Document:

exhibit10-40.htm

Exhibit 10.40

FIRST

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

NITIN SAHNEY (“Executive”), and OMNICARE, INC., a Delaware corporation (the “Company”), hereby agree as follows:

 

1. Recitals.

 

(a) The Company and Executive have entered into an employment agreement, dated October 28, 2010 (the “Employment Agreement”); and

 

(b) The Company and the Executive wish to amend the Employment Agreement to clarify the amount of severance and benefit continuation Executive would be eligible to receive under certain termination scenarios.

 

2. Amendment.

 

Section 3.5 is hereby amended so that subsections (a) and (d) read as follows:

 

(a)           Executive shall receive as severance pay continued payment of his Base Salary for eighteen (18) months, such payment to be made in accordance with the Company’s standard payroll practices.

 

*           *           *

 

(d)           In addition, Executive shall be entitled to continued participation for eighteen (18) months in the Company’s medical, dental and vision welfare benefit plans which cover Executive (and his eligible dependents) upon the same terms and conditions in effect for active employees of the Company subject to Executive’s continued co-payment of premiums for such coverage, to the extent that the terms of such plans permit Executive’s continued participation during such period; provided, in the event Executive obtains other employment that offers substantially similar or more favorable benefits, determined on a benefit-by-benefit and coverage-by-coverage basis, such continuation of benefits by the Company shall immediately cease.  The continuation of medical, dental and vision benefits under this Section 3.4 shall be conterminous with, and reduce the period of coverage and count against, Executive’s right to healthcare continuation benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”).

 

3. General.

 

Except as specifically amended herein, the Employment Agreement will remain in full force and effect in accordance with its original terms, conditions and provisions.

 

IN WITNESS WHEREOF, the parties have duly executive this amendatory agreement as of February 17, 2011.

 

	
EXECUTIVE

 

 

	 	 	 OMNICARE, INC.	 
	
/s/ Nitin Sahney

	 	 	
/s/ Erin E. Ascher

	 
	
Nitin Sahney

	 	 	
Erin E. Ascher

	 
	
 

	 	 	
SVP, Human ResourcesWebFilings | EDGAR view

 

 
 
FIRST AMENDMENT TO SECTION 382 RIGHTS AGREEMENT
THIS FIRST AMENDMENT TO SECTION 382 RIGHTS AGREEMENT (this “Amendment”) is entered into on February 18, 2011, between THQ Inc., a Delaware corporation (the “Company”), and Computershare Trust Company, N.A., as Rights Agent (the “Rights Agent”).
WHEREAS, the Company and the Rights Agent entered into that certain Section 382 Rights Agreement, dated as of May 12, 2010 (the “Rights Agreement”);
WHEREAS, pursuant to Section 28 of the Rights Agreement, the Board of Directors of the Company has delegated its power and authority to administer the Rights Agreement and to exercise the rights and powers thereunder to the Independent Director Evaluation Committee (the “IDEC”); and 
WHEREAS, on February 16, 2011, the IDEC approved and adopted an amendment to the Rights Agreement as set forth herein.  
NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree as follows:
 
1.Amendment of the Rights Agreement.  Section 1(b) of the Rights Agreement is hereby amended and restated in its entirety as follows:
"Acquiring Person" shall mean any Person (other than an Exempt Person) that is or has become a 4.9% Stockholder, provided, however, that any Person who would otherwise qualify as an Acquiring Person upon the execution of this Agreement will not be deemed to be an "Acquiring Person" for any purpose of this Agreement on and after such date unless and until such Person acquires Beneficial Ownership of additional shares of Common Stock representing three-tenths of one percent (0.3%) of the Common Stock then outstanding while the Beneficial Owner of 4.9% or more of the Company's then-outstanding Common Stock, and provided, further, that a Person will not be deemed to have become an Acquiring Person solely as a result of (i) a reduction in the number of shares of Common Stock outstanding, (ii) the exercise of any options, warrants, rights or similar interests (including restricted stock) granted by the Company to its directors, officers and employees, (iii) any unilateral grant of any security by the Company, or (iv) an Exempt Transaction, unless and until such Person acquires Beneficial Ownership of one additional share of Common Stock while the Beneficial Owner of 4.9% or more of the Company's then-outstanding Common Stock.  If the Independent Director Evaluation Committee in its sole discretion determines in good faith that a Person who would otherwise be an "Acquiring Person" has become such inadvertently (including, without limitation, because (x) such Person was unaware that it Beneficially Owned a percentage of Common Stock that would otherwise cause such Person to be an Acquiring Person or (y) such Person was aware of the extent of its Beneficial Ownership of Common Stock but had no actual or constructive knowledge of the consequences of such Beneficial Ownership under this Agreement), and such Person divests as promptly as practicable a sufficient number of shares of Common Stock so that such Person is no longer the Beneficial Owner of such percentage of Common Stock that would have otherwise caused such Person to be an Acquiring Person, then such Person shall not be 

1

 

deemed to be or ever to have been an "Acquiring Person" for any purposes of this Agreement as a result of such inadvertent acquisition.
 
2.Exhibit C of the Rights Agreement, “Summary of Rights”, shall be amended such that the fourth and sixth paragraph of the Summary of Rights reflects the amended and restated definition of Acquiring Person and therefore all references to “one-tenth of one percent (0.1%)” therein shall read “three-tenths of one percent (0.3%).” 
 
