Document:

Amendment No. 1 to Credit Agreement

 EXHIBIT 10.01 
  
 EXECUTION COPY 
  
 AMENDMENT NO. 1 
 to 

CREDIT AGREEMENT 
  
 THIS AMENDMENT NO.1 TO CREDIT AGREEMENT (this “Amendment”) is dated as of March 8, 2004 by and among HEIDRICK & STRUGGLES
INTERNATIONAL, INC. (the “Borrower”), the financial institutions listed on the signature pages hereof (the “Lenders”), and JPMORGAN CHASE BANK, as Administrative Agent (the “Administrative Agent”),
under that certain Credit Agreement dated as of December 22, 2003 by and among the Borrower, the financial institutions party thereto, and the Administrative Agent (the “Credit Agreement”). Defined terms used herein and not
otherwise defined herein shall have the respective meanings given to them in the Credit Agreement. 
  
 WITNESSETH 
  
 WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to the Credit Agreement; and 
  
 WHEREAS, the Borrower has requested that the Administrative Agent and the requisite number of Lenders under Section 9.02 of the Credit Agreement
amend the Credit Agreement on the terms and conditions set forth herein; and 
  
 WHEREAS, the Borrower, the requisite number of Lenders under Section 9.02 of the Credit Agreement, and the Administrative Agent have agreed to amend the Credit Agreement on the terms and conditions set forth
herein; 
  
 NOW, THEREFORE, in consideration of the premises set
forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed to the following amendment to the Credit Agreement:

  
 1. Amendment to the Credit Agreement. Effective as of
March 8, 2004 and subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement is hereby amended as follows: 
  
 1.1 Section 1.01 of the Credit Agreement is amended to restate clause (f) of the definition of “Permitted
Investments” in its entirety as set forth below: 
  
 (f)
fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (e) above; 
  

 1.2 Section 1.01 of the Credit Agreement is amended to restate clause (h) of the definition of
“Permitted Investments” in its entirely as set forth below: 
  
 (h) in the case of investments of any Foreign Subsidiary or non-domestic branch of the Borrower, securities issued by any foreign government or any political subdivision of any foreign government or any public instrumentality thereof having
maturities of not more than one year from the date of the acquisitions thereof and, at the time of the acquisition thereof, having an investment grade credit rating obtainable from S&P, Moody’s, or other generally recognized rating agency;

  
 1.3 Section 1.01 of the Credit Agreement is amended to
restate clause(e) of the definition of “Permitted Two-Year Investments” in its entirety as set forth below: 
  
 (e) in the case of investments of any Foreign Subsidiary or non-domestic branch of the Borrower, securities issued by any foreign government or any
political subdivision of any foreign government or any public instrumentality thereof having maturities of not more than two years from the date of the acquisitions thereof and, at the time of the acquisition thereof, having an investment grade
credit rating obtainable from S&P, Moody’s, or other generally recognized rating agency; 
  
 1.4 Section 6.11.4 of the Credit Agreement is amended and restated to read as set forth below: 
  
 Minimum Net Worth. The Borrower will at all times
maintain Consolidated Net Worth of not less than the sum of (i) $110,000,000, plus (ii) 50% of Consolidated Net Income earned in each fiscal quarter beginning with the fiscal quarter ending on March 31, 2004 (without deduction for losses), plus
(iii) 75% of Net Cash Proceeds received by the Borrower or any Subsidiary. 
  
 2. Conditions of Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that the Administrative Agent shall have received (a) duly executed signature pages to this Amendment
from the Borrower, the requisite number of Lenders under Section 9.02 of the Credit Agreement, and the Administrative Agent and (b) for the ratable account of each Lender party hereto, an amendment fee in an amount equal to 0.025% of such
Lender’s Commitment. 
  
