Document:

Exhibit 10.14

Exhibit 10.14

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made as of January 1, 2011 by and between
Cyclacel Pharmaceuticals, Inc. (the “Company”), a Delaware corporation, and Paul McBarron (the
“Executive”).

WHEREAS, Company and Executive were parties to an Employment Agreement dated January 1, 2008,
which expires by its terms on January 1, 2011;

WHEREAS, Company desires to continue to retain the Executive’s services as its Executive Vice
President, Finance, Chief Financial Officer, Chief Operating Officer and Secretary; and

WHEREAS, Company and the Executive are desirous of agreeing the terms and conditions of the
Executive’s employment with the Company as set forth herein.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and conditions
herein contained, the parties hereby agree as follows:

1. Employment. Company hereby employs the Executive and the Executive accepts such
employment according to the terms and conditions set forth in this Agreement.

2. Term. Except for earlier termination as hereinafter provided for, the term of the
Executive’s employment hereunder shall be for a period commencing on January 1, 2011 (the
“Commencement Date”) and continuing through January 1, 2014; the third anniversary of the
Commencement Date. It is the intention of the Executive and Company that Executive has no
entitlement to severance payments or any other benefits for non-renewal at the end of the
Employment Term. Notwithstanding the foregoing, the Executive’s employment by the Company
hereunder may be earlier terminated, subject to Section 9 hereof, upon the occurrence of
any one of the following events: (i) the Company’s decision to terminate the Executive, (ii) the
Executive’s decision to voluntarily resign or retire at any time or (iii) the parties’ mutual
agreement in writing to terminate the Executive’s employment hereunder at any time. The period of
time between the Commencement Date and termination of the Executive’s employment hereunder shall be
referred to herein as the “Employment Period”.

3. Position and Services. (i) The Executive will hold the position of Executive Vice
President, Finance, Chief Financial Officer, Chief Operating Officer and Secretary. The Executive
will report directly to the Company’s President and Chief Executive Officer and shall have such
duties, responsibilities and authority with respect to such positions as are set forth in the
Bylaws of the Company, which duties and responsibilities shall in all events include, but not be
limited to, management responsibility for the operations, finance and administration of the
Company.

(ii) The Executive will be expected to be in the full-time employment of the Company, to
devote substantially all of his business time, attention and efforts to the performance of his
duties hereunder. Notwithstanding the foregoing, the Executive may make
and manage personal business investments of his choice and serve in any capacity with any
civic, educational or charitable organization, or any trade association, without seeking or
obtaining approval from the Board and/or the President and Chief Executive Officer, provided such
activities and service do not materially interfere or conflict with the performance of his duties
hereunder or violate the non-competition provisions of Section 12 hereof.

 

 

 

(iii) The Executive expressly agrees that during the Employment Period he will not be
interested, directly or indirectly, in any form, fashion or manner, as a partner, officer,
director, advisor, employee, consultant, controlling stockholder or in any other form or capacity,
in any other business or company, except that he would not be prohibited by Section 12
hereof to serve as (a) member of one other Board of Directors of a commercial organization, or (b)
a member of one or more Boards of Directors or Trustees of a charitable organization, as may, upon
advance notice from the Executive be approved by the Board in its discretion after consideration of
possible conflicts, reputation(al) effects, time requirements and other interests of the Company.

In addition effective upon the Commencement Date, the Executive will be nominated to the Board for
a term ending at the 2014 annual meeting. The Board will use its best efforts to cause the
nomination of the Executive thereafter for reelection to the Board for successive terms, at every
time at which directors are nominated to the stockholders for election, as long as the Executive
serves as Vice President, Finance, Chief Financial Officer, Chief Operating Officer and Secretary
unless the Executive declines such nomination in writing to the Board. As with all members of the
Board, the Executive’s continuation as a director requires election as a director by the
stockholders whenever directors are to be elected by the stockholders.

4. Base Salary. Company shall pay to the Executive an initial base salary at an
annual rate of £192,955, subject to applicable income and employment tax withholdings and all other
required and authorized payroll deductions and withholdings. The Executive’s salary shall be
payable at the same time and basis as the Company pays its payroll in general. Increases in the
Executive’s annual base salary during the Employment Period may be effected from time to time based
upon the review and approval of the Compensation Committee of the Board (the “Compensation
Committee”). During the Employment Period, the Executive’s base salary rate shall not be reduced
below the initial base salary rate provided hereunder, nor below any increased base salary rate
that may be effected as provided hereunder, except if the Board, in response to exceptionally
adverse business circumstances makes a general temporary reduction in the compensation of the
executives of the Company.

5. Annual Incentive Bonus. In addition to the Executive’s base salary as provided
above, the Executive will be eligible for an annual cash incentive bonus for each calendar year of
the Employment Period. The bonus for which the Executive is eligible for each such year will be
based on a percentage of base salary and may be increased for above-plan performance as established
by the Compensation Committee in its discretion and upon consultation with the Executive at the
beginning of each year. The annual bonus hereunder will be payable based upon the satisfaction of
performance criteria that will be established by the Compensation Committee in its discretion and
upon consultation with the Executive at the beginning of each year, subject to the approval of the
Board. Such performance criteria will include corporate
performance goals consistent with the Company’s business plan for the year, as well as
individual objectives for the Executive’s performance that may be separate from, but are consistent
with, the Company’s business plan. The final determinations as to the actual corporate and
individual performance against the pre-established goals and objectives, and the amount of the
bonus payout in relationship to such performance, will be made by the Compensation Committee in its
sole discretion. To the extent the Company awards the Executive a cash bonus, the bonus, if
payable, shall be calculated and paid no later than two and a half months following the later of
the close of the calendar or Company fiscal year to which such bonus relates.

 

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6. Executive Benefits. The Executive shall be entitled to receive employment benefits
in accordance with the Company’s benefit policies in effect from time to time, including, without
limitation, personal pension plan, medical, dental and life insurance, accidental death, travel
accident, short and long-term disability insurance, profit sharing, long-term incentive plans and
25 working days of paid vacation annually and 10 days of UK public holidays as laid down from time
to time by the Company.

7. Expenses. The Company shall reimburse the Executive for all reasonable and
necessary expenses incurred by him in connection with the performance of his services for the
Company upon submission of expense reports and documentation in accordance with the Company’s
policies. The Company may request additional documentation or a further explanation to substantiate
any expense submitted for reimbursement, and retains the discretion to approve or deny a request
for reimbursement.

8. Indemnification. The Company shall indemnify the Executive in accordance with the
Company’s By-laws. The Company agrees that it will make all commercially reasonable efforts to
keep in full force and effect, for the duration of all applicable statute of limitations periods,
directors and officers liability insurance policies on terms at least as favorable to the Executive
as those in effect on the date hereof.

9. Termination. This Agreement does not grant the Executive any right or entitlement
to be retained by the Company. In the event of termination by the Company of the Executive’s
employment under the circumstances described below in this Section 9, the Executive shall
be entitled to the severance pay and benefits so specified.

(a) Certain Definitions. For purposes of this Section 9, the following terms
shall have the meanings given below:

(i) Termination For Cause. The employment of the Executive hereunder shall be deemed
to have been terminated “For Cause” if the Company shall have terminated the Executive as a result
of any of the following: (A) any act committed by the Executive which shall represent a breach in
any material respect of any of the terms of this Agreement and which breach is not cured within
thirty (30) days of receipt by the Executive of written notice from the Company of such breach; (B)
improper conduct, consisting of any willful act or omission with the intent of obtaining, to the
material detriment of the Company, any benefit to which the Executive would not otherwise be
entitled; (C) gross negligence, consisting
of wanton and reckless acts or omissions in the performance of the Executive’s duties to the
material detriment of the Company; (D) addiction to drugs or chronic alcoholism or (E) any
conviction of, or plea of nolo contendere to, a crime (other than a traffic violation) under the
laws of the United States or any political subdivision thereof provided that the Executive receives
a copy of a resolution duly adopted by a two thirds majority affirmative vote of the membership of
the Board excluding the Executive, at a meeting of the Board called and held for such purpose after
the Executive has been given reasonable notice of such meeting and has been given an opportunity,
together with his counsel, to be heard by the Board, finding that in the good faith opinion of the
Board the Executive was guilty of the conduct set forth and specifying the particulars thereof in
detail.

 

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(ii) Termination Without Cause. The employment of the Executive hereunder shall be
deemed to have been terminated “Without Cause” upon (A) termination of employment by the Company
for any reason other than the reasons specified in Section 9(a)(i) hereof as termination
“For Cause” other than termination by virtue of the expiry of the Employment Period on 1 January
2014 or any specific extension thereof and the non-renewal of the Executive’s employment on the
same terms, or (B) termination of employment by the Executive within thirty (30) days following a
“Constructive Termination” event. For purposes hereof, the following shall constitute Constructive
Termination events: (1) any removal of the Executive from the position of Vice President, Finance,
Chief Financial Officer and Chief Operating Officer, (2) any substantive reduction of the
Executive’s duties, responsibilities or authority, including any change in the Executive’s
positions as Vice President, Finance, Chief Financial Officer and Chief Operating Officer that
results in such a reduction, (3) a reduction by the Company in the Executive’s base salary in
effect on the date hereof or as may be increased from time to time except if the Board in response
to exceptional adverse business circumstances makes a general temporary reduction in the
compensation of the executives of the Company, (4) a failure by the Company to continue any bonus
plans in which the Executive is presently entitled to participate (the “Bonus Plans”) as the same
may be modified from time to time but substantially in the form currently in effect, or a failure
by the Company to continue the Executive as a participant in the Bonus Plans on at least the same
basis as the Executive presently participates in accordance with the Bonus Plans (other than for
customary yearly variations), (5) the Company’s requiring the Executive without the Executive’s
express written consent to be based anywhere other than within 50 miles of the Executive’s present
office location, except for required travel on the Company’s business to an extent substantially
consistent with the Executive’s present business travel obligations, (6) a failure by the Company
to offer Executive all benefits offered to all Company employees and (7) any purported termination
of the Executive’s employment which is not effected pursuant to the terms of this Agreement. No
such purported termination shall be effective.

