Document:

exv10w1

 

Exhibit 10.1

April 24, 2006
 

Mr. Andrew B. Albert

35 Longmeadow Road

Winnetka, IL 60093

 

Dear Andy:

     On behalf of Nashua Corporation (the “Company”), set forth below are the terms of your
transition:

     1.      You will remain employed in your current positions as Chairman, Chief Executive Officer and
President of the Company through May 3, 2006. Beginning on May 4, 2006, you will become the
Executive Chairman of the Company (an executive position), reporting to the Company’s Board of
Directors and you will no longer serve as Chief Executive Officer and President. Your specific
duties will be determined by you and the Board of Directors.

     2.      Your annualized base salary as Executive Chairman will be $200,000, subject to applicable
withholdings.

     3.      You will remain eligible to receive your full targeted bonus for 2006, and the bonus will
not be prorated because of the change in your position to Executive Chairman on May 4, 2006. In
addition, for 2006 you will remain eligible to participate in any and all bonus and benefit
programs that the Company establishes and makes available to its executive officers from time to
time, provided you are eligible under (and subject to all the provisions of) the plan documents and
regulations governing those programs.

     4.      Effective on January 1, 2007, you will become an at-will non-executive employee of the
Company as an advisor to the Company’s Chief Executive Officer. Your specific duties will be
determined by you and the Board of Directors. In addition, you will continue to serve, at the
pleasure of the Board of Directors, as its non-executive Chairman (assuming the stockholders have
continued to elect you as a member of the Board of Directors). You will receive the same
compensation as is paid to other non-employee directors plus an additional annual stipend of
$50,000, payable as determined by the Board of Directors. As long as you are an employee, you will
be eligible to participate in health, dental and other benefit plans made available to employees
generally.

     5.      You will continue to be a participant in the Company’s 2004 Value Creation Incentive Plan
and, subject to your continued employment with the Company, the restricted stock

 

 

Mr. Andrew B. Albert

April 24, 2006

Page 2

 

award granted to you on June 15, 2004 under such plan will not be affected by the change in your
employment status discussed above. Your Nonstatutory Stock Option Agreements, dated as of December
15, 2000, March 5, 2001 and February 11, 2002, will continue unaffected by the change in your
employment status discussed above.

     6.      Your employment will end on August 31, 2008, unless sooner terminated by the Board of
Directors. Thereafter, you will continue to serve, at the pleasure of the Board of Directors, as
its non-executive Chairman (assuming the stockholders have continued to elect you as a member of
the Board of Directors) and to receive the same compensation as is paid to other non-employee
directors plus an additional annual stipend of $50,000, payable as determined by the Board of
Directors.

     If this letter correctly sets forth the terms under which you will transition your positions
with the Company, please sign the enclosed copy of this letter in the space provided below and
return it to me.

	 	 	 	 	 
	 	Very truly yours,

Nashua Corporation

 	 
	 	By:  	/s/ George R. Mrkonic, Jr.
 	 
	 	 	Name:  	George R. Mrkonic, Jr. 	 
	 	 	Title:  	Chairman of the Leadership & Compensation
Committee of the Board of Directors 	 
	 

The foregoing correctly sets forth the terms of my

transition with Nashua Corporation

	 	 	 	 	 
	 	 	 
	 	/s/  Andrew B. Albert
 	 
	 	Andrew B. Albert 	 
	 	 	 
	 

Date: April 24, 2006exv10w1

 

EXECUTION COPY

 

$1,250,000,000

 

AMENDMENT NO. 1

 

dated as of April 21, 2006

to the 5-Year Credit Agreement

dated as of March 28, 2005

 

among

 

Textron Inc.,

The Banks Listed Herein,

JPMorgan Chase Bank, N.A.,

as Administrative Agent

and

Citibank, N.A.,

as Syndication Agent

 

J.P. Morgan Securities Inc.

and

Citigroup Global Markets Inc.,

Lead Arrangers and Joint Bookrunners

Bank of America, N.A.,

Deutsche Bank Securities Inc.

and

UBS Loan Finance LLC,

Documentation Agents

Barclays Bank PLC,

Co-Documentation Agent

 

 

AMENDMENT NO. 1 TO 5-YEAR CREDIT AGREEMENT

     AMENDMENT dated as of April 21, 2006 to the 5-Year Credit Agreement dated as of March 28, 2005
(the “Credit Agreement”) among TEXTRON INC., the BANKS party thereto, JPMORGAN CHASE BANK, N.A., as
Administrative Agent, and CITIBANK, N.A., as Syndication Agent.

