Document:

EXHIBIT 10.3

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT ("Agreement") is entered into and effective as of the 9th day of February, 2016, by and between U. S. Physical Therapy, Inc. a Nevada corporation ("Employer"), and Glenn D. McDowell ("Employee"), and supersedes that certain Employment Agreement between the parties effective May 24, 2007, as amended March 8, 2013.  Employer and Employee may be referred to herein collectively as the "Parties" and individually as a "Party."  For the purposes of this Agreement, "Employer" includes U.S.P.T. Management, Inc.; for the purposes of Sections 10, 11, and 12 "Employer" shall include all subsidiaries and affiliates (as defined under the Securities Exchange Act of 1934, as amended and regulations promulgated thereunder)

Section 1.                          Term.  Employer hereby continues the employment of Employee and Employee hereby accepts continued employment with Employer for a two-year term (the "Term") commencing as of January 1, 2016.  The Term shall automatically renew as of the end of each expiring Term for an additional two-year period.  For purposes hereof, the "Term" shall refer to the current Term and any renewal of such Term.

Section 2.                          Duties of Employee.  Employee is engaged to serve as Chief Operating Officer of Employer and to perform such duties and responsibilities as are customarily performed by persons acting in such capacity or such other duties as may be assigned by Employer from time to time.  Employee shall report to the Employer's President and Chief Executive Officer and shall perform his duties in accordance with the policies and objectives established by Employer.

Section 3.                          Full-Time Employment.  Employee shall devote substantially all of his working time and talent to the business of Employer during the term hereof and shall diligently and to the best of his ability perform all duties incident to his employment hereunder, using his best efforts to promote the interests of Employer.  Employee agrees that he shall not serve as an officer, director, consultant, or employee of any other person or entity, whether or not for compensation, without the prior consent of the Employer's Board of Directors.

Section 4.                          Base Compensation.  Subject to the terms and conditions of this Agreement, as compensation for services rendered and Employee's covenants and agreements under this Agreement, Employer shall pay to Employee a base salary of FOUR HUNDRED THOUSAND AND NO/100THS DOLLARS ($400,000.00) per year (as adjusted from time to time, the "Base Compensation"), payable in accordance with Employer's then-prevailing pay practices.  From time to time (but at least once a year) Employer and Employee shall review Employee's performance, and at that time Employer, in its sole discretion, shall determine whether Employee's Base Compensation should be increased.  At no time during the Term hereof will Employee's Base Compensation be decreased, without the express written consent of Employee.

Section 5.                          Additional Compensation.  Subject to the terms and conditions of this Agreement, in addition to the Base Compensation, Employer may provide incentive compensation in the form of cash bonuses and other incentive awards, including stock options and restricted shares.  The amount of any cash bonus and the award of any additional stock options or restricted shares is completely discretionary and will be determined solely by the Board of Directors of Employer or a compensation committee thereof, taking into consideration any factor the Board of Directors or compensation committee deems relevant.

Section 6.                          Business Expenses.  Employer shall reimburse Employee for business expenses directly and reasonably incurred in the performance of his duties.

Section 7.                          Benefits and Plans.  Employee shall be entitled to fringe benefits, including vacation days, sick and personal days and company holidays pursuant to the Employer's paid time off plan as per the Employer's employee handbook, and insurance (health, disability and life), and Employee shall be entitled to participate, subject to all conditions of eligibility, in any employee benefit plans which may be adopted by Employer, including without limitation, qualified retirement plan(s), deferred compensation plans, and salary continuation, disability insurance, hospitalization insurance, major medical insurance, medical reimbursement and life insurance benefit plans.  Also, Employer shall continue Employee's monthly salary for a period of up to ninety (90) continuous days during any period of Employee's sickness or disability.