The foregoing shall be treated as Constructive Termination events hereunder following the
expiration of 30 days from the date the Executive has notified Company (within 90 days) of the
occurrence of such event and the Executive’s intention to treat such event as a constructive
termination and terminate the Executive’s employment on the basis thereof, provided that Company
has not cured the constructive termination event before the expiration of such 30-day period.

 

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(iii) Disability. The Executive shall be treated as having suffered a “Disability” if
the Executive is prevented from performing his duties hereunder by reason of illness or injury for
a period of either (A) six or more consecutive months from the First Date of Disability (as defined
below) or (B) eight months in the aggregate during any 12-month period. The date as of which the
Executive is first absent from employment as a result of such illness or injury shall be referred
to herein as the “First Date of Disability”.

(iv) Change in Control. A “Change in Control” shall be deemed to have taken place if:

(A) there shall be consummated any consolidation or merger of the Company in which Company is
not the continuing or surviving corporation or pursuant to any transaction in which shares of the
Company’s capital stock are converted into cash, securities or other property, or any sale, lease,
exchange or other transfer in one transaction or a series of transactions contemplated or arranged
by any party as a single plan of all or substantially all of the assets of the Company, or the
approval of a plan of complete liquidation or dissolution of the Company adopted by the
stockholders of the Company; or

(B) any person (as such term is used in Sections 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) shall after the date hereof become the
beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of securities of the Company representing 35% or more of the voting power of all then
outstanding securities of the Company having the right under ordinary circumstances to vote in an
election of the Board (including, without limitation, any securities of the Company that any such
person has the right to acquire pursuant to any agreement, or upon exercise of conversion rights,
warrants or options, or otherwise, shall be deemed beneficially owned by such person); or

(C) individuals who at the date hereof constitute the entire Board and any new directors whose
election by the Board, or whose nomination for election by the Company’s stockholders, shall have
been approved by a vote of at least a majority of the directors then in office who either were
directors at the date hereof or whose election or nomination for election shall have been so
approved (the “Continuing Directors”) shall cease for any reason to constitute a majority of the
members of the Board.

(b) Termination Without Cause. In the event of termination of the Executive’s
employment hereunder by Company “Without Cause” (other than for a Termination for a Change of
Control hereinafter separately provided for) the Executive shall be entitled to the following
severance pay and benefits:

(i) Severance Pay — severance payments in the form of continuation of the Executive’s base
salary as in effect immediately prior to such termination for a period of 12 months following the
effective date of such termination.

 

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(ii) Benefits Continuation — continued coverage under the Company’s medical care and life
insurance benefit plans in which the Executive is participating at the time of
termination, on the same terms as applicable to other executive employees of the Company from
time to time, over the same period with respect to which the Executive’s base salary is continued
as provided in Section 9(b)(i) hereof; provided, however, that the
Company’s obligation to provide such coverages shall be terminated if the Executive obtains
substitute coverage from another employer of the Executive at any time during the continuation
period; the Executive shall be obligated to notify Company of any such substitute coverage and the
date of commencement thereof promptly upon obtaining any such coverage; and

(iii) Stock Options — all options to purchase shares of the Company’s common stock held by
the Executive and which are vested immediately prior to termination of employment shall become
exercisable for a period of six months following the effective date of termination of employment.

(c) Termination following Change in Control. In the event of termination of the
Executive’s employment within six months following a Change of Control the Executive shall be
entitled to the following severance pay and benefits:

(i) Severance Pay — Severance payments in the form of continuation as the Executive’s base
salary as in effect immediately prior to such termination for a period of twelve (12) months
following the effective date of termination.

(ii) Benefits Continuation — continued coverage under the company’s medical care and life
insurance benefit plans in which the Executive is participating at the time of termination, or the
same terms as applicable to other executives of employees of the Company from time to time over the
same period with respect to which the Executive’s base salary is continued as provided in
Section 9(c)(i) hereof provided, however that the Company’s obligation to provide such
coverages shall be terminated if the Executive attains substitute coverage from another employer at
any time during the continuation period; the Executive shall be obligated to notify Company of any
such substitute coverage and the date of commencement thereof promptly upon attaining any such
coverage.

(iii) Stock Options — all options to purchase shares of the Company’s common stock held by the
Executive shall be vested and be exercisable for a period of 18 months following the effective date
of termination.

(iv) 280G Excise Tax — it is the intention of Executive and the Company that no payments made
or benefits provided by the Company to or for the benefit of Executive under this Agreement or any
other agreement or plan pursuant to which Executive is entitled to receive payments or benefits
shall be non-deductible to the Company by reason of the operation of Section 280G of the Code (the
“280G Excise Tax”), relating to golden parachute payments.

(A) The Company agrees that in the event any payments to Executive pursuant to this Agreement
would result in a payment to Executive that would trigger any 280G Excise Tax, if appropriate and
permissible, the Company shall first submit to its stockholders for approval the transaction that
may result in the imposition of the 280G Excise
Tax upon Executive in accordance with the regulations of the Internal Revenue Code governing
shareholder approval of transactions giving rise to 280G Excise Tax liability.

 

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(B) If the procedure set forth in Section 9(c)(iv)(A) is not available, if any
payment, award, benefit or distribution by the Company to or for the benefit of Executive would be
subject to the 280G Excise Tax or any corresponding provisions of state or local tax laws as a
result of payment to Executive, or any interest or penalties are incurred by Executive with respect
to such 280G Excise Tax, then Executive shall be entitled to receive an additional payment (a
“Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any
interest or penalties imposed with respect to such taxes) imposed upon the Gross-Up Payment,
Executive retains an amount of the Gross-Up Payment equal to the 280G Excise Tax imposed upon the
payments.

(d) Termination Upon Disability or Death. In the event of termination of the
Executive’s employment hereunder on account of the Executive’s “Disability” or death, the Executive
or the Executive’s heirs, estate or personal representatives under law, as applicable, shall be
entitled to the following severance pay and benefits:

(i) Severance Pay — severance payments in the form of continuation of the Executive’s base
salary as in effect immediately prior to such termination for a period of 12 months following the
First Date of Disability, reduced by the amounts of any payments received from any short-term or
long-term disability plan of the Company;

(ii) Benefits Continuation — the same benefits as provided in Section 9(c)(ii) above,
to be provided during the Employment Period while the Executive is suffering from Disability and
for a period of twelve (12) months following the effective date of termination of employment by
reason of Disability; and

(iii) Stock Options — all options to purchase shares of the Company’s common stock held by the
Executive which are exercisable immediately prior to termination of employment shall remain
exercisable for a period of 12 months following the effective date of termination of employment.

(e) Other Terminations. In the event of termination of the Executive’s employment
hereunder for any reason other than those specified in subsections (b) through (d) of this
Section 9, but including termination by virtue of the expiry of the Employment Period and
non-renewal of the Executive’s employment on the same terms, the Executive shall not be entitled to
any severance pay, benefits continuation or stock option rights contemplated by the foregoing
provisions of this Section 9, except as otherwise provided in the applicable benefit plans
of the Company that cover the Executive.

(f) Accrued Rights. Notwithstanding the foregoing provisions of this Section
9, in the event of termination of the Executive’s employment hereunder for any reason, the
Executive shall be entitled to payment of any unpaid portion of his base salary, computed on a
pro-rata basis through the effective date of termination, and payment of any accrued but unpaid
rights in accordance with the terms of any incentive bonus or employee benefit plan or program
of the Company.

 

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(g) Conditions to Severance Benefits. (i) As conditions of the Executive’s
entitlement and continued entitlement to the severance payments and benefits provided by this
Section 9, the Executive is required to (i) honor in accordance with their terms the
provisions of Sections 10, 11 and 12 hereof and (ii) execute and honor the terms of a
waiver and release of claims against the Company substantially in the form attached hereto as
Exhibit A (as may be modified consistent with the purposes of such waiver and release to
reflect changes in law following the date hereof) and compromise agreement in the form attached
hereto as Exhibit B (as may be modified consistent with the purposes of such compromise
agreement to reflect changes in law following the date hereof). The parties hereto agree that the
Executive is under no affirmative obligation to seek to mitigate or offset the severance payments
and benefits provided by this Section 9.

(ii) For purposes only of this Section, the Executive shall be treated as having failed to
honor the provisions of Sections 10, 11 or 12 hereof only upon the passing of a resolution
by a majority of the Board making such a determination following notice of the alleged failure by
Company to the Executive, an opportunity for the Executive to cure the alleged failure for a period
of thirty (30) days from the date of such notice and the Executive’s opportunity to be heard on the
issue by the Board.