W I T N E S S E T H :

     WHEREAS, the parties hereto desire to amend the Credit Agreement as set forth herein;

     NOW, THEREFORE, the parties hereto agree as follows:

     Section 1. Defined Terms; References. Unless otherwise
specifically defined herein, each term used herein that is defined in the Credit Agreement has the
meaning assigned to such term in the Credit Agreement. Each reference to “hereof”, “hereunder”,
“herein” and “hereby” and each other similar reference and each reference to “this Agreement” and
each other similar reference contained in the Credit Agreement shall, after this Amendment becomes
effective, refer to the Credit Agreement as amended hereby.

     Section 2. Amendments.

     (a)      The reference to “BANKS” in the header of the Credit Agreement is changed to “banks and
other financial institutions”.

     (b)      The definition of “Termination Date” in Section 1.01 of the Credit Agreement is amended by
changing the date specified therein from “March 28, 2010” to “April 21, 2011”.

     (c)      The definition of “Agent” in Section 1.01 of the Credit Agreement is amended to read as
follows:

     “Agent” means any of the Administrative Agent, the Syndication Agent, the
Documentation Agents and the Co-Documentation Agent.

     (d)      The definition of “Commitment” in Section 1.01 of the Credit Agreement is amended to read
as follows:

     “Commitment” means (i) with respect to each Bank listed on the Commitment Schedule,
the amount set forth opposite such Bank’s name on the Commitment Schedule, and (ii) with
respect to any substitute Bank or Assignee which becomes a Bank pursuant to Section 10.01
or 10.15, the amount of the transferor Bank’s Commitment assigned to it pursuant

 

 

to
Section 10.01 or 10.15, as such amount may be changed from time to time pursuant to
Section 2.10, 10.01 or 10.15; provided that, if the context so requires, the term
“Commitment” means the obligation of a Bank to extend credit up to such amount to the
Borrowers hereunder.

(e)      Section 1.01 of the Credit Agreement is amended by adding the following new definitions in
their appropriate alphabetical positions:

       “Co-Documentation Agent” means Barclays Bank PLC, in its capacity as co-documentation
agent in respect of this Agreement.

       “Commitment Schedule” means the Commitment Schedule attached hereto.

       “Documentation Agent” means each of Bank of America, N.A., Deutsche Bank Securities
Inc. and UBS Loan Finance LLC, in its capacity as documentation agent in respect of this
Agreement.

(f)      Section 2.01(d) of the Credit Agreement is amended: (i) by adding the
following proviso at the end of the first sentence of paragraph (i) thereof: “;
provided that the Termination Date may only be so extended for two additional
one-year periods”, (ii) by changing the phrase “not less than 45 days and not more
than 55 days prior to the Termination Date then in effect” in the second sentence
of paragraph (i) thereof to read “not less than 45 days nor more than 90 days
prior to each anniversary of the date hereof that occurs on or prior to the
Termination Date then in effect” and (iii) by adding the following sentence to
paragraph (ii) thereof:

On the date of termination of any Bank’s Commitment as contemplated by this paragraph, the
respective participations of the other Banks in all outstanding Letters of Credit shall be
redetermined on the basis of their respective Commitments after giving effect to such
termination, and the participation therein of the Bank whose Commitment is terminated
shall terminate; provided that the Borrowers shall, if and to the extent necessary to
permit such redetermination of participations in Letters of Credit within the limits of
the Commitments which are not terminated, prepay on such date a portion of the outstanding
Loans, and such redetermination and termination of participations in outstanding Letters
of Credit shall be conditioned upon their having done so.

     (g)     Sections 4.03 and 4.04 of the Credit Agreement are amended by changing each reference to
the date “January 1, 2005” to “December 31, 2005”.

3 

 

     (h)      Section 8.07 of the Credit Agreement is amended to read in its entirety as follows:

     Section 8.07. Other Agents. Nothing in this Agreement shall impose upon any Agent
other than the Administrative Agent any duty or liability whatsoever in its capacity as an
Agent.