Section 8.                          Termination.  This Agreement shall terminate prior to the expiration of the Term hereof upon the occurrence of any one of the following events:

	
(a)

	
Disability.  In the event that Employee is unable fully to perform his duties and responsibilities hereunder to the full extent required by Employer by reason of illness, injury or incapacity for ninety (90) consecutive days, this Agreement may be terminated by Employee or Employer; provided, however, that Employee shall continue to be compensated as provided in this Agreement during such ninety- (90) day period and until termination under this Section 8 and Employee also shall be paid, in a lump sum, a special benefit equal to two (2) year's Base Compensation, and all Restricted Stock owned by Employee shall immediately become Vested Shares, as such term is defined in the applicable grant agreement and plan documents; and, provided further, that Employee will be entitled to receive the benefits, rights and/or payments prescribed under any employee welfare or benefit plan in which Employee was participating at the time of such disability in accordance with the terms and conditions of such plans.  In the event of any dispute under this Section 8, Employee shall submit to a physical examination by a licensed physician selected by Employer and reasonably acceptable to Employee.

	
(b)

	
Death.  In the event that Employee dies during the term hereof, Employer shall pay to his executors, legal representatives or administrators an amount equal to one (1) year's Base Compensation, and thereafter Employer shall have no further liability or obligation hereunder to Employee's executors, legal representatives, administrators, heirs or assigns or any other person claiming under or through Employee; provided, however, that all Restricted Stock owned by Employee shall immediately become Vested Shares, as such term is defined in the applicable grant agreement and plan documents, and Employee's heirs, legal representatives or administrators will be entitled to receive the benefits, rights and/or payments prescribed under any employee welfare or benefit plans in which Employee was participating at the time of his death in accordance with the terms and conditions of such plans.

	
(c)

	
Cause.  Nothing in this Agreement shall be construed to prevent its termination by Employer at any time for "cause".  For purposes of this Agreement, "cause" shall mean (i) the willful and material failure of Employee to perform or observe (other than by reason of disability as contemplated in paragraph 9(a)) any of the terms or provisions of this Agreement, including the failure of Employee to follow the reasonable written directions of Employer's President and Chief Executive Officer or Board of Directors, (ii) dishonesty or misconduct on the part of Employee that is or is reasonably likely to be damaging or detrimental to the business of Employer, (iii) conviction of a crime involving moral turpitude, (iv) habitual insobriety or failure to perform duties due to abuse of alcohol or drugs, or (v) misappropriation of funds.  Prior to terminating this Agreement on account of Employee's failure to perform or observe any of the terms and conditions of this Agreement (but not for any of the other enumerated "causes" stated in (ii) through (v) above), Employer shall give Employee thirty (30) days written notice and an opportunity to cure such failure to the satisfaction of Employer.  Upon termination for cause, Employer shall pay to Employee all sums due to Employee through the date of such termination.  Following such a termination, Employer shall have no further duty or obligation to Employee; provided, however, that Employee shall continue to be bound by Sections 10 through 16.

	
(d)

	
Voluntary Resignation by Employee not for good reason.  Upon a voluntary resignation by Employee not "for good reason" as defined in Section 9 F. herein, Employer shall pay to Employee all sums due to Employee through the date of such termination.  Following such a termination, Employer shall have no further duty or obligation to Employee; provided, however, that Employee shall continue to be bound by Sections 10 through 16.

Section 9.                          Special Benefits.

A.            Special Benefit in the Event of a Change in Control.  Employee shall be entitled to a Change of Control benefit of $283,333 in the event of a "Change in Control", defined as:

	
(a)

	
The transfer or sale by Employer of all or substantially all of the assets of Employer whether or not this Agreement is assigned or transferred as a part of such sale;

	
(b)

	
The transfer or sale of more than fifty percent (50%) of the outstanding shares of Common Stock of Employer;

	
(c)

	
A merger or consolidation involving Employer in a transaction in which the shareholders of Employer immediately prior to the merger or consolidation own less than fifty percent (50%) of the company surviving the merger or consolidation; or

	
(d)

	
A merger or consolidation involving Employer in a transaction in which the board members of Employer after the merger or consolidation constitute less than fifty percent (50%) of the board of the company surviving the merger or consolidation; or

	
(e)

	
The voluntary or involuntary dissolution of Employer.

B.            In addition, in the event of a Change in Control, all Restricted Stock owned by Employee shall immediately become Vested Shares, as such term is defined in the applicable grant agreement and plan documents. Special Benefit in the Event of Termination Without Cause or Resignation for Good Cause.