(iii) Stock Options — Notwithstanding any other provisions of this Agreement to the contrary,
in the event that the Executive continues to serve as a member of the Board following his
termination of employment from Company, his rights with respect to the vesting and exercisability
of the options shall continue in the same manner as other non-executive members of the Board.

10. Confidentiality. The Executive agrees that he will not at any time during the
term hereof or thereafter for any reason, in any fashion, form or manner, either directly or
indirectly, divulge, disclose or communicate to any person, firm, corporation or other business
entity, in any manner whatsoever, any confidential information or trade secrets concerning the
business of the Company (including the business of any unit thereof), including, without limiting
the generality of the foregoing, the names of any of its customers, the prices at which it obtains
or has obtained any products or services, the techniques, methods or systems of its operation or
management, any customer proposals or other business opportunities, any information regarding its
financial matters, or any other material information concerning the business of the Company, its
manner of operation, its plans or other material data. The provisions of this paragraph shall not
apply to (i) information disclosed in the performance of the Executive’s duties to the Company
based on his good faith belief that such a disclosure is in the best interests of the Company; (ii)
information that is public knowledge; (iii) information disseminated by the Company to others in
the ordinary course of the Company’s business, in order to further such business, provided the
recipient of such information agrees to be subject to a confidentiality obligation at least
comparable to that herein; (iv) information or knowledge lawfully received by the Executive from a
third party who, based upon due inquiry by the Executive, is not bound by a confidential
relationship to the Company; or (v) information
disclosed under a requirement of law or as directed by applicable legal authority having
jurisdiction over the Executive.

 

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11. Inventions. (i) To the extent that any of the Company’s current or future
products or services relate to, embody or incorporate concepts, technology or products of any kind
relevant to the Company or its subsidiaries or affiliates that the Executive directly or indirectly
conceived or developed prior to the date hereof during the period of his employment by Company
(“Prior Technology”), the Executive assigns in perpetuity to Company any and all of his rights,
title and interests, if any, to utilize, without any cost to the Company, such Prior Technology,
and the Executive agrees to assist Company in taking all action that may be reasonably required, at
the Company’s expense, to secure for the Company the benefits of the Executive’s ownership or
rights, if any, to use all such Prior Technology.

(ii) The Executive is hereby retained in a capacity such that the Executive’s responsibilities
include the making of technical, managerial and promotional contributions of value to the Company.
The Executive hereby assigns to Company all rights, title and interest in such contributions and
inventions made or conceived by the Executive alone or jointly with others which relate to the
business of the Company. This assignment shall include (a) the right to file and prosecute patent
applications on such inventions in any and all countries, (b) the patent applications filed and
patents issuing thereon, and (c) the right to obtain copyright, trademark or trade name protection
for any such work product. The Executive shall promptly and fully disclose all such contributions
and inventions to the Company and assist the Company in obtaining and protecting the rights therein
(including patents thereon), in any and all countries; provided, however, that said contributions
and inventions will be the property of the Company, whether or not patented or registered for
copyright, trademark or trade name protection, as the case may be. Inventions conceived by the
Executive which are not related to the business of the Company (as determined in good faith by the
Board), will remain the property of the Executive.

12. Non-Competition. (i) the Executive agrees that he shall not during the
Employment Period and for a period of one year after the termination or end thereof for any reason,
without the approval of the Board which, after the end of the Employment Period, shall not
unreasonably be withheld or delayed, directly or indirectly, alone or as partner, joint venturer,
officer, director, employee, consultant, agent, independent contractor or controlling stockholder
(other than as provided below) of any Company or business, engage in any “Competitive Business”
within the United States or within the United Kingdom and which directly competes with the business
of the Company and/or Cyclacel Limited. For purposes of the foregoing, the term “Competitive
Business” shall mean any business involved in the research, development, or sale of anticancer
targeted therapeutics that are nucleoside analogues, CDK inhibitors or Aurora/VEGFR2 inhibitors
and/or medicines for the treatment of radiation dermatitis or xerostomia or any other business in
which the Company has been engaged up to and until the relevant time (as determined by the Board of
Directors); provided that, this provision shall in no way prevent the Executive, after the end of
the Employment Period, from being employed as a consultant.

 

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(ii) Notwithstanding the provisions of clause (i) above or any other provision of this
Agreement to the contrary, the Executive shall not be prohibited during the period
applicable under clause (i) above from acting as a passive investor where (a) in the case of a
Competitive Business being a public corporation, the Executive owns not more than five percent (5%)
of the issued and outstanding capital stock or such higher percentage or amount as may be approved
by the Board upon notice from the Executive prior to obtaining such interest; provided, however,
that the Executive shall not be treated as having violated the provisions of this Section
12 if in good faith he is unaware that an entity in which he has an investment interest would
be treated as a Competitive Business and, upon becoming aware of such involvement, the Executive
makes reasonable efforts to divest himself of his interest in such business; (b) in the case of any
employer or entity other than a Competitive Business that is engaged in, or whose affiliates are
engaged in, the development or marketing of products or technologies that are directly or
indirectly competitive with any product or technology that is developed or marketed or proposed to
be developed or marketed by Company during the Employment Period, the Executive owns not more than
five percent (5%) of the issued and outstanding capital stock; or (c) receiving stock, options or
warrants from any entity with which the Executive can have a relationship pursuant to clause (i)
above as part of the Executive’s compensation for services rendered or to be rendered.

13. Breach of Restrictive Covenants. The parties agree that a breach or violation of
Sections 10, 11 or 12 hereof will result in immediate and irreparable injury and harm to
the innocent party, who shall have, in addition to any and all remedies of law and other
consequences under this Agreement, the right to an injunction, specific performance or other
equitable relief to prevent the violation of the obligations hereunder.

14. Non-Disparagement. The Executive agrees that he will not, whether during his
provision of services to the Company or thereafter, directly or indirectly, make, cause to be made,
or ratify any statement, public or private, oral or written, to any person that disparages, either
professionally or personally, the Company or any of its affiliates, past and present, and each of
them, as well as its and their trustees, directors, officers, agents, attorneys, insurers,
employees, stockholders, representatives, assigns, and successors, past and present, and each of
them.

15. Notices. Any notice required to be given pursuant to the provisions of this
Agreement shall be in writing and, if mailed, sent by registered mail, postage prepaid, to the
party named at the address set forth below, or at such other address as each party may hereafter
designate in writing to the other party:

	 	 	 
	Company:

	 	200 Connell Drive #1500
	 

	 	Berkeley Heights, NJ 07922
	 

	 	Attention: Chairman of the Board
	 
	 	 
	Executive:

	 	c/o Cyclacel Pharmaceuticals, Inc.
	 

	 	200 Connell Drive #1500
	 

	 	Berkeley Heights, NJ 07922

Any such notices shall be deemed to have been delivered when served personally in the manner
specified above.

16. Dispute Resolution. The parties shall waive trial by jury in any dispute between
them.

 

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17. Entire Agreement. (a) Change, Modification, Waiver. No change or modification
of this Agreement shall be valid unless it is in writing and signed by each of the parties hereto.
No waiver of any provision of this Agreement shall be valid unless it is in writing and signed by
the party against whom the waiver is sought to be enforced. The failure of a party to insist upon
strict performance of any provision of this Agreement in any one or more instances shall not be
construed as a waiver or relinquishment of the right to insist upon strict compliance with such
provision in the future.

(b) Integration of All Agreements. This Agreement constitutes the entire Agreement between
the parties and is intended to be an integration of all agreements between the parties with respect
to the Executive’s service with Company. Except as provided in Section 8 hereof concerning
the Indemnification Agreement, any and all prior agreements between the Executive and the Company
with respect to the Executive’s service with the Company are hereby revoked.

(c) Severability of Provisions. If for any reason any provision of this Agreement should be
declared void or invalid, such declaration shall not affect the validity of the rest of this
Agreement, which shall remain in force as if executed with the void or invalid provision
eliminated.

18. Binding Effect. This Agreement shall be binding upon all parties hereto and their
heirs, successors and assigns. This Agreement shall be assignable by Company to any entity
acquiring all or substantially all of the assets of the Company.

19. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New Jersey, except that, and only to the extent applicable, England
law shall govern the working conditions and the like.

20. Miscellaneous. (a) Form. As employed in this Agreement, the singular form shall
include, if appropriate, the plural.

(b) Headings. The headings employed in this Agreement are solely for the convenience and
reference of the parties and are not intended to be descriptive of the entire contents of any
paragraph and shall not limit or otherwise affect any of terms, provisions, or construction
thereof.

(c) Modifications. Notwithstanding any other provision with respect to the timing of payments
under this Agreement, if, at the time of Executive’s expiration of the Employment Period, the
non-renewal of the Executive’s employment is deemed to be dismissal or termination (within the
meaning of the UK law or any other applicable law), limited only to the extent necessary to comply
with the requirements of the UK law, any payment to which Executive may become entitled under the
UK law will be withheld, but no later than the first (1st) business day of the 11th week following
the expiration of the Employment Period, at which
time the parties to this Agreement will be negotiate in good faith a mechanism effective under
the UK law to carry out the intent and purpose of this Agreement.