     Section 3. Changes in Commitments. With effect from and including the Amendment Effective
Date, (i) the Commitment of each Bank shall be the amount set forth opposite the name of such Bank
in the Commitment Schedule attached hereto and (ii) the Commitment Schedule attached hereto shall
become the Commitment Schedule attached to the Credit Agreement. On the Amendment Effective Date,
any Bank party to the Credit Agreement which is not listed in the Commitment Schedule attached
hereto (each, an “Exiting Bank”) shall cease to be a Bank party to the Credit Agreement, and all
accrued fees and other amounts payable under the Credit Agreement for the account of each Exiting
Bank shall be due and payable on such date; provided that the provisions of Sections 2.10 to 2.14
and 10.03 of the Credit Agreement shall continue to inure to the benefit of each Exiting Bank after
the Amendment Effective Date.

     Section 4. Changes in Pricing Schedule. The Pricing Schedule attached to the Credit
Agreement (the “Existing Pricing Schedule”) is deleted and replaced by the Pricing Schedule
attached to this Amendment (the “New Pricing Schedule”). The New Pricing Schedule shall apply to
interest and fees accruing under the Credit Agreement on and after the date hereof. The Existing
Pricing Schedule shall continue to apply to interest and fees accruing under the Credit Agreement
prior to the date hereof.

     Section 5. Representations of Borrower. The Company represents
and warrants that (i) the representations and warranties of the Company set forth in Article 4 of
the Credit Agreement will be true on and as of the Amendment Effective Date and (ii) no Event of
Default will have occurred and be continuing on such date.

     Section 6. Effect of Amendments. Except as expressly set forth herein, the amendments
contained herein shall not constitute a waiver or amendment of any term or condition of the Credit
Agreement, and all such terms and conditions shall remain in full force and effect and are hereby
ratified and confirmed in all respects.

     Section 7. Governing Law. This Amendment shall be governed by
and construed in accordance with the laws of the State of New York.

4 

 

     Section 8. Counterparts. This Amendment may be signed in any
number of counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

     Section 9. Effectiveness. This Amendment shall become effective
as of the date hereof (the “Amendment Effective Date”), subject to satisfaction of the following
conditions:

     (a)      the Administrative Agent shall have received from each of the parties listed in the
signature pages hereof a counterpart hereof signed by such party or facsimile or other
written confirmation (in form satisfactory to the Administrative Agent) that such party has
signed a counterpart hereof; and

     (b)      the Administrative Agent shall have received an opinion of the General Counsel or
Assistant General Counsel of the Company dated as of the Amendment Effective Date, in form
and substance satisfactory to the Administrative Agent.

5 

 

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

	 	 	 	 	 
	 	TEXTRON INC.

 	 
	 	By:  	/s/ MARY F. LOVEJOY
 	 
	 	 	Name:  	Mary F. Lovejoy 	 
	 	 	Title:  	Vice President and Treasurer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as

     Administrative Agent

 	 
	 	By:  	/s/ RANDOLPH CATES
 	 
	 	 	Name:  	Randolph Cates 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	/s/ RANDOLPH CATES
 	 
	 	 	Name:  	Randolph Cates 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CITIBANK, N.A.

 	 
	 	By:  	/s/ DIANE L. POCKAJ
 	 
	 	 	Name:  	Diane L. Pockaj 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	/s/  SANJAY H. GURNANI
 	 
	 	 	Name:  	Sanjay H. Gurnani 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BARCLAYS BANK PLC

 	 
	 	By:  	/s/  NICHOLAS BELL
 	 
	 	 	Name:  	Nicholas Bell 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	DEUTSCHE BANK AG NEW YORK BRANCH

 	 
	 	By:  	/s/ YVONNE TILDEN
 	 
	 	 	Name:  	Yvonne Tilden 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                                    /s/ DAVID G. DICKINSON, JR.
 	 