3.Effectiveness of the Amendment.  Upon the execution and delivery of this Amendment by the Company and the Rights Agent, this Amendment shall be deemed effective as of the date of the Rights Agreement, which is May 12, 2010. 
 
4.Amendment Controls.  If this Amendment conflicts with or is inconsistent with any provision contained in the Rights Agreement, this Amendment shall control.  This Amendment shall be considered a part of the Rights Agreement, and all other provisions of the Rights Agreement that are not expressly amended hereby shall continue in full force and effect.
 
5.Capitalized Terms.  All capitalized terms when used herein shall have the same meaning as is given such terms in the Rights Agreement.
 
6.Governing Law.  This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts made and to be performed entirely within such State.
 
7.Counterparts; Facsimile and PDFs.  This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.  A facsimile or .pdf signature delivered electronically shall constitute an original signature for all purposes.
 
(Signature Page Follows) 

2

 

 
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Rights Agreement to be duly executed as of the date first written above.
 
			
	 
	THQ INC.

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Paul J. Pucino

	 
	Name:
	Paul J. Pucino

	 
	Title:
	CFO & EVP

	 
	 
	 

	 
	COMPUTERSHARE TRUST COMPANY, N.A.

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Robert A. Buckley

	 
	Name:
	Robert A. Buckley

	 
	Title:
	Sr. Vice President

 
 
 

3pru_amend.htm

April 12, 2007

Matson Navigation Company, Inc.

555 12th Street

Oakland, CA  94607

Ladies and Gentlemen:

Reference is made to the Amended and Restated Note Agreement (the "Agreement") dated May 19, 2005, by and between Matson Navigation Company, Inc. (the "Company"), on the one hand, and the undersigned, on the other hand.  Pursuant to paragraph 11C of the Agreement and for good and valuable consideration, the receipt of which is hereby acknowledged, the undersigned and the Company agree that:

1.           Clause (i) of paragraph 7A of the Agreement is amended and restated in its entirety as follows:

(i)           the Company defaults in the payment of any principal of, or interest or Yield-Maintenance Amount on, any Note for more than five Business Days after the same shall become due, either by the terms thereof or otherwise as herein provided; or

2.           Clause (iv) of paragraph 7A of the Agreement is amended and restated in its entirety as follows:

(iv)           the Company fails to perform or observe any agreement contained in paragraph 5C(1) or paragraph 6 hereof (other than paragraph 6A hereof), or in paragraph 6A hereof and, with respect to paragraph 6A hereof, (a) at the time of such failure there is either a Specified Debt Rating in effect with respect to the Company or there is no Debt Rating in effect with respect to the Company or (b) such failure continues for a period equal to the lesser of (1) ten Business Days and (2) the shortest grace period (if any) provided with respect to a breach of the equivalent covenant in either that certain Senior Secured Reducing Revolving Credit Facility dated as of June 28, 2005 among the Company, the banks and financial institutions party thereto and DnB Nor Bank ASA, acting through its New York Branch, as arranger, administrative agent and security trustee or that certain Credit Agreement dated as of December 28, 2006, among the Company, First Hawaiian Bank and the other persons party thereto; or

3.           The defined term "Consolidated Net Worth" in paragraph 10B of the Agreement is amended and restated in its entirety as follows:

"Consolidated Net Worth" shall mean, at any time of determination thereof, for the Company and Subsidiaries determined in accordance with GAAP, the sum of (i) consolidated shareholders' equity, and (ii) any consolidated mezzanine equity (or other temporary or non-permanent equity) resulting from the application of Statement of Financial Accounting Standards No. 123R and related stock based compensation awards issued to management which are puttable upon a change of control; provided, that any determination of Consolidated Shareholders' Equity shall exclude all non-cash adjustments to Consolidated Shareholders' Equity resulting from the application of Statement of Financial Accounting Standards No. 158 (Employers' Accounting fro Defined Benefit Pension and Other Postretirement Benefit Plans), which non-cash adjustments shall not exceed $50,000,000 for periods ending on or before December 31, 2006.

4.           The following defined terms are added to paragraph 10B of the Agreement:

"Debt Rating" shall mean, as of any date of determination, a currently effective non-credit enhanced senior unsecured long term debt rating issued by Moody's Investors Service, Inc. or any successor thereto ("Moody's") or by Standard & Poor's Ratings Services, a division of the McGraw-Hill Companies, Inc. or any successor thereto ("S&P").

"Specified Debt Rating" shall mean a Debt Rating from Moody's of lower than Baa2 of from S&P of lower than BBB.

If you are in agreement with the foregoing, please execute each of the enclosed counterparts of this letter agreement in the space indicated below and return them to Prudential Capital Group at:  Four Embarcadero Center, Suite 2700, San Francisco, CA  94111, Attention:  James F. Evert.  This letter agreement shall be effective as of the date first appearing above upon its execution and delivery by each party named as a signatory hereto.

Sincerely,

The Prudential Insurance

  Company of America

By:  /s/ Mathew Douglass

Title:  Vice President

Pruco Life Insurance Company

By:  /s/ Mathew Douglass

Title:  Vice President

Acknowledged and agreed:

 

Matson navigation company, Inc.

 

By:  /s/ James S. Andrasick

Title:  President and CEO

By:  /s/ Timothy H. Reid

Title:  Treasurer

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