In the event of the termination of employment of Employee by Employer without "cause" as cause is defined in Section 8(c) hereof, or the resignation of employment by Employee  "for good reason" as defined in Section 9 F. hereof (in either case, a "Termination Event"), Employee shall be entitled to the following special benefits:

(i)  Two (2) years' Base Compensation; and

(ii) The greater of (i) the bonus paid or payable to Employee with respect to last fiscal year of Employer completed prior to the occurrence of the Termination Event or (ii) the average of the bonuses paid to Employee over the three (3) fiscal years of Employer ending with last fiscal year of Employer completed prior to the occurrence of the Termination Event; and

(iii) Employee's accrued but unused vacation days; and

(iv)            All Restricted Stock owned by Employee shall immediately become Vested Shares, as such term is defined in the applicable grant agreement and plan documents

The aggregate dollar amount of the special benefits described in subsections (i) and (ii) above shall be aggregated and paid ratably on a bi-weekly basis over the 24 month period following the Termination Event. If a Change in Control has occurred prior to a Termination Event, Employee shall also be entitled to the special benefits under this Section 9 B.

C.            Employee's accrued but unused vacation days shall be paid to Employee within thirty (30) days of the actual date of the termination of Employee's employment.

D.            In the event Employee's employment is terminated (whether by Employer or Employee) as a result of a Termination Event, Employee shall be entitled to such medical insurance benefits as he enjoyed prior to his termination for the twenty-four months following such termination and at the same cost to Employee of such benefits as in effect prior to such termination.

E.            Employee shall be entitled to the Change in Control benefit specified in Section 9 A. only if he remains an employee of Employer to the date of consummation of the Change in Control, unless Employee is terminated within six (6) months prior to such date pursuant to a Termination Event or as the result of disability or death as provided in Sections 8(a) and (b).  Should any special benefits provided in this Section 9 become payable, the covenants contained in Sections 10 through 16 hereof shall continue to apply, and should Employee violate the terms of such covenants Employer may, in addition to any legal or equitable remedies, cease payment of the benefits and terminate any and all future payments otherwise called for under this Section 9.

F.            For purposes of this Agreement, "for good reason" means the occurrence of any one or more of the following: (i) removal or other termination of Employee as the Chief Operating Officer of Employer, without Employee's express written consent; (ii) a reduction of Employee's duties, authority or responsibilities or the assignment to Employee of such reduced duties, authority or responsibilities, in either case without Employee's express written consent, (iii) a reduction by Employer in Employee's Base Compensation without Employee's express written consent; or (iv) the relocation of Employee to a facility or a location more than 30 miles from Employee's then present office location without Employee's express written consent.

Section 10.                          Non-Competition.  At all times that Employee remains employed by the Employer and for a two (2) year period following the termination of his employment under this Agreement for any reason, Employee shall not, directly or indirectly, for himself or on behalf of any other person or entity as an employee, employer, consultant, agent, lender, principal, partner, stockholder, corporate officer, director, or in any other individual or representative capacity, (i) invest, engage in, or permit his name to be used in connection with any business that is in competition with Employer, (ii) accept employment with or render services to a competitor of Employer, as a director, officer, agent partner, employee or consultant, or (iii) solicit or accept from any of the customers of Employer or from any person or entity whose business Employer is soliciting, any business of the type which Employer is engaged in or in which Employer is actively preparing to so engage, in each case described in clauses (i), (ii) or (iii), within the Territory.  Employee shall be prohibited from engaging in the activities described above within, or with respect to any business in competition with the Employer located within, fifty (50) miles of any of Employer's rehabilitation clinic locations (the "Territory").

Notwithstanding the foregoing, Employee may own the voting common stock of any publicly held corporation so long as it does not exceed more than five percent (5%) of the outstanding stock thereof.

Section 11.                          Non-Solicitation.  For a two (2) year period following the termination of the employment of the Employee under this Agreement for any reason, Employee agrees not to, directly or indirectly, for himself or on behalf of any other person or entity (a) solicit or induce, or attempt to solicit or induce, any person employed by, or any agent of, Employer, to terminate employee's or agent's relationship with Employer, nor (b) call on, solicit or divert, or attempt to call on, solicit or divert any person, firm, corporation or other entity who was or had been a customer or a patient referral source (including, without limitation, any physician) of Employer who referred ten or more customers or patients to Employer, who is a customer or a patient referral source of Employer who has referred ten or more customers or patients to Employer, or who is a prospective customer or a patient referral source of Employer with whom Employee had contact as an employee of Employer and who, within six months of such solicitation, Employer was or is actively recruiting as a customer or patient referral source.