	 	 	Name:  	David G. Dickinson, Jr. 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	UBS LOAN FINANCE LLC

 	 
	 	By:  	/s/ BARBARA EZELL-MCMICHAEL
 	 
	 	 	Name:  	Barbara Ezell-McMichael 	 
	 	 	Title:  	Associate Director

Banking Products Services, US 	 
	 
	 	 	 
	 	By:  	                                     /s/ TOBA LUMBANTOBING
 	 
	 	 	Name:  	Toba Lumbantobing 	 
	 	 	Title:  	Associate Director

Banking Products Services, US 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF TOKYO-MITSUBISHI UFJ
TRUST COMPANY

 	 
	 	By:  	/s/ CHRISTOPHER J. DELAURO
 	 
	 	 	Name:  	Christopher J. DeLauro 	 
	 	 	Title:  	Assistant Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BNP PARIBAS

 	 
	 	By:  	/s/  RICHARD PACE
 	 
	 	 	Name:  	Richard Pace 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	                                     /s/ ANGELA B. ARNOLD
 	 
	 	 	Name:  	Angela B. Arnold 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CREDIT SUISSE FIRST BOSTON,
acting
through its Cayman Islands Branch

 	 
	 	By:  	/s/ JAY CHALL
 	 
	 	 	Name:  	Jay Chall 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                                    /s/  JAMES NEIRA
 	 
	 	 	Name:  	James Neira 	 
	 	 	Title:  	Associate 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	HSBC BANK USA, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/  C J WARNER
 	 
	 	 	Name:  	C J Warner 	 
	 	 	Title:  	Head of Transport Services and
Infrastructure 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	MERRILL LYNCH BANK USA

 	 
	 	By:  	/s/  Louis Alder
 	 
	 	 	Name:  	Louis Alder 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	MORGAN STANLEY BANK

 	 
	 	By:  	/s/  DANIEL TWENGE
 	 
	 	 	Name:  	Daniel Twenge 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/  NATHAN R. RANTALA
 	 
	 	 	Name:  	Nathan R. Rantala 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	WILLIAM STREET COMMITMENT CORPORATION

(Recourse only to assets of William Street

Commitment Corporation)

 	 
	 	By:  	/s/  MARK WALTON
 	 
	 	 	Name:  	Mark Walton 	 
	 	 	Title:  	Assistant Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF MONTREAL

 	 
	 	By:  	/s/  JOSEPH W. LINDER
 	 
	 	 	Name:  	Joseph W. Linder 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA

 	 
	 	By:  	/s/  PETER J. VAN SCHAICK
 	 
	 	 	Name:  	Peter J. Van Schaick 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	SOCIETE GENERALE

 	 
	 	By:  	/s/  AMBRISH D. THANAWALA
 	 
	 	 	Name:  	Ambrish D. Thanawala 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK

 	 
	 	By:  	/s/  PATRICK VATEL
 	 
	 	 	Name:  	Patrick Vatel 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	MELLON BANK, N.A.

 	 
	 	By:  	/s/  LAURIE G. DUNN
 	 
	 	 	Name:  	Laurie G. Dunn 	 
	 	 	Title:  	First Vice President 	 

 

 

	 	 	 	 	 

COMMITMENT SCHEDULE

	 	 	 	 	 
	Bank	 	Commitment	 
	 
	 	 	 	 
	JPMorgan Chase Bank, N.A.
	 	$	120,000,000	 
	Citibank, N.A.
	 	$	120,000,000	 
	Bank of America, N.A.
	 	$	90,000,000	 
	Barclays Bank PLC
	 	$	90,000,000	 
	Deutsche Bank AG New York Branch
	 	$	90,000,000	 
	UBS Loan Finance LLC
	 	$	90,000,000	 
	Bank of Tokyo-Mitsubishi UFJ Trust Company
	 	$	60,000,000	 
	BNP Paribas
	 	$	60,000,000	 
	Credit Suisse First Boston, acting
through its Cayman Islands Branch
	 	$	60,000,000	 
	HSBC Bank USA, National Association
	 	$	60,000,000	 
	Merrill Lynch Bank USA
	 	$	60,000,000	 
	Morgan Stanley Bank
	 	$	60,000,000	 
	Wachovia Bank, National Association
	 	$	60,000,000	 
	William Street Commitment Corporation
	 	$	60,000,000	 
	Bank of Montreal
	 	$	45,000,000	 
	The Bank of Nova Scotia
	 	$	45,000,000	 
	Societe Generale
	 	$	40,000,000	 
	The Bank of New York
	 	$	20,000,000	 
	Mellon Bank, N.A.
	 	$	20,000,000	 
	 
