an officer or director of the Company,
any trade secrets of the Company or any of the
Company’s confidential strategic plans or
confidential product development, marketing, or
sales plans; provided, however, that
notwithstanding the provisions of this
subparagraph, Employee will not be prohibited from
disclosing any information that, at the time of
Employee’s disclosure, is available in the public
domain; and provided further, however, that
notwithstanding the provisions of this
subparagraph, Employee may disclose confidential
information if such disclosure is required by law.
Employee may disclose historical financial
information relevant to Employee’s performance with
Company, solely for purposes of obtaining
employment.

     b. Scope of Restrictions. The parties intend that, if
any court of competent jurisdiction holds that any
restriction in this Agreement exceeds the limit of
restrictions that are enforceable under applicable
law, then the restriction will nevertheless apply
to the maximum extent that is enforceable under
applicable law.

          4. Mutual Representations. Employee represents that, during the entire period that he was an
employee of the Company, he acted in good faith, had no reasonable cause to believe that her
conduct was unlawful, and reasonably believed that his conduct was in the best interests of the
Company. The Company represents that, during the entire period that Employee was an employee of the
Company, the Company and its Directors and Officers, acted in good faith and both parties have no
reasonable cause to believe that their conduct was unlawful.

          5. Non-Disparagement. Employee will not disparage, defame, or besmirch the reputation,
character, image, products, or services of the Company, or the reputation or character of their
directors, officers, employees, or agents. The Company will not disparage, defame, or besmirch the
reputation, character, or image of Employee.

          6. Claims Involving the Company. Employee will not recommend or suggest to any potential
claimants or plaintiffs or their attorneys or agents that they initiate claims or lawsuits against
the Company or any of its directors, officers, employees, or agents, nor will Employee voluntarily
aid, assist, or cooperate with any claimants or plaintiffs or their attorneys or agents in any
claims or lawsuits now pending or commenced in the future against the Company or any of its
directors, officers, employees, or agents; provided, however, that this paragraph will not be
interpreted or construed to prevent Employee from giving testimony in response to questions asked
pursuant to a legally enforceable subpoena, deposition notice, or other legal or administrative
process, during any legal or administrative proceedings involving the Company or any of their
directors, officers, employees, or agents.

          7. No Claims Exist. Employee confirms that no claim, charge, complaint, or action exists in
any forum or form. In the event that any such claim, charge, complaint or action is filed,
Employee shall not be entitled to recover any relief or recovery there from, including costs and
attorney’s fees.

2

 

          8. Returning of Records, Documents, and Property. Employee will return the records,
correspondence, documents, financial data, plans, computer disks, computer tapes, reports, lap top
and other tangible property in her possession or under his control belonging to the Company no
later than February 28, 2009.

          9. Full Compensation. Employee understands that the payments made and other consideration
provided by the Company under this Agreement will fully compensate Employee for and extinguish any
and all of the claims Employee is releasing in the Release, including, but not limited to, her
claims for attorneys’ fees and costs, and any and all claims for any type of legal or equitable
relief.

          10. No Admission of Wrongdoing. Employee understands that this Agreement does not constitute
an admission that the Company has violated any local ordinance, state or federal statute, or
principle of common law, or that the Company has engaged in any improper or unlawful conduct or
wrongdoing against Employee. Employee will not characterize this Agreement or the payment of any
money or other consideration in accordance with this Agreement as an admission that the Company has
engaged in any improper or unlawful conduct or wrongdoing against him.

          11. Enforcement. Employee understands and agrees that in the event Employee violates the
terms of this Agreement that the Company may suffer irreparable damages and may be entitled to an
injunction to stop Employee from continued violation and such other relief against Employee as may
be provided at law or equity.

          12. Authority. Employee represents and warrants that he is competent to enter into this
Agreement and the Release, and that no causes of action, claims, or demands released pursuant to
this Agreement and the Release have been assigned to any person or entity not a party to this
Agreement and the Release.

          13. Successors and Assigns. This Agreement will be binding upon and inure to the benefit of
the parties and their respective heirs, representatives, successors, and assigns, including, but
not limited to, a purchaser of substantially all the business or assets of the Company, but will
not be assignable by either party without the prior written consent of the other party.

          14. Headings. The descriptive headings of the paragraphs and subparagraphs of this Agreement
are inserted for convenience only, and do not constitute a part of this Agreement.

          15. Counterparts. This Agreement may be executed simultaneously in two or more counterparts,
each of which will be deemed an original, but all of which together will constitute one and the
same instrument.

3

 

          16. Severable. The provisions of this Agreement are severable, and if any part of it is found
to be unenforceable, the other paragraphs shall remain fully valid and enforceable. This Agreement
shall survive the termination of any arrangements contained in it.

          17. Governing Law. This Agreement and the Release will be interpreted and construed in
accordance with, and any dispute or controversy arising from any breach or asserted breach of this
Agreement or the Release will be governed by, the laws of Minnesota.

          IN WITNESS WHEREOF, the parties have executed this Agreement on the date stated.

	 	 	 	 	 
	Dated

	 	 	 	Employee
	 
	 	 	 	 
	 

	 	 	 	SoftBrands, Inc.
	 
	 	 	 	 
	 

	 	By:
	 	
	Dated 12/31/2008

	 	 	 	 
 Its: SVP&GM
Mfg

4

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