Section 12.                          Confidential Information.  Employee will not, during or after the termination of this Agreement, disclose any trade secrets, financial and accounting information, customer lists, customer mailing lists, prospective customer lists, lists of referral sources or prospective referral sources, or pricing, marketing or advertising plans or methods used by Employer (the "Confidential Information") to any person, firm, corporation, association or other entity for any reason or purpose whatsoever, nor shall Employee make use of the Confidential Information for his own purposes or for the benefit of any person, firm, corporation or other entity (except Employer) under any circumstances during or after the termination of this Agreement.  On demand of Employer, at any time, Employee shall immediately deliver all printed or written Confidential Information to Employer.  To the extent that Employee's property does not contain Confidential Information, Employee may remove all of Employee's property (such as computer software and tapes) upon termination of this Agreement.  Confidential Information does not include information that (i) currently is generally available to or known by the public or hereafter becomes generally available to or known by the public through no fault of Employee, (ii) was already in the possession of Employee on the date of inception of Employee's employment by Employer, or (iii) is obtained by Employee from a third party who is under no obligation of confidence to Employer.

Section 13.                          Reasonableness of Restrictions.  Employee agrees that (a) the covenants contained in Sections 10, 11 and 12 hereof are necessary for the protection of Employer's business goodwill and trade secrets, (b) a portion of the compensation paid to Employee under this Agreement is paid in consideration of the covenants herein contained, the sufficiency of which consideration is hereby acknowledged, and if the scope of any restriction contained in Sections 10, 11 and 12 is too broad to permit enforcement of such restriction to its full extent, then such restriction shall be enforced to the maximum permitted by law, and the parties hereby consent that such scope may be judicially modified accordingly in any proceeding brought to enforce such restriction.

Section 14.                          Enforcement.  Employee acknowledges Employee's employment with Employer is special and unique in character and that Employee will acquire special skill and training and gain special knowledge during Employee's employment with Employer, that the restrictions contained in Sections 10, 11 and 12 hereof are reasonable and necessary to protect the legitimate interests of Employer and its affiliates, that Employer would not have entered into this Agreement in the absence of such restrictions, and that any violation of any provision of those Sections will result in irreparable injury to Employer.  Employee also acknowledges that Employer shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving actual damages as well as an equitable accounting of all earnings, profits and other benefits arising from any such violation, which rights shall be cumulative and in addition to any other rights or remedies to which Employer may be entitled.  The existence of any claim or cause of action of Employee against Employer, whether predicated on this Agreement or otherwise,  shall not constitute a defense to the enforcement by Employer of these covenants, except for Employer's breach of this Agreement relating to its payment obligations to Employee after the termination of Employee's employment under the terms of this Agreement.

Section 15.                          Copy of Covenants.  Until the expiration of the applicable restrictions, Employee will provide, and Employer similarly may provide, a copy of the covenants contained in Sections 10, 11 and 12 of this Agreement to any business or enterprise which Employee may (i) directly or indirectly own, manage, operate, finance, join, control or participate in the ownership, management operation, financing, or control of, (ii) serve as an officer, director, employee, partner, principal, agent, representative, consultant, lender or otherwise, or (iii) with which he may use or permit his name to be used.

Section 16.                          Special Definition of Employer.  For the purposes of Sections 10 through 15 above, the definition of Employer shall include any subsidiary or affiliate of Employer, including all affiliated physical therapy partnerships of Employer.

Section 17.                          Notices.  Any notices to be given hereunder by either Party to the other may be effected in writing either by personal delivery, via facsimile or by mail, registered or certified, postage prepaid with return receipt requested:

	
If to Employer:

	
U.S. Physical Therapy, Inc.

	 	
1300 West Sam Houston Parkway South

	 	
Suite 300

	 	
Houston, Texas 77042

	 	
Attention: Chairman of the Board

	 	 
	
If to Employee:

	
Glenn D. McDowell

	 	
12870 Kingsbridge Lane

Houston, Texas 77077

	 	 

Mailed notices shall be addressed to the Parties at the addresses set forth above, but each Party may change the address by written notice in accordance with this Section 17.  Notices delivered personally or by facsimile shall be deemed communicated upon actual receipt.  Mailed notices shall be deemed communicated three (3) days after mailing.