21. Additional Terms of Statement of Main Terms and Conditions of Employment. The
parties shall execute and deliver a Statement of Main Terms and Conditions of Employment as
required by UK law and conforming, to the extent practicable, with the terms and conditions of the
foregoing .

[signature page follows]

 

11

 

IN WITNESS WHEREOF, this Agreement is executed as of the date first above written.

	 	 	 	 	 	 	 	 	 
	 	 	CYCLACEL PHARMACEUTICALS, INC.:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	/s/ Dr. David U’Prichard	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	  Dr. David U’Prichard	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	Title:	Chairman of the Board of Directors	 	 	 
	 

	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	PAUL MCBARRON:	 	 
	 
	 	/s/ Paul McBarron	 	 	 	 	 	 
	 	 	 	 	 

 

12

 

Exhibit A

Waiver and Release

1. Your Release of Claims. You hereby agree and acknowledge that by signing this
Agreement, and for other good and valuable consideration, you are waiving your right to assert any
and all forms of legal claims against the Company1/ of any kind whatsoever, whether
known or unknown, arising from the beginning of time through the date you execute this Agreement
(the “Execution Date”). Except as set forth below, your waiver and release herein is intended to
bar any form of legal claim, complaint or any other form of action (jointly referred to as
“Claims”) against the Company seeking any form of relief including, without limitation, equitable
relief (whether declaratory, injunctive or otherwise), the recovery of any damages, or any other
form of monetary recovery whatsoever (including, without limitation, back pay, front pay,
compensatory damages, emotional distress damages, punitive damages, attorneys fees and any other
costs) against the Company, for any alleged action, inaction or circumstance existing or arising
through the Execution Date.

Without limiting the foregoing general waiver and release, you specifically waive and release
the Company from any Claim arising from or related to your prior employment relationship with the
Company or the termination thereof, including, without limitation:

	 	**	 	Claims under any state or federal discrimination, fair employment practices or
other employment related statute, regulation or executive order (as they may have been
amended through the Execution Date) prohibiting discrimination or harassment based upon
any protected status including, without limitation, race, national origin, age, gender,
marital status, disability, veteran status or sexual orientation. Without limitation,
specifically included in this paragraph are any Claims arising under the Age
Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Civil
Rights Act of 1991, the Americans With Disabilities Act and any similar Federal and
state statute.

	 	**	 	Claims under any other state or federal employment related statute, regulation
or executive order (as they may have been amended through the Execution Date) relating
to wages, hours or any other terms and conditions of employment.

	 	**	 	Claims under any state or federal common law theory including, without
limitation, wrongful discharge, breach of express or implied contract, promissory
estoppel, unjust enrichment, breach of a covenant of good faith and fair dealing,
violation of public policy, defamation, interference with contractual relations,
intentional or negligent infliction of emotional distress, invasion of privacy,
misrepresentation, deceit, fraud or negligence.

	 	**	 	Any other Claim arising under state or federal law.

 

	 	 	 
	1/	 	For purposes of this Agreement, the Company includes
the Company and any of its divisions, affiliates (which means all persons and
entities directly or indirectly controlling, controlled by or under common
control with the Company), subsidiaries and all other related entities, and its
and their directors, officers, employees, trustees, agents, successors and
assigns.

 

A-1

 

Notwithstanding the foregoing, nothing contained in this Release constitutes a waiver of any
Claims you may have against the Company arising from or related to the Indemnification Agreement
and By-laws provisions referenced in Section 8 of the Employment Agreement, dated January 1, 2011,
entered into between you and the Company.

You acknowledge and agree that, but for providing this waiver and release, you would not be
receiving the economic benefits being provided to you under the terms of this Agreement.

It is the Company’s desire and intent to make certain that you fully understand the provisions
and effects of this Agreement. To that end, you have been encouraged and given the opportunity to
consult with legal counsel for the purpose of reviewing the terms of this Agreement. Also, because
you are over the age of 40 and consistent with the provisions of the Age Discrimination in
Employment Act (“ADEA”), which prohibits discrimination on the basis of age, the Company is
providing you with twenty-one (21) days in which to consider and accept the terms of this Agreement
by signing below and returning it to me at: [name], [address].

You may rescind your assent to this Agreement if, within seven (7) days after you sign this
Agreement, you deliver by hand or send by mail (certified, return receipt and postmarked within
such 7 day period) a notice of rescission to me at the Company. The eighth day following your
signing of this Agreement is the Effective Date.

Also, consistent with the provisions of Federal and state discrimination laws, nothing in this
release shall be deemed to prohibit you from challenging the validity of this release under such
discrimination laws (the “ Discrimination Laws”) or from filing a charge or complaint of age or
other employment related discrimination with the Equal Employment Opportunity Commission (“EEOC”)
or state equivalent, or from participating in any investigation or proceeding conducted by the EEOC
or state equivalent. Further, nothing in this release or Agreement shall be deemed to limit the
Company’s right to seek immediate dismissal of such charge or complaint on the basis that your
signing of this Agreement constitutes a full release of any individual rights under the
Discrimination Laws, or to seek restitution to the extent permitted by law of the economic benefits
provided to you under this Agreement in the event that you successfully challenge the validity of
this release and prevail in any claim under the Discrimination Laws.

	 	 	 	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	Paul McBarron	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Date signed:	 	 	 
	 

	 	 	 	 	 	 

	 	 

 

A-2

 

Exhibit B

Compromise Agreement

COMPROMISE AGREEMENT

THIS COMPROMISE AGREEMENT (the “Agreement”) is made as of [•] by and between Cyclacel
Pharmaceuticals, Inc. (the “Employer”) and Paul McBarron (the “Executive”).

WHEREAS, the Employer has employed the Executive as Executive Vice President, Finance, Chief
Financial Officer, Chief Operating Officer and Secretary since [•]; and

WHEREAS, the Executive may have certain claims against the Employer in respect of the Executive’s
employment during the period of the Executive’s employment with the Employer and up to the date of
signing of this Agreement by the parties, and

WHEREAS, without admitting the validity of all or any of these claims, the Employer wishes to
settle with the Executive;

NOW THEREFORE THE PARTIES AGREE AS FOLLOWS:-

	1.	 	Claims against the Employer

	 	a.	 	The Executive asserts that the Executive may have the following particular claims (the
“Asserted Claims”), and no other claims, against the Employer, its directors, officers or
employees, or against any associated company or person, or any affiliates of the Employer
(collectively, the “Affiliates”) arising from the Executive’s employment with the Employer
or the termination thereof:

	 	i.	 	Any claim for damages for breach of contract for notice or pay in lieu of
notice;

	 	ii.	 	Any claim for holiday pay; or payment of an accrued untaken holiday
entitlement;

	 	iii.	 	Any claim for outstanding pay, overtime, expenses, ex-gratia or discretionary
payments, use of Company vehicle, Directors’ fees, bonuses or commission and also
including a claim under the Equal Pay Act 1970 or Article 119 of the Treaty of Rome (as
amended by the Treaty of Amsterdam);

	 	iv.	 	A claim by the Executive for breach of contract by the Employer;

	 	v.	 	Any claim for unfair dismissal; or unfair constructive dismissal;

	 	vi.	 	Any claim for unlawful deduction from wages under Part II of the Employment
Rights Act 1996;

 

B-1

 

	 	vii.	 	Any claim for redundancy payment whether statutory or otherwise;

	 	viii.	 	Any claim for a failure to follow the statutory dispute resolution procedures
under the Employment Act 2002 and the Employment Act 2002 (Dispute Resolution)
Regulations 2004;

	 	ix.	 	Any claim for breach of the Working Time Regulations 1998 including non-payment
of holiday pay;

	 	x.	 	Any claim for failure to give a Statement of Main Terms and Conditions of
Employment or dispute resolution procedures in terms of Part I of the Employment Rights
Act 1996;

	 	b.	 	The Executive confirms that the Executive’s only claims or complaints against the
Employer or Affiliates are the Asserted Claims and that the Executive is aware of no other
claim or grounds to make a claim against the Employer or Affiliates in relation to any
other matters howsoever arising.

	 	c.	 	The Executive accepts the terms of this Agreement in full and final settlement of the
Asserted Claims and all other claims, complaints, costs, expenses or rights of action of
any kind, present, future or contingent, which the Executive may have against the Employer
or Affiliates, whether under statute, contract or at common law or under legislation or
directives of the European Union, arising from the Executive’s employment with the Employer
or the termination thereof, including, but not limited to:

	 	i.	 	Any claim for sex discrimination or victimisation, or harassment under the Sex
Discrimination Act 1975;

	 	ii.	 	Any claim for race discrimination or victimisation, or harassment under the
Race Relations Act 1976;

	 	iii.	 	Any claim for disability discrimination or victimisation or harassment under
the Disability Discrimination Act 1995;

	 	iv.	 	Any claim for discrimination, victimisation or harassment under the Employment
Equality (Sexual Orientation) Regulations 2003;

	 	v.	 	Any claim for discrimination, victimisation or harassment under the Employment
Equality (Religion or Belief) Regulations 2003;

	 	vi.	 	Any claim for discrimination, victimisation or harassment under the Employment
Equality (Age) Regulations 2006;

 