	 	 	 
	Total
	 	$	1,250,000,000	 
	 
	 	 	 

 

 

PRICING SCHEDULE

     Each of “Facility Fee Rate”, “Euro-Dollar Margin” and “Letter of Credit Fee Rate” means, for
any date, the rate set forth below in the row opposite such term and in the row corresponding to
the “Utilization” at such date and under the column corresponding to the “Pricing Level” at
such date:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Level I	 	 	Level II	 	 	Level III	 	 	Level IV	 	 	Level V	 	 	Level VI	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Facility Fee Rate
	 	 	0.05	%	 	 	0.06	%	 	 	0.07	%	 	 	0.08	%	 	 	0.09	%	 	 	0.125	%
	Euro-Dollar Margin
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Utilization
< 50%
	 	 	0.125	%	 	 	0.14	%	 	 	0.18	%	 	 	0.37	%	 	 	0.535	%	 	 	0.625	%
	Utilization > 50%
	 	 	0.175	%	 	 	0.19	%	 	 	0.23	%	 	 	0.42	%	 	 	0.585	%	 	 	0.675	%
	Letter of Credit Fee Rate
	 	 	0.175	%	 	 	0.19	%	 	 	0.23	%	 	 	0.42	%	 	 	0.585	%	 	 	0.675	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

     For purposes of this Schedule, the following terms have the following meanings, subject
to the concluding paragraph of this Schedule:

     “Level I Pricing” applies at any date if, at such date, the Company’s long-term debt is rated
A+ or higher by S&P, A1 or higher by Moody’s and A+ or higher by Fitch.

     “Level II Pricing” applies at any date if, at such date, the Company’s long-term debt is rated
A by S&P, A2 by Moody’s and A by Fitch.

     “Level III Pricing” applies at any date if, at such date, the Company’s long-term debt is
rated A- by S&P, A3 by Moody’s and A- by Fitch.

     “Level IV Pricing” applies at any date, if at such date, the Company’s long-term debt is rated
BBB+ by S&P, Baa1 by Moody’s and BBB+ by Fitch.

     “Level V Pricing” applies at any date if, at such date, the Company’s long-term debt is rated
BBB by S&P, Baa2 by Moody’s and BBB by Fitch.

     “Level VI Pricing” applies at any date if, at such date, no other Pricing Level applies.

     “Fitch” means Fitch Ratings Ltd.

     “Moody’s” means Moody’s Investors Service, Inc.

     “Pricing Level” refers to the determination of which of Level I, Level II, Level III, Level
IV, Level V or Level VI applies at any date.

 

 

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

     “Utilization” means, at any date, the percentage equivalent of a fraction (i) the numerator of
which is the sum of (A) the aggregate outstanding principal amount of the loans under the Facility
at such date (after giving effect to any borrowing or payment on such date) plus (B) the aggregate
amount then owing in respect of amounts paid by the Issuing Bank upon a drawing under a letter of
credit issued under the Facility at such date plus (C) the aggregate amount then available for
drawing under all outstanding letters of credit under the Facility at such date and (ii) the
denominator of which is the aggregate amount of the commitments under the Facility at such date
(after giving effect to any reduction on such date). If for any reason any Loans or Letter of
Credit Liabilities remain outstanding after termination of the commitments under the Facility,
Utilization shall be deemed to be 100%.

     The credit ratings to be utilized for purposes of this Schedule are those assigned to the
senior unsecured long-term debt securities of the Company without third-party enhancement, and any
rating assigned to any other debt security of the Company shall be disregarded. The rating in
effect at any date is that in effect at the close of business of such date.

     If the Company is split-rated, then for purposes of determining the applicable Pricing Level,
(a) if the S&P and Moody’s ratings are the same, all three ratings will be deemed to be at that
level, (b) if the S&P and Moody’s ratings are not the same, and the ratings differential is one
level, all three ratings will be deemed to be at the higher level of S&P and Moody’s and (c) if the
S&P and Moody’s ratings are not the same and the ratings differential is two levels or more, all
three ratings will be deemed to be at a level one notch lower than the higher of S&P and Moody’s.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]