Section 18.                          Entire Agreement.  This Agreement supersedes any and all other agreements, either oral or in writing, between the parties hereto with respect to the employment of Employee by Employer, and contains all of the covenants and agreements between the parties with respect to such employment in any manner whatsoever.

Section 19.                          Headings.  The headings or titles to sections in this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the heading or title of any section.

Section 20.                          Amendment or Modification; Waiver.  No provision of this Agreement may be amended, modified or waived unless such amendment, modification or waiver is authorized by Employer and is agreed to in writing, signed by Employee and by an officer of Employer (other than Employee) thereunto duly authorized.  Except as otherwise specifically provided in this Agreement, no waiver by any Party hereto of any breach by any other Party hereto of any condition or provision of this Agreement to be performed by such other Party shall be deemed a waiver of a similar or dissimilar provision or condition at the same or at any prior or subsequent time nor shall the receipt or acceptance of Employee's employment be deemed a waiver of any condition or provision hereof.

Section 21.                          Assignability.  Employee shall not assign, pledge or encumber any interest in this Agreement or any part thereof without the express written consent of Employer, this Agreement being personal to Employee.  This Agreement shall, however, inure to the benefit of Employee's estate, dependents, beneficiaries and legal representatives.  This Agreement shall not be assignable by Employer without the written consent of Employee which will not be unreasonably withheld.  Subject to the terms of this Agreement, Employer may merge or consolidate with or into, or transfer substantially all of its assets to, another corporation or other form of business organization without Employee's consent, and as a result of such merger, consolidation or transfer, this Agreement shall bind the successor of Employer resulting from such merger, consolidation or transfer.  No such merger, consolidation or transfer, however, shall relieve the Parties from liability and responsibility for the performance of their respective duties and obligations hereunder.

Section 22.                          Governing Law.  This Agreement shall be interpreted, construed and governed by and in accordance with the internal substantive law of the State of Texas.

Section 23.                          Severability.  Each provision of this Agreement constitutes a separate and distinct undertaking, covenant and/or provision hereof.  In the event that any provision of this Agreement shall finally be determined to be unlawful, such provision shall be deemed severed from this Agreement, but every other provision of this Agreement shall remain in full force and effect, and in substitution for any such provision held unlawful, there shall be substituted a provision of similar import reflecting the original intent of the Parties hereto to the extent permissible under law.

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

EMPLOYER:

 

U.S. PHYSICAL THERAPY, INC.

  

/s/ Jerald L. Pullins

By:    Jerald L. Pullins

 

Chairman of the Board of Directors

 

 

EMPLOYEE:

 

/s/ Glenn D. McDowell

 

GLENN D. McDOWELLEX-10.42

 Exhibit 10.42 

EXECUTION COPY 
 AMENDMENT
NO. 3 
 Dated as of November 23, 2015 

to 
 CREDIT AGREEMENT 

Dated as of October 12, 2011 

THIS AMENDMENT NO. 3 (this “Amendment”) is made as of November 23, 2015 by and among C. R. Bard, Inc., a New Jersey
corporation (the “Borrower”), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent’), under that certain Credit Agreement
dated as of October 12, 2011 by and among the Borrower, the Lenders from time to time party thereto and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement. 

WHEREAS, the Borrower has requested that the requisite Lenders and the Administrative Agent agree to provide additional commitments under and
make certain amendments to the Credit Agreement; 
 WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent have so
agreed 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 Borrower, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment. 

1. Amendments to the Credit Agreement. Effective as of the Amendment No. 3 Effective Date (as defined below), the parties hereto
agree that the Credit Agreement shall be amended as follows: 
 (a) The definition of “Commitment” appearing in
Section 1.01 of the Credit Agreement is amended to restate the final two sentences thereof in their entirety to read as follows: 

The amount of each Lender’s Commitment as of the Amendment No. 3 Effective Date is set forth on Schedule 1.01,
or in the Assignment and Assumption or other agreement pursuant to which such Lender shall have assumed its Commitment, as applicable. As of the Amendment No. 3 Effective Date, the aggregate amount of the Commitments is $1,000,000,000. 