B-2

 

	 	vii.	 	Any claim for less favourable treatment, detriment, unfair dismissal or
victimisation under the Part Time Workers (Prevention of Less Favourable Treatment)
Regulations 2000;

	 	viii.	 	Any claim for less favourable treatment, detriment, unfair dismissal or
victimisation under the Fixed Term Executives (Prevention of Less Favourable Treatment)
Regulations 2002;

	 	ix.	 	Any claim under the National Minimum Wage Act 1998;

	 	x.	 	Any claim in relation to trade union membership, unfair dismissal or detriment
on the grounds they are a trade union member under the Trade Union and Labour Relations
(Consolidation) Act 1992;

	 	xi.	 	Any claim for a protective award under Trade Union and Labour Relations
(Consolidation) Act 1992;

	 	xii.	 	Any claim for harassment under the Protection from Harassment Act 1997;

	 	xiii.	 	Any claim under Part VII of the Transnational Information and Consultation of
Executives Regulations 1999;

	 	xiv.	 	Any claim for compensation under the Data Protection Act 1998;

	 	xv.	 	Any claim under Part VIII of the Information and Consultation of Executives
Regulations 2004;

	 	xvi.	 	Any claim for a protective award under the Transfer of Undertakings (Protection
of Employment) Regulations 2006;

	 	xvii.	 	Any claim for a guarantee payment in terms of Part III of the Employment
Rights Act 1996;

	 	xviii.	 	Any claim by the Executive that they have suffered a detriment on the grounds of
provisions relating to:

	 	(a)	 	health and safety;

	 
	 	(b)	 	Sunday working;

	 
	 	(c)	 	the Working Time Regulations 1998;

	 
	 	(d)	 	undertaking duties of an Occupational Pension Scheme Trustee;

	 
	 	(e)	 	undertaking duties as an Executive representative;

	 
	 	(f)	 	time off work for study or training;

	 
	 	(g)	 	protected disclosures;

	 
	 	(h)	 	family leave;

	 
	 	(i)	 	dependant leave;

	 
	 	(j)	 	flexible working;

	 
	 	(k)	 	enforcing or securing the benefit of or right conferred under
the Tax Credits Act 2002.

 

B-3

 

all in terms of Sections 44 to 48 of the Employment Rights Act 1996;

	 	xix.	 	Any claim for compensation under Section 80H of the Employment Rights Act 1996
(flexible working), but excluding any claims in relation to accrued pension rights or
any claims for damages for personal injuries, in respect of the latter of which the
Executive warrants that the Executive is not aware of any such claims.

	 	d.	 	The Executive warrants that, at the date of this Agreement, the Executive has not
issued any proceedings against the Employer or Affiliates, whether in an Employment
Tribunal or otherwise, and agrees to withdraw any such proceedings instituted on their
behalf.

	 	e.	 	If the waiver of the Asserted Claims or any other claims contained in this Clause is
judged to be void or unenforceable, but would be valid if any one or more of the waivers
were reduced, the waiver(s) shall be deemed to apply with such modification(s) as may be
necessary to make them valid and effective. Any such modification of any one waiver of a
claim shall not affect the validity of any other waiver of claim contained in this
contract.

	2.	 	Executive warranties

	 	a.	 	The Executive warrants that he is not aware of any matters relating his employment
which if disclosed to the Employer might affect the Employer’s decision to enter into this
Agreement.

	 	b.	 	The Executive warrants that the Executive has complied with all of his obligations to
the Employer and have not done or failed to do anything which would have allowed the
Employer to terminate the Executive employment with immediate effect.

	3.	 	Legal Advice

	 	a.	 	The Executive warrants to the Employer that before signing this Agreement the Executive
received independent legal advice from [________]
Solicitor, [_______] a qualified lawyer
(“The Advisor”), as to the terms and effects of this Agreement, and, in particular, its
effect on the Executive’s ability to pursue the Executive’s rights before an
Employment Tribunal or a Court. The Advisor has in force a Policy of Insurance covering
the risk of a claim by the Executive in respect of any loss arising in consequence of the
said legal advice.

 

B-4

 

	 	b.	 	The Executive warrants to the Employer that the Executive has provided the Advisor with
all available information which the Advisor requires or may require to advise whether the
Executive has any claims, and in particular any of the claims listed in Clause 1 of this
Agreement, against the Employer or Affiliates.

	 	c.	 	The Executive warrants to the Employer that the Advisor has advised the Executive that
on the basis of the information available to the Advisor the Executive’s only claims or
particular complaints against the Employer or Affiliates are the Asserted Claims and that
he has no other claim against the Employer whether statutory or otherwise.

	4.	 	Compliance with statutory provisions

	 	a.	 	The Executive declares and acknowledges that the Executive has carefully read and fully
understands all of the provisions of this Agreement and voluntarily agrees to and intends
to be legally bound by all its terms and in particular the Executive acknowledges that this
Agreement is a Compromise Agreement within the meaning of s.203(2)(f) of the Employment
Rights Act 1996 and that by entering into this Agreement the Executive has agreed not to
institute or continue any proceedings before an Employment Tribunal or the Courts arising
out of the termination of the Executive’s employment.

	 	b.	 	The Employer and the Executive agree and acknowledge that the conditions regulating
Compromise Agreements under Section 203(3) of the Employment Rights Act 1996, Section 288
of the Trade Union and Labour Relations (Consolidation) Act 1992; Section 77(4A) of the Sex
Discrimination Act 1975; Section 72(4A) of the Race Relations Act 1976; Schedule 3A of the
Disability Discrimination Act 1995 and Regulation 35(3) of the Working Time Regulations
1998, Section 49 of the National Minimum Wage Act 1998, Regulation 10 of the Fixed Term
Executives (Prevention of less favourable Treatment) Regulations 2002; Regulation 9 of the
Part Time Workers (Prevention of Less favourable Treatment) Regulations 2000, Schedule 4 of
the Employment Equality (Religion or Belief) Regulations 2003, Schedule 4 of the Employment
Equality (Sexual Orientation) Regulations 2003; Schedule 5 of the Employment Equality (Age)
Regulations 2006; Regulation 40 of the Information and Consultation of Executives
Regulations 2004; and Regulation 41 of the Transnational information and Consultation of
Executives Regulations 1998 all as maybe re-enacted or amended are intended to be and have
been satisfied and that the Executive has intimated the foregoing claims.

 

B-5

 

IN WITNESS WHEREOF these presents consisting of this
and the [______] preceding pages are
executed as follows:

They are subscribed for and on behalf of the
Employer at [_____]
on the _____ day of [_______] 20_____ 
the presence of the following
witness by:-

	 	 	 
	 

(Witness)

	 	 
	 
	 	 
	 

	 	 
	 

	 	(Authorised Signatory)
	 
	 	 
	 

(Full Name)

	 	 
	 
	 	 
	 

(Address)

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

(Occupation)

	 	 
	 
	 	 
	They are subscribed by the Executive at
[_____]
on the ________ day of [_____] 20_____ 
in
the presence of the following witness:-
	 	 
	 
	 	 
	 

(Witness)

	 	 
	 
	 	 
	 

	 	 
	 

	 	[Executive’s name]
	 
	 	 
	 

(Full Name)

	 	 
	 
	 	 
	 

(Address)

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

(Occupation)

	 	 

 

B-6

 

22. Solicitor’s Certificate under Section 203 of the Employment Rights Act 1996

I, [_____] hereby certify as follows:-

	1.	 	I am a solicitor holding a current Practising Certificate.

	2.	 	I have advised [Executive] of the terms and effects of the attached
Agreement and in particular its effect on the Executive’s ability to pursue a claim to an
Employment Tribunal and/or the Courts following its signing.

	3.	 	I am not acting and have not acted in relation to this matter for [employer]

	4.	 	There is in force a policy of insurance covering the risk of a claim by the Executive in
respect of loss arising in consequence of the advice I have given.

	5.	 	The conditions regulating Compromise Agreements under Section 203(3) of the Employment Rights
Act 1996, Section 288 of the Trade Union and Labour Relations (Consolidation) Act 1992;
Section 77(4A) of the Sex Discrimination Act 1975; Section 72(4A) of the Race Relations Act
1976; Schedule 3A of the Disability Discrimination Act 1995 and Regulation 35(3) of the
Working Time Regulations 1998, Section 49 of the National Minimum Wage Act 1998, Regulation 10
of the Fixed Term Executives (Prevention of less favourable Treatment) Regulations 2002;
Regulation 9 of the Part Time Workers (prevention of Less favourable Treatment) Regulations
2000, Schedule 4 of the Employment Equality (Religion or Belief) Regulations 2003, Schedule 4
of the Employment Equality (Sexual Orientation) Regulations 2003; Schedule 5 of the Employment
Equality (Age) Regulations 2006; Regulation 40 of the Information and Consultation of
Executives Regulations 2004; and Regulation 41 of the Transnational Information and
Consultation of Executives Regulations 1998 have accordingly been satisfied.

	 	 	 	 	 	 	 	 	 
	(Sgd.)

