Document:

Credit Agreement Amendment

 Exhibit 4.3 
  

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT 
  
 FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT (this “First Amendment”), dated as of November 10, 2004, among EXIDE TECHNOLOGIES, a
Delaware corporation (the “U.S. Borrower”), EXIDE GLOBAL HOLDING NETHERLANDS C.V., a limited partnership organized under the laws of The Netherlands (the “European Borrower”, and together with the U.S. Borrower, the
“Borrowers”), the Lenders from time to time party hereto and DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent (in such capacity, the “Administrative Agent”). Unless otherwise indicated, all capitalized
terms used herein and not otherwise defined shall have the respective meanings provided such terms in the Credit Agreement referred to below. 
  
 W I T N E S S E T H : 
  
 WHEREAS, the Borrowers, the Lenders and the Administrative Agent are parties to a Credit Agreement, dated as of May 5, 2004
(as amended, restated, modified and/or supplemented to, but not including, the date hereof, the “Credit Agreement”); and 
  
 WHEREAS, subject to the terms, conditions and agreements herein set forth, the parties hereto have agreed to amend the Credit Agreement and the Lenders
have agreed to waive certain provisions of the Credit Agreement, in each case as herein provided; 
  
 NOW, THEREFORE, it is agreed: 
  
 I. Amendments and Waivers to Credit Agreement. 
  
 1. Section 8.11(d) of the Credit Agreement is hereby amended by inserting the text “upon the acquisition of such Equity
Interests by any Credit Party (subject to any delays deemed reasonably necessary or desirable under local law as requested by the U.S. Borrower and acceptable to the Administrative Agent in its sole discretion)” immediately after the text
“pursuant to the Pledge Agreements” appearing in said Section. 
  
 2. Section 9.09 of the Credit Agreement is hereby amended by deleting each instance of the text “3rd Fiscal Quarter of Fiscal Year 2005” appearing in said Section and inserting the text “2nd Fiscal Quarter of Fiscal Year 2006” in lieu thereof. 
  
 3. Section 9.10 of the Credit Agreement is hereby amended by (w) deleting the text “$165,000,000” appearing directly opposite the text “Fiscal Quarter ending closest to September 30, 2004” and
inserting the text “$155,000,000” in lieu thereof, (x) deleting the text “$165,000,000” appearing directly opposite the text “Fiscal Quarter ending closest to December 31, 2004” and inserting the text
“$155,000,000” in lieu thereof, (y) deleting the text “$165,000,000” appearing directly opposite the text “Fiscal Quarter ending closest to March 31, 2005” and inserting the text “$160,000,000” in lieu thereof
and (z) deleting the text “$170,000,000” appearing directly opposite the text “Fiscal Quarter ending closest to June 30, 2005” and inserting the text “$160,000,000” in lieu thereof. 

 4. Section 9.12(d) of the Credit Agreement is hereby amended by deleting the text “Section
4.02(f)” appearing in said Section and inserting the text “Section 4.02(e)” in lieu thereof. 
  
 5. Notwithstanding anything to the contrary contained in Section 4.02(e) of the Credit Agreement or elsewhere in the Credit Agreement, the Lenders hereby
agree that any insurance or condemnation proceeds received by the U.S. Borrower or any of its Subsidiaries in connection with the fire which occurred on September 24, 2004 at Deutsche Exide GmbH’s facility in Bad Lauterberg, Germany (the
“Bad Lauterberg Fire”) shall not be required to be applied as a mandatory repayment or commitment reduction upon the receipt thereof as otherwise required by Section 4.02(e) of the Credit Agreement, provided that all such
proceeds received from property insurance coverage (but not from business interruption insurance coverage) are used (or contractually committed to be used) within 360 days following the date of receipt of such proceeds to repair, restore or replace
(whether at Deutsche Exide GmbH’s facility in Bad Lauterberg, Germany or elsewhere) production capacity lost as a result of the Bad Lauterberg Fire, provided further that (I) if all or any portion of such property insurance
proceeds are not so used (or contractually committed to be used) within such 360-day period, such remaining portion shall be applied as a mandatory repayment and/or commitment reduction pursuant to Section 4.02(e) of the Credit Agreement and (II) if
all or any portion of such proceeds are not required to be applied on the last day of such 360-day period referred to in clause (I) of this proviso because such amount is contractually committed to be used and then either (A) subsequent to such date
such contract is terminated or expires without such portion being so used or (B) such contractually committed portion is not so used within six months after the last day of such 360-day period referred to in clause (I) of this proviso, such
remaining portion, in the case of either of the preceding clauses (A) or (B), shall be applied as a mandatory repayment and/or commitment reduction pursuant to Section 4.02(e) of the Credit Agreement. For the avoidance of doubt, and notwithstanding
anything to the contrary contained in Section 9.12 of the Credit Agreement, the Lenders hereby agree that any insurance or condemnation proceeds received by the U.S. Borrower or any of its Subsidiaries in connection with the Bad Lauterberg Fire may
be used to make Capital Expenditures (subject to compliance with the provisions of the immediately preceding sentence), which such Capital Expenditures shall not be included in any determination under Section 9.12(a) of the Credit Agreement.

  
 II. Miscellaneous Provisions.

  
 1. In order to induce the Lenders to enter into this First
Amendment, each of the Borrowers hereby represents and warrants that (i) no Default or Event of Default exists as of the First Amendment Effective Date after giving effect to this First Amendment and (ii) all of the representations and warranties
contained in the Credit Agreement or the other Credit Documents are true and correct in all material respects on the First Amendment Effective Date after giving effect to this First Amendment, with the same effect as though such representations and
warranties had been made on and as of the First Amendment Effective Date (it being understood that any representation or warranty made as of a specific date shall be true and correct in all material respects as of such specific date). 
  

 -2- 

 2. This First Amendment is limited as specified and shall not constitute a modification, acceptance or
waiver of any other provision of the Credit Agreement or any other Credit Document. 
  
 3. This First Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all
of which shall together constitute one and the same instrument. A complete set of counterparts shall be lodged with the U.S. Borrower and the Administrative Agent. 
  
 4. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
  
 5. This
First Amendment shall become effective on the date (the “First Amendment Effective Date”) when each of the following conditions shall have been satisfied: 
  
 (i) each of the Borrowers, each other Credit Party and Lenders constituting the Required Lenders shall have
signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036
Attention: Aditi Chawla (facsimile number: 212-354-8113 / e-mail address: achawla@whitecase.com); and 
  
 (ii) the Borrowers shall have paid to the Administrative Agent and the Lenders all fees, costs and expenses payable to the Administrative
Agent and the Lenders to the extent then due pursuant to the Credit Agreement. 
  
 6. By executing and delivering a copy hereof, each Credit Party hereby agrees that all Obligations of the Credit Parties shall be fully guaranteed pursuant to the relevant Guaranties and shall be fully secured
pursuant to the Security Documents, in each case in accordance with the respective terms and provisions thereof. 
  
 7. The U.S. Borrower hereby covenants and agrees that, so long as the First Amendment Effective Date occurs, it shall pay to each Lender which executes
and delivers to the Administrative Agent (or its designee) a counterpart hereof by 5:00 P.M. (New York City time) on November 10, 2004, a non-refundable cash fee (the “Amendment Fee”) in an amount equal to 12.5 basis points (0.125%)
on an amount equal to the sum of (i) the aggregate principal amount of all Term Loans of such Lender outstanding on the First Amendment Effective Date plus (ii) the Multicurrency Facility Revolving Loan Commitment of such Lender as in effect
on the First Amendment Effective Date. The Amendment Fee shall not be subject to counterclaim or set-off, or be otherwise affected by, any claim or dispute relating to any other matter. The Amendment Fee shall be paid by the U.S. Borrower to the
Administrative Agent for distribution to the relevant Lenders not later than the third Business Day following the First Amendment Effective Date. 
  

 -3- 

 8. From and after the First Amendment Effective Date, all references in the Credit Agreement and each of
the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement, as modified hereby. 
  
 * * * 
  

 -4- 

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver
this Amendment as of the date first above written. 
  

			
	 EXIDE TECHNOLOGIES, as a Borrower

		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 EXIDE GLOBAL HOLDING
NETHERLANDS C.V.,
as a Borrower

		
	By:	 	Exide Technologies
	 	 	its general partner
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 DEUTSCHE BANK AG NEW YORK BRANCH,
as Administrative Agent

		
	By:	 	  

	Name:	 	 
	Title:	 	 
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 -5- 

 Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the Credit Agreement
referenced in the foregoing First Amendment, hereby consents to the entering into of the First Amendment and agrees to the provisions thereof (including, without limitation, Part II, Section 6 thereof). 
  

			
	 [EACH SUBSIDIARY GUARANTOR]

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 -6- 

  

			
	SIGNATURE PAGE TO THE FIRST AMENDMENT TO CREDIT AGREEMENT, DATED AS OF NOVEMBER 10, 2004, AMONG EXIDE TECHNOLOGIES, EXIDE GLOBAL HOLDING NETHERLANDS C.V., VARIOUS LENDERS AND
DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT
	
	 Name of Institution:

	
	  

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 -7-Letter Agreement

 Exhibit 10.11 
  
 July 21, 2004 
  
 Dear Larry: 
  
 It is our pleasure to offer you the position of Executive Vice President and Chief Financial Officer with Covalent Group, Inc. As is customary, this offer is contingent upon our receipt of satisfactory references.
This position is based in our corporate office in Wayne, PA. 
  
 Start
Date: 
  
 The start date of your employment is July 26,
2004. 
  
 Reporting Structure: 
  
 This position will report to the President and Chief Executive Officer. You will have the
Finance, Human Resource and Information Technology Departments reporting to you. You will be an Executive Officer and a member of the Executive Committee of Covalent Group, Inc. 
  
 Salary 
  
 As agreed, you will be paid an annualized salary of $180,000. Paydays are semi-monthly. Your base salary may increase on a year-to-year basis per the merit guidelines
applicable for that performance year. 
  
 Bonus 
  
 You are eligible to participate in Covalent Group, Inc.’s Performance Based Bonus plan
pursuant to plan provisions applicable for that bonus year. 
  
 Stock
Options 
  
 100,000 stock options shall be granted at the exercise price of
100% of Market Value per share of Covalent Group, Inc. as of the close of trading on your first day of employment and upon approval of the Awards Committee of the Board of Directors of Covalent Group, Inc. subject to the Company’s 2002 Equity
Incentive Plan approved by stockholders on June 4, 2002. The options are exercisable for a period of five years in accordance with the following vesting schedule, as long as you are still employed on the date of each year in question: 
  

			
	 	  	Vested Options

	 1 Year Anniversary of Employment, July 26, 2005
	  	33,334
	 2 Year Anniversary of Employment, July 26, 2006
	  	33,333
	 3 Year Anniversary of Employment, July 26,2007
	  	33,333

  
 In the event that you leave the
employment of Covalent Group, Inc., the exercise of options will be governed by the company’s stock option plan in effect at that time or the terms of the Severance Agreement below. 
  
 Employee Benefits 
  
 You will be eligible to participate in Covalent Group Inc.’s employee benefit plans as are company standard and pursuant to the benefit plan provisions. Attached is
a summary of those benefits currently in affect. 

 Notice 
  
 Covalent Group, Inc. agrees to provide a six (6) week notice period prior to any termination as Executive Vice President and Chief Financial Officer for reasons other
than “for cause” (e.g., job elimination due to change of control and/or consolidation/merger or non-performance related termination). Similarly, Larry Hoffman will provide a minimum of six (6) weeks working notice prior to resignation.

  
 Severance Agreement 
  
 In connection with the elimination of your position as Executive Vice President and Chief
Financial Officer due to change of control and/or consolidation/merger, and in consideration for a release of claims and other promises and covenants set forth in Covalent Group Inc.’s standard severance agreement in effect at that time,
Covalent Group, Inc. will provide a severance package as follows: 
  

	 	•	Severance pay in the amount equal to six (6) months current base salary less applicable tax withholdings, payable in conjunction with the normal payroll cycle. 

  

	 	•	Health benefits to continue through the end of the month in which severance ends. Per the Company’s standard severance policy, this includes medical, prescription, dental,
and vision coverage in effect at time of termination. 

  

	 	•	All stock options outstanding as of date of termination shall become fully vested on that date. Exercise of stock options shall be governed by the stock option plans pursuant to
which such options were granted. 

  
 Covalent Group, Inc.
Property 
  
 You are responsible for all Covalent property, materials, or
written information issued to you or in your possession or control. You must return all Covalent property immediately upon request or upon termination of employment. Covalent may withhold from your check or final paycheck, the cost of any
items that are not returned when required. Covalent may also take all action deemed appropriate to recover or protect its property. 
  
 General Information: 
  
 Your employment with Covalent Group, Inc. is at will and neither Covalent Group, Inc. nor you have entered into a contract regarding the duration of your employment. You
are free to terminate your employment with Covalent Group, Inc. at any time, with or without reason, subject to the notice requirements stated above. Likewise, Covalent Group, Inc. has the right to terminate or otherwise modify your employment, with
or without reason, at the discretion of Covalent Group, Inc. subject to the notice requirements stated above. No employee of Covalent Group, Inc. can enter into an employment contract for a specified period of time, or make any agreement contrary to
this policy without written approval from the Board of Directors. 
  
 Employment Forms: 
  
 As a condition of your
employment, you must read, sign and return the enclosed Confidentiality Agreement prior to your start date. 
  
 Please complete and bring to Human Resources on your first day of work: 
  

	 	•	Emergency Contact Form 

  

	 	•	Benefit Enrollment Packet 

  

	 	•	I-9 – Include required document copies 

  

	 	•	W-4 

	 	•	Direct Deposit 

  

	 	•	Business Card Request Form (if applicable) 

  

	 	•	Covalent Group, Inc. Signature Card 

  
 If you are agreeable to this offer of employment, please sign a copy of this letter along with a copy of your Confidentiality Agreement, Computer Account Request Form and
Acknowledgement on Computer and Internet, and return them to me via fax at (610) 975-9205 as soon as possible. 
  
 Welcome to Covalent Group, Inc.! 
  
 Very truly
yours, 
  

			
	 /S/ Mary Anne Flasinski

	 	 7/21/04
 Date

	 Mary Ann Flasinski
	 
	 Director of Human Resources
	 	 
		
	 /S/ Kenneth M. Borow, M.D.

	 	 07/23/04
 Date

	 Kenneth M. Borow, M.D.
	 
	 President and Chief Executive Officer
	 	 

  

			
	 Enc.
	 	 
		
	 SIGNATURE
	 	 /S/ Lawrence R. Hoffman

	 DATE
	 	07/26/04

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