(b) The definition of “Commitment Termination Date” appearing in Section 1.01 of the Credit Agreement is amended
to delete the reference to “November 18, 2019” appearing therein and to replace such reference with “November 23, 2020”. 

 (c) Section 1.01 of the Credit Agreement is amended to add the following definitions
thereto in proper alphabetical order and, where applicable, replace the corresponding previously existing definitions: 

“Amendment No. 3 Effective Date” means November 23, 2015. 

“Anti-Corruption Laws” means the United States Foreign Corrupt Practices Act of 1977, as amended, and all
similar laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries prohibiting bribery or corruption. 

“OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury. 

“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any
Sanctions (as of the Amendment No. 3 Effective Date, Crimea, Cuba, Iran, North Korea, Sudan and Syria). 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated
Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country or
(c) any Person 50 percent or more owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced
from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union, or Her Majesty’s Treasury of the United Kingdom. 

(d) Section 1.04 of the Credit Agreement is amended to add a new sentence at the end thereof as follows: 

Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be
construed, and all computations of amounts and ratios referred to herein shall be made (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting
Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined
therein and (ii) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard
having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof. 

(e) Section 2.03(a) of the Credit Agreement is amended to delete the reference to “12:00 noon”, appearing in clauses
(i) and (ii) thereof and, in each case, to replace such references with “1:00 p.m.”. 

  
 2 

 (f) Section 2.06(c) of the Credit Agreement is amended to delete the reference to
“$1,000,000,000” appearing in subclause (ii) thereof and to replace such reference with “$1,500,000,000”. 
 (g)
Section 2.17(a) of the Credit Agreement is amended to delete the reference to “the Swingline Lender agrees to make Swingline Loans” appearing therein and to replace such reference with “the Swingline Lender may in its sole
discretion make Swingline Loans”. 
 (h) A new Section 3.13 is added to the Credit Agreement immediately following
Section 3.12 of the Credit Agreement as follows: 
 SECTION 3.13. Anti-Corruption Laws and Sanctions. The
Borrower has implemented and maintains in effect policies and procedures reasonably designed to promote compliance by the Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable
Sanctions, and the Borrower, its Subsidiaries and, to the knowledge of the Borrower, their respective employees, officers and directors, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of the
Borrower, any Subsidiary or to the knowledge of the Borrower, any of their respective directors, officers or employees is a Sanctioned Person. No Borrowing, Letter of Credit or use of proceeds will violate any Anti-Corruption Law or any Sanctions
applicable to any party hereto. 
 (i) Schedule 1.01 to the Credit Agreement is amended and restated in its entirety in the form of
Schedule 1.01 attached hereto. 
 2. New Lenders. The parties hereto hereby acknowledge and agree that: 

(a) Each of the undersigned financial institutions that is not a party to the Credit Agreement prior to the Amendment No. 3 Effective
Date (each, an “New Lender”) agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the Amendment No. 3 Effective Date, become a Lender for all purposes of the Credit Agreement, with a
Commitment as set forth on Schedule 1.01 attached hereto. 
 (b) Each undersigned New Lender (a) represents and warrants that
(i) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby and by the Credit Agreement and to become a Lender under the Credit Agreement,
(ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to become a Lender, (iii) from and after the Amendment No. 3 Effective Date, it shall be bound by the
provisions of the Credit Agreement as a Lender thereunder and shall have the obligations of a Lender thereunder, and (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered
pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement on the basis of which it has made such analysis and
decision independently and without reliance on the Administrative Agent, any Lender or any Issuing Bank; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, any Lender or any Issuing Bank, and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement and the other Loan Documents, and (ii) it will perform in
accordance with their terms all of the obligations which by the terms of the Credit Agreement and the other Loan Documents are required to be performed by it as a Lender. 