	 	 	 	Date	 	 	 	 
	 

	 	 
	 	 	 	 
	 	 

 

B-7Exhibit 4.9

EXHIBIT 4.9

EXECUTION COPY 

THIRD AMENDMENT AND WAIVER TO CREDIT AGREEMENT

THIS THIRD AMENDMENT AND WAIVER TO CREDIT AGREEMENT (as the same may from time to time be
amended, restated or otherwise modified, this “Amendment”) is made as of March 30, 2011,
and entered into by and among KIDS LINE, LLC, a Delaware limited liability company (“Kids
Line”), SASSY, INC., an Illinois corporation (“Sassy”), LAJOBI, INC., a Delaware
corporation (“LaJobi”), I & J HOLDCO, INC., a Delaware corporation (“I & J”),
COCALO, INC., a California corporation (“CoCaLo” and together with Kids Line, Sassy, LaJobi
and I & J collectively, the “Borrowers” and each individually, a “Borrower”), KID
BRANDS, INC., a New Jersey corporation (“Parent”), as a Guarantor (in such capacity, a
“Guarantor”, and together with the Borrowers, the “Loan Parties”) and as the Loan
Party Representative for the Borrowers (in such capacity, the “Loan Party Representative”),
the Lenders (as defined in the Credit Agreement referred to below) party hereto and BANK OF
AMERICA, N.A., as successor by merger to LASALLE BANK NATIONAL ASSOCIATION (in its individual
capacity, together with its successors and assigns, “Bank of America”), as administrative
agent (in such capacity, together with its successors and assigns, the “Agent”) for the
Lenders party to the Credit Agreement defined below.

RECITALS

WHEREAS, the Borrowers, Loan Party Representative, the Lenders, certain other financial
institutions as Lenders and the Agent have entered into the Amended and Restated Credit Agreement,
dated as of April 2, 2008 (as amended, restated or otherwise modified from time to time, the
“Credit Agreement”; capitalized terms used in this Amendment and not defined in this
Amendment shall be defined in accordance with the Credit Agreement), pursuant to which the Lenders
have agreed to make loans and other financial accommodations to the Borrowers, all upon the terms
and conditions set forth in the Credit Agreement;

WHEREAS, the Loan Parties have informed the Agent that (a) for a period of time commencing
prior to the acquisition of LaJobi in 2008, LaJobi paid incorrect import duties on certain wooden
furniture imported from vendors in China, resulting in a violation of anti-dumping regulations and
(b) misconduct was involved on the part of certain LaJobi employees in connection with the
incorrect payment of such duties, including misidentifying the manufacturer and shipper of
products. As a result, certain Events of Default have occurred and are continuing and, pending
further diligence and investigation, further Events of Default may be determined to have been
occurred and be continuing, in each case, under Sections 13.1.5 and 13.1.6 of the
Credit Agreement.

WHEREAS, the Loan Parties anticipate that they will make payments of the unpaid import duties,
interest thereon and potential penalties related thereto, a portion of which anticipated payments
will be accrued on the financial statements of the Parent and its Subsidiaries from time to time,
including for the Fiscal Quarter ended December 31, 2010. In addition, it is possible that LaJobi
may, in the future, be requested or required (subject to the Earnout Consideration Conditions
Precedent) to pay certain Earnout Consideration under the LaJobi Acquisition Agreement. As a
result of the foregoing potential events, the Loan Parties have requested that the Required Lenders
and the Agent (a) amend the definition of EBITDA to
permit certain add-backs of up to $14,855,000 in the aggregate and (b) waive certain Events of
Default and certain related potential Events of Default.

 

 

 

NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree as follows:

ARTICLE I

AMENDMENTS

Subject to the terms and conditions set forth in Article III of this Amendment, the
Credit Agreement is hereby amended as of the Effective Date as follows:

1.1 The definition of Earnout Consideration Conditions Precedent appearing in Section 1.1 is hereby
deleted in its entirety and replaced with the following:

Earnout Consideration Conditions Precedent means, with respect to any proposed
payment of any Earnout Consideration (including, without limitation, under or pursuant to
any guaranty thereof), that both before and immediately after giving effect to any such
payment, (i) no Event of Default or Unmatured Event of Default then exists or would result
therefrom, (ii) Excess Revolving Loan Availability will equal or exceed (A) only in the case
of the Earnout Consideration, if any, payable under or in respect of the LaJobi Acquisition
Agreement, (x) if the Duty Conclusion Date has not yet occurred, the greater of (1)
$18,000,000 less the amount of any Duty Amounts previously paid by LaJobi to U.S. Customs
and Border Protection and (2) $9,000,000, otherwise (y) if the Duty Conclusion Date has
occurred, $9,000,000 and (B) only in the case of Earnout Consideration, if any, payable
under or in respect of the CoCaLo Acquisition Agreement, $9,000,000, and (iii) no violation
of the financial covenants set forth in Sections 11.13.1, 11.13.2 or
11.13.3 would then exist or would, on a pro forma basis result therefrom, as such
are certified in writing by the Chief Financial Officer delivered to the Administrative
Agent setting forth the calculations of pro forma Excess Revolving Loan Availability and the
pro forma calculations of such financial covenants (after giving effect to such payments) in
detail reasonably acceptable to the Administrative Agent and which calculations are
confirmed and approved by the Administrative Agent.

1.2 The definition of EBITDA appearing in Section 1.1 is hereby deleted in its entirety and
replaced with the following:

EBITDA means, with respect to the Parent and its consolidated Subsidiaries, for any
period (or portion thereof), the following amount as calculated on a consolidated basis for
the Parent and its consolidated Subsidiaries for such period (or such portion thereof): (A)
Consolidated Net Income for such period (as adjusted as set forth below where applicable),
plus (minus) (B) to the extent deducted (added) in determining such
Consolidated Net Income, (i) Interest Expense, (ii) income tax expense, (iii) depreciation,
(iv) amortization, (v) other non-cash charges (gains), (vi) if expensed, reasonable costs,
expenses and fees incurred in connection with the negotiation, execution and delivery of the
Loan Documents and the financings contemplated

 

 

 

thereby, (vii) if expensed, reasonable costs,
expenses and fees incurred in connection with the negotiation, execution and delivery of the Acquisition Documents and the transactions contemplated
thereby, but not to exceed $5,000,000, in aggregate, (viii) if expensed, the reasonable fees
and expenses paid to any Independent Director required to be retained by the Borrowers
pursuant to the terms of this Agreement and incremental auditor’s fees and expenses relating
to the preparation of separate audited financial statements of the Borrowers (distinct from
those of the Parent) as required pursuant to Section 10.1.1(a), (ix) non-cash transaction
losses (gains) due solely to fluctuations in currency values, in each case, during such
period, and (x) if accrued or expensed during or after the Fiscal Quarter ending December
31, 2010 (or in any prior period to the extent a restatement is required), (a) the amount of
all Duty Amounts so accrued or expensed, (b) the amount of Earnout Consideration, if any,
paid by LaJobi under or in respect of the LaJobi Acquisition Agreement, to the extent that
such Earnout Consideration is paid in accordance with the terms of this Agreement and (c)
fees and expenses incurred by the Loan Parties in connection with the Loan Parties’ and U.S.
Customs and Border Protection’s investigation of the Duty Amounts and Duty Events, in an
aggregate amount under clauses (a), (b) and (c) not to exceed the sum, for all periods, of
(x) $14,855,000 less (y) the amount of Earnout Consideration, if any, paid by LaJobi under
the LaJobi Acquisition Agreement, to the extent that such Earnout Consideration was not paid
in accordance with the terms of this Agreement and/or to the extent not deducted in
determining Consolidated Net Income.

1.3 Section 1.1 is hereby further amended by adding the following definitions in appropriate
alphabetical order:

Duty Amounts means all customs duties, interest, penalties and any other amounts
payable or owed to U.S. Customs and Border Protection by LaJobi, to the extent that such
customs duties, interest, penalties and other amounts relate to the Duty Events.

Duty Conclusion Date means the date on which Administrative Agent receives, in a
form and substance reasonably satisfactory to it, a written certificate of the Parent
certifying that (a) all Duty Amounts owing to U.S. Customs and Border Protection by LaJobi
with respect to the Duty Events have been paid in full and (b) no Event of Default or
Unmatured Event of Default then exists, with the following attachments thereto: (1) evidence
of payment of the Duty Amounts and (2) evidence reasonably satisfactory to the Agent that
either (x) U.S. Customs and Border Protection has issued a final audit report with respect
to the Duty Events, or (y) U.S. Customs and Border Protection has completed a “focused
assessment” with respect to the Duty Events.

Duty Events means (i) the nonpayment or incorrect payment by LaJobi of import duties
to U.S. Customs and Border Protection on certain wooden furniture imported by LaJobi from
vendors in China, resulting in a violation prior to the Third Amendment Effective Date of
anti-dumping regulations, and the related misconduct on the part of certain LaJobi
employees, including the misidentification of the manufacturer and shipper of such products
and (ii) LaJobi’s business and staffing practices in Asia prior to the Third Amendment
Effective Date relating thereto.

 

 

 

Third Amendment Effective Date means the “Effective Date” as defined in the Third
Amendment and Waiver to Credit Agreement dated as of March 30, 2011 among the Loan Parties,
the Agent and the Required Lenders.