 3. Representations and Warranties
of the Borrower. 
  
 (a) The Borrower hereby represents and
warrants that this Amendment and the Credit Agreement, as previously executed and as amended hereby, constitute legal, valid and binding obligations of the Borrower and are enforceable against the Borrower in accordance with their terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
  

 - 2 - 

 (b) Upon the effectiveness of this Amendment and after giving effect hereto, the Borrower hereby (i)
reaffirms all covenants, representations and warranties made in the Credit Agreement as amended hereby, and agrees that all such covenants, representations and warranties shall be true and correct as of the effective date of this Amendment (unless
such representation and warranty is made as of a specific date, in which case such representation and warranty shall be true and correct as of such date) and (ii) certifies to the Lenders and the Administrative Agent that no Default has occurred and
is continuing. 
  
 4. References to the Credit Agreement.

  
 (a) Upon the effectiveness of Section 1 hereof, on and
after the date hereof, each reference in the Credit Agreement (including any reference therein to “ this Agreement,” “hereunder,” “hereof,” “herein” or words of like import referring thereto) or in any other
Loan Document shall mean and be a reference to the Credit Agreement as amended hereby. 
  
 (b) Except as specifically amended above, the Credit Agreement and all other Loan Documents shall remain in full force and effect, and are hereby ratified and confirmed. 
  
 (c) The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other Loan Documents. 
  
 5. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  
 6.
Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 
  
 7. Counterparts. This Amendment may be executed by one or more of the parties to this Amendment on any number of
separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
  
 [REMAINDER OF PAGE INTENTIONALLY BLANK] 
  

 - 3 - 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

  

			
	 HEIDRICK & STRUGGLES
 INTERNATIONAL, INC., as the Borrower

		
	 By:
	 	 /s/ Kenneth J. Ashley

	 Name:
	 	 
	 Title:
	 	 
	
	 JPMORGAN CHASE BANK, individually
 and as Administrative Agent

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 LASALLE BANK NATIONAL
 ASSOCIATION

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	BANK OF AMERICA, N.A.
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 SIGNATURE
PAGE TO AMENDMENT NO. 1 TO CREDIT AGREEMENT 
  

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

  

			
	 HEIDRICK & STRUGGLES
 INTERNATIONAL, INC., as the Borrower

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 JPMORGAN CHASE BANK, individually
 and as Administrative Agent

		
	 By:
	 	 /s/ Beth Grossman

	 Name:
	 	 Beth Grossman

	 Title:
	 	 Vice President

	
	LASALLE BANK NATIONAL ASSOCIATION
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	BANK OF AMERICA, N.A.
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 SIGNATURE
PAGE TO AMENDMENT NO. 1 TO CREDIT AGREEMENT 
  

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

  

			
	 HEIDRICK & STRUGGLES
 INTERNATIONAL, INC., as the Borrower

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 JPMORGAN CHASE BANK, individually
 and as Administrative Agent

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	LASALLE BANK NATIONAL ASSOCIATION
		
	 By:
	 	 /s/ Mary L. Bartlett

	 Name:
	 	 Mary Lou Bartlett

	 Title:
	 	 Senior Vice President

	
	BANK OF AMERICA, N.A.
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 SIGNATURE
PAGE TO AMENDMENT NO. 1 TO CREDIT AGREEMENT 
  

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

  

			
	 HEIDRICK & STRUGGLES
 INTERNATIONAL, INC., as the Borrower

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 JPMORGAN CHASE BANK, individually
 and as Administrative Agent

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	LASALLE BANK NATIONAL ASSOCIATION
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	BANK OF AMERICA, N.A.
		
	 By:
	 	 /s/ Craig W. Mcguire

	 Name:
	 	 CRAIG W. McGUIRE

	 Title:
	 	 VICE PRESIDENT

  
 SIGNATURE
PAGE TO AMENDMENT NO. 1 TO CREDIT AGREEMENTEmployment Agreement of Eileen A. Kamerick

 [LETTERHEAD OF HEIDRICK & STRUGGLES APPEARS HERE] 
  
 Fritz E. Freidinger 
 Chief Legal Officer 
 (312) 496-1612 Direct 
 (312) 496-1297 Facsimile 
 ffreidinger@heidrick.com 
  
 June 1, 2004 
  
 Ms. Eileen Kamerick 
 2627 N. Greenview 
 Chicago, Illinois 60614 
  
 Dear Eileen: 
  
 On behalf of Heidrick &
Struggles International Inc., I am pleased to confirm the terms of your employment arrangement. 
  