  
 3 

 3. Departing Lenders. The parties hereto hereby acknowledge and agree that: 

(a) Santander Bank, N.A. (the “Departing Lender”) is entering into this Amendment solely to evidence its exit from the Credit
Agreement and shall have absolutely no obligation hereunder. Upon the effectiveness hereof and the payment described in Section 3(b)(ii), the Departing Lender shall no longer (i) constitute a “Lender” for all purposes under the
Loan Documents, (ii) be a party to the Credit Agreement and (iii) have any obligations under any of the Loan Documents, in each case, without further action required on the part of any Person; and 

(b) Upon the effectiveness hereof: (i) the Departing Lender’s “Commitment” under the Credit Agreement shall be terminated,
(ii) the Departing Lender shall have received payment in full in immediately available funds of all of its Loans, all interest thereon and all other amounts payable to it under the Credit Agreement, (iii) the Departing Lender shall not be
a Lender hereunder as evidenced by its execution and delivery of its signature page hereto and (iv) the defined term “Lenders” in the Credit Agreement shall exclude the Departing Lender. 

4. Conditions of Effectiveness. The effectiveness of this Amendment (the “Amendment No. 3 Effective Date”) is
subject to the satisfaction of the following conditions precedent: 
 (a) The Administrative Agent shall have received counterparts of this
Amendment duly executed by the Borrower, the Lenders (including the New Lenders and the Departing Lender), the Issuing Banks, the Swingline Lender and the Administrative Agent. 

(b) The Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent and the Lenders and dated
the Amendment No. 3 Effective Date) of (i) Drinker Biddle & Reath LLP, special New Jersey counsel for the Borrower and (ii) Weil, Gotshal & Manges LLP, special New York counsel for the Borrower, each covering such
matters relating to the Borrower, this Amendment or the Credit Agreement as amended hereby as the Administrative Agent shall reasonably request (and the Borrower hereby instructs such counsels to deliver such opinions to the Lenders and the
Administrative Agent). 
 (c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or
its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of this Amendment and the Credit Agreement as amended hereby, and any other matters relevant hereto, all in form and
substance reasonably satisfactory to the Administrative Agent and its counsel. 
 (d) The Administrative Agent shall have received a
certificate, dated the Amendment No. 3 Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in clauses (a) and (b) of the first
sentence of Section 4.02 of the Credit Agreement (excluding, however, the first parenthetical clause in such clause (a)). 
 (e)
The Administrative Agent shall have received, for the account of each Lender (including each New Lender but excluding the Departing Lender), an upfront fee in an amount equal to the amount previously disclosed to the Lenders. 

(f) The Administrative Agent shall have received payment of the Administrative Agent’s and its affiliates’ fees and reasonable
out-of-pocket expenses (including the reasonable fees and expenses of Latham & Watkins LLP, counsel to the Administrative Agent, that are due and payable on or prior to the Amendment No. 3 Effective Date and for which an invoice has
been presented to the Borrower at least one Business Day prior to the Amendment No. 3 Effective Date) in connection with this Amendment. 

  
 4 

 5. Representations and Warranties of the Borrower. The Borrower hereby represents and
warrants as follows: 
 (a) This Amendment and the Credit Agreement as modified hereby constitute legal, valid and binding obligations of
the Borrower, enforceable in accordance with their terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of
creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

(b) As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default has occurred and is continuing and
(ii) the representations and warranties of the Borrower set forth in the Credit Agreement are true and correct in all material respects (or, in the case of any such representations and warranties qualified as to materiality, in all respects) on
and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). 

6. Reference to and Effect on the Credit Agreement. 

(a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be
a reference to the Credit Agreement as amended hereby. 
 (b) The Credit Agreement and all other documents, instruments and agreements
executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 
 (c) Except
as expressly set forth herein, the execution, delivery and effectiveness of this Amendment shall not 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 documents, instruments and agreements executed and/or delivered in connection therewith. 
 (d) On the Amendment
No. 3 Effective Date, the Administrative Agent shall make such reallocations of each Lender’s Applicable Percentage of the Revolving Credit Exposure under the Credit Agreement as are necessary in order that the Revolving Credit Exposure
with respect to such Lender reflects such Lender’s Applicable Percentage of the Revolving Credit Exposure under the Credit Agreement as amended hereby. Each Departing Lender and each Lender hereby waives any compensation by the Borrower of any
and all losses, costs and expenses incurred by such Departing Lender or Lender solely in connection with the sale and assignment of any Eurodollar Loans and the reallocation described in this clause (d) and occurring on the Amendment No. 3
Effective Date that would otherwise be due to such Departing Lender or Lender pursuant to Section 2.13 of the Credit Agreement. 
 (e)
This Amendment is a “Loan Document” under (and as defined in) the Credit Agreement. 
 7. Governing Law. This Amendment
shall be construed in accordance with and governed by the law of the State of New York. 