1.4 Section 10.1.3 is hereby deleted in its entirety and replaced with the following:

10.1.3 Compliance Certificates. Contemporaneously with the furnishing of a copy of
each annual audit report pursuant to Section 10.1.1, each set of quarterly
statements pursuant to Section 10.1.2(a), and at least five(5) days prior to any
accrual in an incremental amount in excess of $1,000,000 for, or payment of, any Duty
Amounts, a duly completed compliance certificate in the form of Exhibit B, with
appropriate insertions, dated the date of such annual report, quarterly statement, or
proposed accrual or payment, as applicable, and signed by a Senior Officer of the Loan Party
Representative, containing (i) if required pursuant to the terms hereof, a computation of
each of the financial ratios and restrictions set forth in Section 11.13 (or
Section 11.14 in the case of any accrual or payment of any Duty Amounts) and
certifying that such officer has not become aware of any Event of Default or Unmatured Event
of Default that has occurred and is continuing or, if there is any such event, describing it
and the steps, if any, taken or being taken to cure it and (ii) with respect to the annual
audit report and quarterly statements only, a written statement of the Parent’s management
setting forth a discussion of the financial condition of the Parent and its Subsidiaries and
any material changes in their financial condition and/or results of operations.

1.5 The following new Section 11.14 is hereby added immediately following Section 11.13.3:

11.14 Accrual or Payment of Duty Amounts. At the time of any accrual in an
incremental amount in excess of $1,000,000 for, or proposed payment of, any Duty Amounts,
not permit (as demonstrated and calculated pursuant to a Compliance Certificate to be
delivered to the Administrative Agent pursuant to Section 10.1.3):

(a) the Fixed Charge Coverage Ratio, calculated on a pro forma basis as of the last day of
the most recently ended Fiscal Quarter with respect to the Computation Period ending on such
date, as if such accrual or payment occurred during such Fiscal Quarter, to be less than
1:35:1.0 or

(b) the Total Debt to EBITDA Ratio, calculated on a pro forma basis as of the last day of
the most recently ended Fiscal Quarter with respect to the Computation Period ending on such
date, as if such accrual or payment occurred during such Fiscal Quarter, to be greater than
2:75:1:0.

 

 

 

ARTICLE II

LIMITED WAIVERS 

Section 2.1 As of the Effective Date, Agent and the Required Lenders hereby waive:

(a) any existing Events of Default occurring prior to the date hereof under
13.1.6 of the Credit Agreement as a result of the Parent’s and Loan Parties’
representations made under the following sections being breached, false, or misleading
in any material respect when made or deemed made, solely to the extent that such
representation and warranty was breached, false or misleading as a result of the Duty Events
and would not otherwise exist but for the Duty Events: 9.4 (Financial Condition),
9.6 (Litigation and Contingent Liabilities) (solely as it relates to governmental
investigations), 9.13 (Taxes), 9.18 (Information), 9.21 (Labor
Matters), 9.22  (No Default) and 9.23 (Acquisitions) (such sections
collectively, the “Subject Representations”),

(b) any existing Events of Default occurring prior to the date hereof under Section
13.1.5 of the Credit Agreement as a result of the failure by the Parent or any Loan
Party to comply with or perform the covenants set forth in the following sections, solely to
the extent that such noncompliance was as a result of the Duty Events and would not
otherwise exist but for the Duty Events: 10.1.1 and 10.1.2 (Financial
Statements), 10.1.3 (Compliance Certificates), 10.1.5 (Notices),
10.1.8 (Projections), 10.2 (Books and Records) and 10.4 (Compliance
with Laws; Payment of Taxes) (such sections collectively, the “Subject Covenants”),

(A) the existing Events of Default, if any, under Section 13.1.5 of the
Credit Agreement as a result of (x) the failure of the Loan Parties to timely notify
the Agent of the change of the Parent’s chief executive office location as required
by Section 5.3 of the Guaranty and Collateral Agreement and (y) the failure
of the Loan Parties to comply with Section 10.10 and Section 11.15
of the Credit Agreement by not causing to be pledged to the Administrative Agent a
security interest in the Capital Securities held by I&J of I & J Quality Co., Ltd.,
an entity organized under the laws of Thailand (“I&J Thailand”) and I&J
International (Hong Kong) Limited, an entity organized under the laws of Hong Kong
(“I&J Hong Kong”) (collectively, the new “Foreign I&J
Subsidiaries”). The waiver with respect to each of the Foreign I&J Subsidiaries
under clause (y) of this Section 2.1(c), shall be in effect until the
earlier of (1) the date on which I&J complies with Section 10.10 and
Section 11.15 of the Credit Agreement with respect to such Foreign I&J
Subsidiary and (2) (i) with respect to I&J Hong Kong, 60 days after the Effective
Date (or such longer period of time as reasonably agreed to by the Administrative
Agent, so long as I&J Hong Kong remains an inactive Subsidiary that does not carry
on any business and has no assets, liabilities, or employees) and (ii) with respect
to I&J Thailand, 60 days after the date on which such entity is authorized to
conduct business by the applicable governmental authority (or such longer period of
time as reasonably agreed to by the Administrative Agent, so long as I&J Thailand
remains an inactive Subsidiary that does not carry on any business and has no
assets, liabilities, or employees) (Section 5.3 of the Guaranty and
Collateral Agreement and Sections 10.10 and 11.15 of the Credit
Agreement, together with the Subject Representations and Subject Covenants being the
“Subject Provisions” and the existing Events of Default occurring prior to
the date hereof, the “Existing Defaults”),

 

 

 

(c) any Events of Default which may occur on or after the date hereof under
13.1.6 of the Credit Agreement as a result of the Parent and Loan Parties’
representations
made under the Subject Representations being breached, false, or misleading in any
material respect when made or deemed made, solely to the extent that such representation and
warranty is breached, false or misleading by the accrual or payment of any Duty Amounts, and

(d) any Events of Default which may occur on or after the date hereof under
13.1.5 of the Credit Agreement as a result of the failure by the Parent or any Loan
Party to comply with or perform the covenants set forth in the Subject Covenants, solely to
the extent that such noncompliance is solely as a result of the accrual or payment of any
Duty Amounts (such potential Events of Default referenced in clauses (d) and (e), the
“Potential Defaults”, and together with the Existing Defaults, the “Waived
Defaults”).

Section 2.2 Except as specifically set forth in Section 2.1 above, this Amendment shall not be
deemed to constitute a waiver or release of (a) any Unmatured Event of Default or Event of Default
(x) that may have occurred or existed under the Subject Provisions for any reason other than the
Duty Events or, with respect to the Existing Defaults described in clause (c) above, the change of
location of the Parent’s chief executive office, (y) any other provision of the Credit Agreement or
the other Loan Documents (including, if as a result of the Duty Events or otherwise), or (z)
occurring after the date hereof (except as set forth in clauses (d) and (e)) or (b) any remedies or
rights of Agent or the Lenders with respect thereto, all of which are hereby reserved.

ARTICLE III

CONDITIONS TO EFFECTIVENESS

Section 3.1 Conditions Precedent. This Amendment shall become effective (the
“Effective Date”) on the date when all of the following conditions have been satisfied in a
manner satisfactory to the Agent:

(a) Except with respect to those Subject Provisions, compliance with which have been
specifically waived pursuant to Section 2 above, all representations and warranties of the
Parent and the Loan Parties set forth herein and in the Credit Agreement and the other Loan
Documents shall be true and correct in all material respects (or, with respect to those
representations and warranties expressly limited by their terms by materiality or material
adverse effect qualifications, all respects) as of the Effective Date and shall be deemed
remade on such date, except to the extent any such representation and warranty expressly
relates to an earlier date, in which case such representation and warranty shall be true and
correct in all material respects (or, with respect to those representations and warranties
expressly limited by their terms by materiality or material adverse effect qualifications,
all respects) as to the date to which it relates.

(b) After giving effect to the limited waiver in Section 2 hereof, no Unmatured Default
or Event of Default shall have occurred and be continuing under any of the Loan Documents on
or prior to the Effective Date or result from this Amendment becoming effective in
accordance with its terms.

 

 

 

(c) This Amendment shall have been signed by the Loan Parties, the Loan Party
Representative, the Agent and the Required Lenders.

(d) Agent shall have received, on behalf of the Lenders party hereto, a fee equal to
5.0 basis points in the aggregate on the sum of (x) each such Lender’s Revolving Commitment
and (y) each such Lender’s Pro Rata Share of the aggregate outstanding amount of the Term
Loan.

(e) Agent shall have received all fees required to be paid by the Loan Parties pursuant
to that certain Fee Letter dated as of March 30, 2011.

(f) All proceedings taken in connection with the transactions contemplated by this
Amendment and all documents, instruments and other legal matters incident thereto shall be
reasonably satisfactory to the Agent.

(g) The Parent and the Loan Parties shall have provided such other items and shall have
satisfied such other conditions as may be reasonably required by the Agent.

ARTICLE IV 

REAFFIRMATION.

The Loan Party Representative and each Loan Party hereby expressly reaffirms and assumes all
of their obligations and liabilities to the Agent and the Lenders as set forth in the Credit
Agreement and the other Loan Documents and agrees to be bound by and abide by and operate and
perform under and pursuant to and comply fully with all of the terms, conditions, provisions,
agreements, representations, undertakings, warranties, indemnities, grants of security interests
and covenants contained in the Credit Agreement and the other Loan Documents, as such obligations
and liabilities may be modified or waived by this Amendment, as though the Credit Agreement and the
other Loan Documents were being re-executed on the date hereof, except to the extent that such
terms expressly relate to an earlier date. The Loan Party Representative and each Loan Party
hereby ratifies, confirms and affirms without condition, all liens and security interests granted
to the Agent pursuant to the Credit Agreement and the other Loan Documents and such liens and
security interests shall continue to secure the Obligations under the Credit Agreement as amended
by this Amendment, and all extensions, renewals, refinancings, amendments or modifications of any
of the foregoing.

ARTICLE V 

MISCELLANEOUS

Section 5.1 Representations and Warranties. The Loan Parties hereby jointly and
severally represent and warrant to the Agent and the Lenders that:

(a) the Loan Parties and the Loan Party Representative have the legal power and
authority to execute and deliver this Amendment;

(b) the officers of the Loan Party Representative and each of the Loan Parties
executing this Amendment have been duly authorized to execute and deliver the same
and bind the Loan Party Representative and each of the Loan Parties with respect to the
provisions hereof;

 

 

 

(c) the execution, delivery and performance by the Loan Party Representative and each
Loan Party of this Amendment do not and will not (a) require any consent or approval of any
governmental agency or authority (other than any consent or approval which has been obtained
and is in full force and effect, except such as would not have and reasonably could not be
expected to have a Material Adverse Effect), (b) conflict with (i) any provision of law,
(ii) the charter, by laws or other organizational documents of such Person or (iii) any
material agreement, indenture, instrument or other material document, or any judgment, order
or decree, which is binding upon the such Person or any of their respective properties or
(c) require, or result in, the creation or imposition of any Lien on any asset of any Loan
Party (other than Permitted Liens and Liens in favor of the Agent created pursuant to the
Collateral Documents);

(d) other than the Waived Defaults, no Unmatured Event of Default or Event of Default
exists under the Credit Agreement, nor will any occur immediately after the execution and
delivery of this Amendment or by the performance or observance of any provision hereof;

(e) neither the Loan Party Representative nor any of the Loan Parties is aware of any
claim or offset against, or defense or counterclaim to, the Loan Party Representative’s and
each of the Loan Parties’ obligations or liabilities under the Credit Agreement or any Loan
Document; and

(f) this Amendment and each document executed by the Loan Party Representative and each
of the Loan Parties in connection herewith constitute valid and binding obligations of the
Loan Party Representative and the Loan Parties, respectively, enforceable in accordance with
their terms, except to the extent that the enforceability thereof may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
generally affecting creditors’ rights and by equitable principles (regardless of whether
enforcement is sought in equity or at law).

Section 5.2 Parent as a Loan Party. No references in the Credit Agreement to “the
Parent and each Loan Party”, “the Parent or any Loan Party”, “the Parent, any Loan Party or any of
their respective properties” shall be deemed to imply or shall be interpreted to mean that the
Parent is not a Loan Party.

Section 5.3 Loan Documents Unaffected. Except as herein otherwise specifically
provided, all provisions of the Credit Agreement and the Loan Documents shall remain in full force
and effect and are hereby affirmed, confirmed and ratified in all respects. As of the Effective
Date, all references to the Credit Agreement in the Credit Agreement or any other Loan Document
shall be deemed to refer to the Credit Agreement as amended hereby.

 

 

 

Section 5.4 No Course of Dealing. The Loan Party Representative and each of the Loan
Parties acknowledge and agree that (a) this Amendment is not intended to, nor shall it, establish
any course of dealing between the Loan Party Representative, the Loan Parties, the
Agent and the Lenders that is inconsistent with the express terms of the Credit Agreement or
any other Loan Document, and (b) notwithstanding any course of dealing between the Loan Party
Representative, the Loan Parties, the Agent and the Lenders prior to the date hereof, except as set
forth herein, the Lenders shall not be obligated to make any Loan, except in accordance with the
terms and conditions of this Amendment and the Credit Agreement.

Section 5.5 Attorney’s Fees and Costs. In addition to the fees described in Section
3.1 above, the Loan Parties hereby agree to reimburse the Agent for all of its reasonable
out-of-pocket documented legal fees and expenses incurred in the preparation and documentation of
this Amendment and related documents.

Section 5.6 Survival. All representations, warranties, covenants, agreements,
releases and waivers made by or on behalf of the Loan Party Representative and the Loan Parties
under this Amendment shall survive the execution and delivery of this Amendment.

Section 5.7 No Waiver of Rights. No waiver shall be deemed to be made by any party
hereunder of any of its rights hereunder unless the same shall be in writing signed on behalf of
such party.

Section 5.8 Governing Law. THIS AMENDMENT SHALL BE A CONTRACT MADE UNDER AND GOVERNED
BY THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED
ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

Section 5.9 Entire Agreement. This Amendment sets forth the entire agreement and
understanding among the parties as to the subject matter hereof and merges and supersedes all prior
discussions, agreements, and undertakings of every kind and nature among them with respect to the
subject matter hereof.

Section 5.10 Counterparts. This Amendment may be executed in any number of
counterparts, and by the parties hereto on the same or separate counterparts and by facsimile
signature, and each such counterpart, when executed and delivered, shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same Amendment.

Section 5.11 Severability Of Provisions; Captions; Attachments. Wherever possible
each provision of this Amendment shall be interpreted in such manner as to be effective and valid
under applicable law. Any provision of this Amendment that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction. The several captions to Sections and
subsections herein are inserted for convenience only and shall be ignored in interpreting the
provisions of this Amendment. Each schedule or exhibit attached to this Amendment shall be
incorporated herein and shall be deemed to be a part hereof.

Section 5.12 Loan Document. This Amendment is a Loan Document.

Section 5.13 JURY TRIAL WAIVER. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO A
TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE
OR DEFEND ANY RIGHTS UNDER THIS AMENDMENT AND ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT
DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH AND AGREES THAT ANY SUCH
ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

[Remainder of Page Intentionally Left Blank]

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment to be duly executed and
delivered by their duly authorized officers as of the date first set forth above.

	 	 	 	 	 
	 	LOAN PARTIES:

KIDS LINE, LLC, a Delaware limited liability company, as a Borrower

 	 
	 	By:  	/s/ MARC S. GOLDFARB
 	 
	 	 	Name:  	Marc S. Goldfarb 	 
	 	 	Title:  	SVP & General Counsel 	 
	 
	 	SASSY, INC., an Illinois corporation, as a Borrower

 	 
	 	By:  	/s/ MARC S. GOLDFARB
 	 
	 	 	Name:  	Marc S. Goldfarb 	 
	 	 	Title:  	SVP & General Counsel 	 
	 
	 	LAJOBI, INC., a Delaware corporation, as a Borrower

 	 
	 	By:  	/s/ MARC S. GOLDFARB
 	 
	 	 	Name:  	Marc S. Goldfarb 	 
	 	 	Title:  	SVP & General Counsel 	 
	 
	 	I & J HOLDCO, INC., a Delaware corporation, as a Borrower

 	 
	 	By:  	/s/ MARC S. GOLDFARB
 	 
	 	 	Name:  	Marc S. Goldfarb 	 
	 	 	Title:  	SVP & General Counsel 	 
	 

 

 

 

	 	 	 	 	 
	 	COCALO, INC., a California corporation, as a Borrower

 	 
	 	By:  	/s/ MARC S. GOLDFARB
 	 
	 	 	Name:  	Marc S. Goldfarb 	 
	 	 	Title:  	SVP & General Counsel 	 
	 
	 	KID BRANDS, INC., a New Jersey corporation, as a Guarantor and as Loan Party
Representative

 	 
	 	By:  	/s/ MARC S. GOLDFARB
 	 
	 	 	Name:  	Marc S. Goldfarb 	 
	 	 	Title:  	SVP & General Counsel 	 

 

 

 

	 	 	 	 	 
	AGENT:	BANK OF AMERICA, N.A., as successor by merger to LASALLE BANK
NATIONAL ASSOCIATION, as Agent

 	 
	 	By:  	/s/ ERIN M. FREY
 	 
	 	 	Name:  	Erin M. Frey 	 
	 	 	Title:  	Vice President 	 
	 
	S	
BANK OF AMERICA, N.A., as successor by merger to LASALLE BANK
NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ ERIN M. FREY
 	 
	 	 	Name:  	Erin M. Frey 	 
	 	 	Title:  	Vice President 	 
	 
	 	SOVEREIGN BANK

 	 
	 	By:  	/s/ CHRISTINE GERULA
 	 
	 	 	Name:  	Christine Gerula 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	WACHOVIA BANK, N.A.

 	 
	 	By:  	/s/ KATHRYN T. MURPHY
 	 
	 	 	Name:  	Kathryn T. Murphy 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	JP MORGAN CHASE BANK, N.A.

 	 
	 	By:  	/s/ SUSAN M. GRAHAM
 	 
	 	 	Name:  	Susan M. Graham 	 
	 	 	Title:  	Vice President 	 
	 

 

 

 

	 	 	 	 	 
	 	TD BANKNORTH, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	HSBC BANK USA, N.A.

 	 
	 	By:  	/s/ RICHARD J. ELIAS
 	 
	 	 	Name:  	Richard J. Elias 	 
	 	 	Title:  	Vice President 	 
	 
	 	CITIZENS BANK OF PENNSYLVANIA

 	 
	 	By:  	/s/ JOHN S. FRAME
 	 
	 	 	Name:  	John  S. Frame 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	BANK OF THE WEST

 	 
	 	By:  	/s/ SIDNEY JORDAN
 	 
	 	 	Name:  	Sidney Jordan 	 
	 	 	Title:  	Vice President

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