Document:

exv10wy

 

			
	
	 	Exhibit 10.y

 

	 	 	 	 	 
	Subject
	 	 	 	 
	 

	 	PERQUISITES — CEO Early Retirement
	 	Revised: 10/2007

 

 

	 	 	 
	Eligibility:

	 	Position of Chief Executive Officer at age 55 with10 years of service.
	 
	 	 
	Medical Insurance

	 	Polaris will provide a fully insured medical insurance plan through the same provider as an active Polaris
employee for eligible retirees and spouses. Full coverage is provided from age 55 to 64 then coverage
coincides with Medicare B for age 65+. Details are outlined in the summary plan documents.
	 
	 	 
	Dental Insurance

	 	Dental insurance will be continued for the retiree and spouse under a fully insured plan at the same coverage
level and with the same provider as an active Polaris employee.
	 
	 	 
	Company Products

	 	Continued use of company products in accordance with the active
officer product program. This includes up to 12 products accompanied by
clothing and accessories, subject to the rules of the active officer
product program. The Company will also arrange for the use of a demo
motorcycle from one of our dealers when requested anywhere that Polaris
has a Victory dealer.
	 
	 	 
	Travel Arrangements/

Company Airplane

	 	Continued use of the company’s travel agent for travel
arrangements and use of the company airplane in accordance
with the active officer benefit.
	 
	 	 
	Physical Exams

	 	Continued annual physicals at the Mayo Clinic for retired officer and spouse in accordance with the active officer benefit. This is a
taxable benefit and the individual will receive a1099 form for tax
filing purposes.
	 
	 	 
	Secretarial Services

	 	Secretarial services and reasonable office facilities
will be provided at company’s expense. Any taxes
incurred as a result of this perk will be grossed up
to ensure no net loss to the individual.
	 
	 	 
	Restricted Stock/

	 	In accordance with employment agreement.
	Stock Optionsexv10wz

 

			
	
	 	Exhibit 10.z

 

	 	 	 	 	 
	Subject
	 	 	 	 
	 

	 	PERQUISITES — CEO Retirement
	 	Revised: 10/2007

 

 

	 	 	 
	Eligibility:

	 	Position of Chief Executive Officer at age 65.
	 
	 	 
	Medical Insurance

	 	Polaris will provide a fully insured medical insurance plan through the same provider as an active Polaris
employee for eligible retirees and spouses, including a prescription drug supplement, to coincide with
Medicare B. Details are outlined in the summary plan documents.
	 
	 	 
	Dental Insurance

	 	Dental insurance will be continued for the retiree and spouse under a fully insured plan at the same coverage
level and with the same provider as an active Polaris employee.
	 
	 	 
	Company Products

	 	Continued use of company products in accordance with the active
officer product program. This includes up to 12 products accompanied by
clothing and accessories, subject to the rules of the active officer
product program. The Company will also arrange for the use of a demo
motorcycle from one of our dealers when requested anywhere that Polaris
has a Victory dealer.
	 
	 	 
	Travel Arrangements/

Company Airplane

	 	Continued use of the company’s travel agent for travel
arrangements and use of the company airplane in accordance
with the active officer benefit.
	 
	 	 
	Physical Exams

	 	Continued annual physicals at the Mayo Clinic for retired officer
and spouse in accordance with the active officer benefit. This is a
taxable benefit and the individual will receive a1099 form for tax
filing purposes.
	 
	 	 
	Secretarial Services

	 	Secretarial services and reasonable office facilities
will be provided at company’s expense. Any taxes
incurred as a result of this perk will be grossed up
to ensure no net loss to the individual.
	 
	 	 
	Restricted Stock/

	 	In accordance with employment agreement.
	Stock Optionsexv10waa

 

			
	
	 	Exhibit 10.aa

 

	 	 	 	 	 
	Subject
	 	 	 	 
	 

	 	PERQUISITES — A2 and B1 and B2 Officer Early Retirement
	 	Revised: 10/2007

 

 

	 	 	 
	Eligibility:

	 	Position of A2 or B1 and B2 level officer age 55 with10 years of service.
	 
	 	 
	Medical Insurance

	 	Polaris will provide a fully insured medical insurance plan through the same provider as an active Polaris
employee for eligible retirees and spouses. Full coverage is provided from age 55 to 64 then coverage
coincides with Medicare B for age 65+. Details are outlined in the summary plan documents.
	 
	 	 
	Dental Insurance

	 	Dental insurance will be continued for the retiree and spouse under a fully insured plan at the same coverage
level and with the same provider as an active Polaris employee.
	 
	 	 
	Company Products

	 	Continued use of company products in accordance with the active
officer product program. This includes up to 6 products for B level
officers and 12 products for A2 level officers, accompanied by clothing
and accessories, subject to the rules of the active officer product
program. The Company will also arrange for the use of a demo motorcycle
from one of our dealers when requested anywhere that Polaris has a
Victory dealer.
	 
	 	 
	Physical Exams

	 	Continued annual physicals at the Mayo Clinic for retired officer
and spouse in accordance with the active officer benefit. This is a
taxable benefit and the individual will receive a1099 form for tax
filing purposes.
	 
	 	 
	Stock Options

	 	Unvested outstanding stock options shall be forfeited on the effective date of
termination of employment. Exercise period for vested options is 36 months from the effective
date of termination of employment.
	 
	 	 
	LTIP

	 	Prorated LTIP payout based on time worked during performance measurement period payable at
the end of the measurement period in accordance with normal payment schedule.exv10wbb

 

			
	
	 	Exhibit 10.bb

 

	 	 	 	 	 
	Subject
	 	 	 	 
	 

	 	PERQUISITES — A2 and B1 and B2 Officer Retirement
	 	Revised: 10/2007

 

 

	 	 	 
	Eligibility:

	 	Position of A2 or B1 and B2 level officer age 65.
	 
	 	 
	Medical Insurance

	 	Polaris will provide a fully insured medical insurance plan through the same provider as an active Polaris
employee for eligible retirees and spouses, including a prescription drug supplement, to coincide with
Medicare B. Details are outlined in the summary plan documents.
	 
	 	 
	Dental Insurance

	 	Dental insurance will be continued for the retiree and spouse under a fully insured plan at the same coverage
level and with the same provider as an active Polaris employee.
	 
	 	 
	Company Products

	 	Continued use of company products in accordance with the active
officer product program. This includes up to 6 products for B level
officers and 12 products for A2 level officers, accompanied by clothing
and accessories, subject to the rules of the active officer product
program. The Company will also arrange for the use of a demo motorcycle
from one of our dealers when requested anywhere that Polaris has a
Victory dealer.
	 
	 	 
	Physical Exams

	 	Continued annual physicals at the Mayo Clinic for retired officer
and spouse in accordance with the active officer benefit. This is a
taxable benefit and the individual will receive a1099 form for tax
filing purposes.
	 
	 	 
	Stock Options

	 	Unvested outstanding stock options shall vest on the effective date of termination of
employment. Exercise period for vested options is 36 months from the effective date of termination
of employment.
	 
	 	 
	LTIP

	 	Prorated LTIP payout based on time worked during performance measurement period payable at
the end of the measurement period in accordance with normal payment schedule.exv4w5xcy

 

Exhibit 4.5(c)

WAIVER

          WAIVER, dated as of July 23, 2007 (this “Waiver”), under the Second Amended and
Restated Credit Agreement, dated as of March 16, 2007 (amending and restating the Amended and
Restated Credit Agreement dated as of December 12, 2003 (amending and restating the Credit
Agreement dated as of September 30, 1999)) (as amended, supplemented, or otherwise modified from
time to time, the “Credit Agreement”), among TENNECO INC., a Delaware corporation (the
“Borrower”), the several lenders from time to time parties thereto (the “Lenders”),
JPMORGAN CHASE BANK, N.A., a national banking association, as administrative agent for the Lenders
(in such capacity, the “Administrative Agent”), and the other financial institutions named
therein as agents for the Lenders (in such capacity, collectively, the “Other Agents”).

W
I T N E S S E
T H:

          WHEREAS, the Borrower, the Lenders and the Administrative Agent and the Other Agents are
parties to the Credit Agreement;

          WHEREAS, the Borrower will restate its financial statements for the fiscal years ended
December 31, 2004, December 31, 2005 and December 31, 2006 and for the fiscal quarter ended March
31, 2007, as more fully described in the Borrower’s report on Form 8-K filed with the SEC on July
23, 2007 (the “Restatement”);

          WHEREAS, the Borrower has requested certain waivers under the Credit Agreement in connection
with the Restatement; and

          WHEREAS, the Lenders, the Administrative Agent and the Other Agents are willing to agree to
such waivers under the Credit Agreement, subject to the terms and conditions set forth herein;

          NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the
Borrower, the Lenders, the Administrative Agent and the Other Agents hereby agree as follows:

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

          2. Waiver, etc. The Required Lenders hereby waive (a) any Default or Event of Default
(a) under Section 4.1 of the Credit Agreement, Section 6.1 of the Credit Agreement or any other
provision of the Credit Agreement or any other Loan Document requiring an item or calculation to be
determined in accordance with GAAP or resulting from the bring-down of representations and
warranties by the Borrower or satisfaction of conditions in connection with any prior extension of
credit under the Credit Agreement, in each case resulting from the Restatement; provided
that the foregoing shall not be deemed to waive any Default or Event of Default with respect to a
Financial Covenant, and (b) through September 30, 2007, delivery of the financial statements and
certificates described in Sections 6.1 and 6.2 of the Credit

 

 

 2 

Agreement with respect to the fiscal quarters ended March 31, 2007 and June 30, 3007. From
and after the date on which restated consolidated balance sheets of the Borrower as at December 31,
2006 and December 31, 2005 and the related restated consolidated statements of income and cash
flows for the fiscal years ended on such dates have been issued pursuant to the Restatement,
Section 4.1 shall be deemed to refer to such restated audited financial statements.

          3. Representations and Warranties. The Borrower hereby confirms that the
representations and warranties set forth in Section 4 of the Credit Agreement (excluding Section
4.1 to the extent described herein), as amended by this Waiver, are true and correct in all
material respects as if made as of the Waiver Effective Date (except such representations and
warranties as are made as of a particular date, which such representations and warranties shall be
true and correct in all material respects as if made as of such date). The Borrower represents and
warrants that, after giving effect to this Waiver, no Default or Event of Default has occurred and
is continuing.

          4. Effectiveness. This Waiver shall become effective as of the date (the “Waiver
Effective Date”) on which the Administrative Agent shall have received this Waiver executed and
delivered by the Administrative Agent, the Borrower and the Required Lenders (or, in the case of
any Lender, a lender addendum or joinder agreement in a form specified by the Administrative
Agent).

          5. Continuing Effect of the Credit Agreement. This Waiver shall not constitute an
amendment or waiver of any provision of the Credit Agreement not expressly referred to herein and
shall not be construed as a waiver or consent to any further or future action on the part of the
Borrower that would require a waiver or consent of the Lenders, the Administrative Agent or the
Other Agents. Except as expressly amended hereby, the provisions of the Credit Agreement are and
shall remain in full force and effect.

          6. Counterparts. This Waiver may be executed by the parties hereto in any number of
separate counterparts (including telecopied 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. GOVERNING LAW. THIS WAIVER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

 

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

	 	 	 	 	 	 	 
	 	 	TENNECO INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A., as

Administrative Agent and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

 

 

	 	 	 	 	 	 	 
	 	 	WAIVER dated as of July 23, 2007 to the Tenneco Inc.  
Second Amended and Restated Credit Agreement, dated
as of March 16, 2007 (amended and restating the
Amended and Restated Credit Agreement dated as of
December 12, 2003 (amending and restating the Credit
Agreement dated as of September 30, 1999))
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	[LENDER]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:

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