	1.	Start Date. You will commence employment on June 7, 2004 (the “Effective Date”). 

  

	2.	Title. You will serve as Chief Financial Officer of Heidrick & Struggles International, Inc. (the “Company”), reporting to the Chief Executive Officer of the
Company. You will be located in the Chicago Corporate office. 

  

	3.	Base Salary. You will receive a monthly base salary of $33,333.33, which is $400,000.00 annually, subject to review on a 24-month basis. 

  

	4.	Target Bonus. Your target bonus for 2004 is $300,000.00 (guaranteed at 100% for 2004 pro rated for the portion of 2004 during which you are employed). You will also
participate in the Company’s Management Incentive Plan (Tier I). Bonuses are discretionary and are not earned until approved by the Compensation Committee and/or Board of Directors of the Company. The annual bonus (including the guaranteed 2004
bonus amount) will be payable only if you are in the Company’s employ on the regular bonus payment date. 

  

	5.	Incentive Compensation and Other Plans. You will be entitled to participate in other management compensation plans, including the Management Stock Option Plan, the Change in
Control Severance Plan at Tier I and the Severance Pay Plan as a Top Employee as such plans may be amended from time to time. 

  

	6.	Sign-On Stock Option. As of the Effective Date, you will receive a stock option grant to purchase 40,000 shares of Heidrick & Struggles International, Inc. common stock.
The options will be granted at the closing price of the common stock as reported on NASDAQ on the date of grant, will vest 33.3% per year over a three year period, and will have a five year term. 

  
 Sears Tower- Suite 4200 233, South Wacker Drive Chicago, IL 60606-6303 Phone:
312/496-1200 Fax: 312/496-1290 
  
 Heidrick & Struggles
International, Inc. Offices in Principal Cities of the World www.heidrick.com 
  

 Ms. Eileen Kamerick 
 June 1, 2004 
  Page
 2
 
  

	7.	Benefits. You will be eligible to participate in the Company’s benefit programs at the same level as other senior executives of the Company on your effective date. Our
benefits program includes group health, dental, vision, life/AD&D, long-term disability, short-term disability salary continuation, paid holidays, Flexible Spending Account, and the Heidrick & Struggles, Inc. 40l(k) Profit-Sharing and
Retirement Plan. You will also be eligible to participate in the Company’s Physical Examination and Financial Planning Program. Our benefits program, compensation programs, and policies are reviewed from time to time by Company management and
may be modified, amended, or terminated at any time. 

  

	8.	Expenses. The Company will reimburse you for all of your business expenses in accordance with its policies. 

  

	9.	Confidentiality. Your employment with the Company under this Agreement necessarily involves your access to and understanding of certain trade secrets and confidential
information pertaining to the business of the Company and its affiliates. During the term of your employment with the Company and thereafter, you will not, directly or indirectly, without the prior written consent of the Company, disclose or use for
the benefit of any person, corporation or other entity, or for yourself any and all files, trade secrets or other confidential information concerning the internal affairs of the Company and its affiliates, including, but not limited to, information
pertaining to its clients, services, products, earnings, finances, operations, methods or other activities; provided, however, that the foregoing shall not apply to information which is of public record or is generally known, disclosed or available
to the general public or the industry generally (other than as a result of your breach of this covenant). Notwithstanding the foregoing, you may disclose such information as is required by law during any legal proceeding or to your personal
representatives and professional advisers and, with respect to such personal representatives and professional advisers, you shall inform them of your obligations hereunder and take all reasonable steps to ensure that such professional advisers do
not disclose the existence or substance thereof. Further, you shall not, directly or indirectly, remove or retain, and upon termination of employment for any reason you shall return to the Company, any records, computer disks, computer printouts,
business plans or any copies or reproductions thereof, or any information or instruments derived therefrom, arising out of or relating to the business of the Company and its affiliates or obtained as a result of your employment by the Company.

  

	10.	 Non-Solicitation/Non-Competition. During the term of your employment with the Company and for a period of six-months after the termination of your employment
with the Company, you shall not (i) become an employee of or consultant to any principal competitor of the Company in substantially the same function as your employment with the Company or its affiliates in the twelve-months prior to termination of
your employment or (ii) directly or indirectly solicit or hire, or assist any other person in 

  

 Ms. Eileen Kamerick 
 June 1, 2004 
  Page
 3
 
  

	 	 
soliciting or hiring, any employee of the Company or its affiliates (as of your termination of employment with the Company) or any person who, as of such
date, was in the process of being recruited by the Company or its affiliates, or induce any such employee to terminate his or her employment with the Company or its affiliates. 

  

	11.	Other Legal Matters. 

  
 You will be an “employee at will” of the Company, meaning that either party may terminate the employment relationship at any time for any reason
(with or without Cause or Good Reason), except for such period of notice as may be expressly provided in writing under written Company employment policies in effect at the time of such termination. Your initial and continuing employment will be
subject to your having the ability to work legally in the United States. 
  
 You have advised the Company that your execution and performance of the terms of this Agreement do not and will not violate any other agreement binding on you or the rights of any third parties and you understand that
in the event this advice is not accurate the Company will not have any obligation to you under this Agreement. 
  
 This letter agreement contains our entire understanding and can be amended only in writing and signed by you and the Chief Executive Officer or Chief Legal Officer. You specifically acknowledge that no promises or
commitments have been made to you that are not set forth in this letter. 
  
 Any
controversy or claim arising out of or relating to this agreement or for the breach thereof, or your employment, including without limitation any statutory claims (for example, claims for discrimination including but not limited to discrimination
based on race, sex, sexual orientation, religion, national origin, age, marital status, handicap or disability; and claims relating to leaves of absence mandated by state or federal law), breach of any contract or covenant (express or implied), tort
claims, violation of public policy or any other alleged violation of statutory, contractual or common law rights (and including claims against the Company’s officers, directors, employees or agents) if not otherwise settled between the parties,
shall be conclusively settled by arbitration to be held in Chicago, Illinois, in accordance with the American Arbitration Association’s Employment Dispute Resolution Rules (the “Rules”). Arbitration shall be the parties’
exclusive remedy for any such controversies, claims or breaches. The parties agree they shall not seek any award for punitive damages for any claims they may have under this Agreement. The parties also consent to personal jurisdiction in Chicago,
Illinois with respect to such arbitration. The award resulting from such arbitration shall be final and binding upon both parties. Judgment upon said award may be entered in any court having jurisdiction. This agreement shall be governed by the laws
of the State of Illinois without regard to any conflict of law provisions of any jurisdiction. 
  

 Ms. Eileen Kamerick 
 June 1, 2004 
  Page
 4
 
  

 You and the Company hereby waive the right to pursue any claims, including but not limited to employment termination
- related claims, through civil litigation outside the arbitration procedures of this provision, unless otherwise required by law. You and the Company each have the right to be represented by counsel with respect to arbitration of any dispute
pursuant to this paragraph. The arbitrator shall be selected by agreement between the parties, but if they do not agree on the selection of an arbitrator within 30 days after the date of the request for arbitration, the arbitrator shall be selected pursuant to the Rules. 
  
 In the event of any arbitration hereunder, the parties agree each shall bear its or his own attorneys’ fees and costs associated with
or arising from such arbitration or other proceeding. 
  

	
	 Yours sincerely,

	
	 /s/ Fritz E. Freidinger

	 Fritz E. Freidinger

  

	cc:	Thomas J. Friel 

	    	Scott W. Sherwood 

  
 I hereby accept the terms and conditions of employment as outlined above: 
  

					
			
	 /s/ Eileen Kamerick
	 	 	 	 6/7/04

	 Eileen Kamerick
	 	 	 	 Date

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