  
 5 

 8. Submission to Jurisdiction. The Borrower hereby irrevocably and unconditionally
submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from
any thereof, in any action or proceeding arising out of or relating to this Amendment, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Amendment shall affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have
to bring any action or proceeding relating to this Amendment against the Borrower or its properties in the courts of any jurisdiction. 
 9.
Headings. Section headings used in this Amendment are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. 

10. Counterparts. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all
of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by fax or other electronic transmission (including, without limitation, PDF)
shall be effective as delivery of a manually executed counterpart of this Agreement. 
 [Signature Pages Follow] 

  
 6 

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

			
	 C. R. BARD, INC.,
 as the
Borrower

		
	By:	 	 /s/ Christopher S. Holland

	Name:	 	Christopher S. Holland
	Title:	 	Senior Vice President and Chief Financial Officer
		
	By:	 	 /s/ Scott T. Lowry

	Name:	 	Scott T. Lowry
	Title:	 	Vice President and Treasurer

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of October 12, 2011 

C. R. Bard, Inc. 

			
	 JPMORGAN CHASE BANK, N.A.,

individually as a Lender, as an Issuing Bank, as Swingline Lender and as Administrative Agent

		
	By:	 	 /s/ Joon Hur

	Name:	 	Joon Hur
	Title:	 	Vice President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of October 12, 2011 

C. R. Bard, Inc. 

			
	 BANK OF AMERICA, N.A.,
 individually
as a Lender, as an Issuing Bank and as Syndication Agent

		
	By:	 	 /s/ David J. Bardwil

	Name:	 	David J. Bardwil
	Title:	 	Senior Vice President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of October 12, 2011 

C. R. Bard, Inc. 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	 /s/ Joe Ellerbroek

	Name:	 	Joe Ellerbroek
	Title:	 	Vice President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of October 12, 2011 

C. R. Bard, Inc. 

 
			
	 GOLDMAN SACHS BANK USA,
 as a
Lender

		
	By:	 	 /s/ Rebecca Kratz

	Name:	 	Rebecca Kratz
	Title:	 	Authorized Signatory

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of October 12, 2011 

C. R. Bard, Inc. 

			
	 BARCLAYS BANK PLC,
 as a
Lender

		
	By:	 	 /s/ Vanessa Kurbatskiy

	Name:	 	Vanessa Kurbatskiy
	Title:	 	Vice President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of October 12, 2011 

C. R. Bard, Inc. 

			
	 ROYAL BANK OF CANADA,
 as
a Lender

		
	By:	 	 /s/ Eric D. Koppelson

	Name:	 	Eric D. Koppelson
	Title:	 	Authorized Signatory

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of October 12, 2011 

C. R. Bard, Inc. 

			
	 TD BANK, N.A.,
 as a
Lender

		
	By:	 	 /s/ Steve Levi

	Name:	 	Steve Levi
	Title:	 	Senior Vice President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of October 12, 2011 

C. R. Bard, Inc. 

			
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

as a Lender

		
	By:	 	 /s/ Brian McNany

	Name:	 	Brian McNany
	Title:	 	Director

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of October 12, 2011 

C. R. Bard, Inc. 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
a Lender

		
	By:	 	 /s/ Jennifer Hwang

	Name:	 	Jennifer Hwang
	Title:	 	Senior Vice President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of October 12, 2011 

C. R. Bard, Inc. 

 
			
	 HSBC BANK USA, NATIONAL ASSOCIATION,

as a Lender
  

	By:	 	 /s/ Robert Moravac

	Name:	 	Robert Moravac
	Title:	 	Vice President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of October 12, 2011 

C. R. Bard, Inc. 

			
	 MIZUHO BANK, LTD.,
 as a
Lender

		
	By:	 	 /s/ Bertram H. Tang

	Name:	 	Bertram H. