Document:

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EXHIBIT 10.25 FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

                               September 30, 2003

         This Fourth Amendment to Amended and Restated Credit Agreement is
entered into as of the date set forth above ("Amendment") by and among Kendle
International Inc., an Ohio corporation having its principal place of business
in Cincinnati, Ohio (the "Borrower"), Bank One, NA, a national banking
association, as Agent for the Lenders ("Agent"), and the Lenders identified
herein (the "Lender(s)"). This Amendment amends that certain Amended and
Restated Loan Agreement dated as of June 3, 2002 among Borrower, Agent and
Lenders, as amended pursuant to a First Amendment to Amended and Restated Loan
Agreement dated as of June 3, 2002, a Second Amendment to Amended and Restated
Loan Agreement dated as of March 28, 2003 and a Third Amendment to Amended and
Restated Loan Agreement dated as of May 14, 2003 (as amended, the "Loan
Agreement"). Capitalized terms used herein and not otherwise defined shall have
the respective meanings set forth in the Loan Agreement.

                             Statement of Amendment

         In consideration of their mutual agreements hereunder and under the
Loan Agreement, the Borrower, Lenders and the Agent hereby agree to amend the
Loan Agreement as follows:

Definitions. Section 1.1 of the Loan Agreement is amended by deleting the
definition of Fixed Charge Coverage Ratio and substituting therefore the
following:

                  "Fixed Charge Coverage Ratio" shall mean, as of any reporting
                  day, the ratio of (a) Consolidated EBITDA for the fiscal
                  quarter of the Borrower ending on, or most recently preceding,
                  such day, minus unfunded Consolidated Capital Expenditures for
                  such period, minus Consolidated Cash Dividends for such
                  period, minus Consolidated Stock Repurchases for such period,
                  to (b) the sum of (i) Consolidated Interest Expense for such
                  period, plus, (ii) Consolidated Scheduled Funded Debt Payments
                  for such period.

Financial Covenants. The Loan Agreement is amended by deleting paragraph (a) to
Section 7.18 in its entirety and substituting therefore the following new
paragraph (a) to Section 7.18:

Fixed Charge Coverage Ratio. Borrower shall not permit its Fixed Coverage Ratio,
as of the last day of any fiscal quarter of Borrower, to be less than (i) 1.1 to
1.0 for the fiscal quarters ending on or about September 30, 2003, December 21,
2003 and March 31, 2004 and (ii) 1.2 to 1.0 for each fiscal quarter ending on or
about June 30, 2004 and thereafter. The severance charge in the amount of
approximately $850,000 incurred by Borrower and/or its Subsidiaries during the
fiscal quarter ended September 30, 2003 shall be excluded from the calculation
of the Fixed Charge Coverage Ratio for the fiscal quarter ended September 30,
2003.

Reaffirmation of Covenants, Warranties and Representations; Waiver. Borrower
hereby agrees and covenants that all representations and warranties in the Loan
Agreement are true and accurate in all material respects as of the date hereof.
Borrower further reaffirms all covenants in the Loan Agreement as if more fully
set forth herein. Conditions Precedent. Except as otherwise noted, as a
condition to the effectiveness of this Amendment, the following condition(s)
shall be satisfied:

Delivery to Agent of a certificate of the Secretary or Assistant Secretary of
Borrower (as to which Certificate there shall be no personal, as opposed to
corporate, liability) which will (A) certify the names of the officers of
Borrower authorized to sign this Amendment and any other documents or
certificates to be delivered pursuant to this Amendment by Borrower or any of
its officers together with the true signatures of such officers and (B) contain
copies of the resolutions of the Board of Directors of the Borrower authorizing
the execution, delivery and performance of the Borrower's obligations under
Amendment; and Payment to the Agent, for the ratable benefit of the Lenders, of
a modification fee in the aggregate amount of $6,000, payable on the date of
this Amendment.

Claims and Release of Claims by Borrower. The Borrower represents and warrants
that it has no claims, counterclaims, setoffs, actions or causes of actions,
damages or liabilities of any kind of nature whatsoever whether

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at law or in equity, in contract or in tort, whether now accrued or hereafter
maturing (collectively, "Claims") against Agent or Lenders, any direct or
indirect parent corporation or any direct or indirect affiliates of such parent
corporations, or any of the foregoing's respective directors, officers,
employees, agents, attorneys and legal representatives, or the heirs,
administrators, successors or assigns of any of them (collectively, "Lender
Parties"), that directly or indirectly arise out of, are based upon or are in
any manner connected with any Prior Related Event (as defined below). As used
herein, the term "Prior Related Event" means any transaction, event,
circumstance, action, failure to act, occurrence of any sort or type, whether
known or unknown, which occurred, existed, was taken, permitted or begun at any
time prior to the date of this Amendment or occurred, existed, was taken, was
permitted or begun in accordance with, pursuant to or by virtue of any of the
terms of the Loan Documents or any documents executed in connection with the
Loan Documents or which was related to or connected in any manner, directly or
indirectly to the extension of credit represented by the Loan Documents.

Representations, Warranties and Covenants. The Borrower represents, warrants and
covenants to the Agent and Lenders (which representations, warranties and
covenants shall survive the execution and delivery of this Amendment) as
follows:

The execution, delivery and performance of this Amendment have been duly
authorized by all necessary corporate actions on the part of the Borrower; and
No default exists under the Loan Agreement after giving effect to the foregoing
Amendment. Borrower shall pay all reasonable costs and expenses (including legal
fees and expenses) incurred by Agent and Lenders in connection with the
preparation of this Amendment. Confirmation of Loan Agreement. The Loan
Agreement, as amended by this Amendment, shall be read, taken and construed as
one and the same instrument, respectively. Except as amended and supplemented by
this Amendment, the terms and provisions of the Loan Agreement shall remain in
full force and effect.

         IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart
of this Amendment to be duly executed and delivered as of the date first above
written.

                                               KENDLE INTERNATIONAL INC.
                                       an Ohio corporation

                                       By:
                                          Karl Brenkert, III
                                          Senior Vice President

BANK ONE, NA                           KEYBANK NATIONAL ASSOCIATION
Lender and in its capacity as Agent

By:                                    By:
Name:                                  Name:
Title:                                 Title:<PAGE>
                                                                   EXHIBIT 10.68

                              EMPLOYMENT AGREEMENT

      This EMPLOYMENT AGREEMENT ("Agreement") is effective as of December 15,
2003, between LIBBEY INC., a Delaware corporation (the "Company"), and Susan
Allene Kovach ("Employee").

                                    RECITALS

      A. The Company has agreed to employ Employee in the position and at the
base rate of pay set forth on Schedule 1.

      B. The Company has further agreed to provide severance benefits to
Employee upon a termination of Employee's employment resulting from certain
specified events.

                                     EVENTS

      In consideration of the foregoing, and for other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged,
Employee and the Company hereby agree as follows:

      1. Salary and Position. The base rate of pay and job title shown on
Schedule I are correct and in accordance with Employee's understanding.

      2. At-Will Employment. Employee's employment with the Company is not for
any specified term and may be terminated by Employee or by the Company at the
time for any reason, with or without cause.

      3. No Other Agreements. Employee represents and warrant that there are no
written or oral agreements, understandings or assignments, compensation
(including compensation upon termination), benefits, or any other term or
condition of employment, except as specifically set forth herein and in Schedule
II attached hereto.

      4. Entire Agreement. This Agreement and the agreements listed in Schedule
II attached hereto constitute the complete agreement between Employee and the
Company regarding any and all aspects of their employment relationship and
supersede any and all prior written or oral agreements, understandings or
commitments. Employee understands that no representative of the Company has been
authorized to enter into any agreement, understanding or commitment with
Employee which is inconsistent in any way with the terms of this Agreement.

      5. Prohibition Against Amendment. Employee's base salary may be modified
by the Company at any time in its sole discretion. The retirement and benefit
plans set forth in Schedule II attached hereto with respect to which Employee is
entitled to participate in may be improved, reduced or terminated by the Company
at any time in its sole discretion; provided, however, that no vested or accrued
benefit shall be adversely affected. All terms set forth in this Agreement,
including without limitation the terms set forth in paragraph 2 hereof, may not
be modified in any way except by a written agreement signed by Employee
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and by an authorized representative of the Company which expressly states that
intention of the parties to modify the terms of this Agreement.

      6. Severance Payment.

            (a) Upon the termination of Employee's employment as a result of
Employee's electing to resign his employment without the consent of the Company
or electing to retire other than at the request of the Company, no payments
shall be required or made pursuant to this paragraph 6.

            (b) Upon the termination of Employee's employment by the Company for
"Cause", no payments shall be required or made pursuant to this paragraph 6.
"Cause" shall mean Employee's financial dishonesty, fraud in the performance of
his duties, willful failure to perform assigned duties hereunder or the
commission of a felony.

            (c) Upon the termination of Employee's employment by the Company for
any reason other than for Cause or disability, the Company shall continue
payment of Employee's annual base salary, at the rate then in effect on the date
of such termination, for a period of one year after such date of termination.
The Company shall give 30 days written notice of any such termination which
notice shall specify the date of termination.

            (d) Upon the termination of Employee's employment as a result of the
death of Employee, the Company shall continue payment of Employee's annual base
salary, at the rate then in effect on the date of such termination, for a period
of one year after such date of termination; provided however that such payments
shall be offset by any survivor benefits, excluding life insurance proceeds,
received by Employee's spouse or other designed beneficiary under the Company's
plans, programs and policies paid in such one year period.

            (e) Upon the termination of Employee's employment as a result of his
becoming unable to perform his duties due to a disability as established by the
award of long-term disability benefits under the Company's long-term disability
plan, the Company may terminate Employee's employment by giving Employee 30 days
written notice of its intention to terminate. In such event, Company shall
continue payment of the Employee's annual base salary, at the rate then in
effect on the date of such termination, for a period of one year after such date
of termination; provided, however, that such payments shall be offset by any
disability benefits, excluding disability insurance proceeds, received by
Employee, or his legal guardian, under the Company's plans, programs and
policies paid in such one year period.

            (f) Notwithstanding anything to the contrary contained herein, upon
the termination of Employee's employment for any reason, voluntarily or
involuntarily, with or without Cause, Employee shall be entitled to the payments
provided for hereunder and such rights as he otherwise has under the Company's
restricted Stock Plan and the Company's Stock Option Plan in the circumstances
of his particular termination.

      7. Titles. Titles are provided herein for convenience only and are not to
serve as a basis for interpretation or construction of the Plan.
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      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

            The Company: LIBBEY INC.

             By:    /s/ Arthur H. Smith
                --------------------------------

             Its Vice President and Secretary

             Employee:  /s/ Susan Allene Kovach
                      --------------------------
                       Susan Allene Kovach

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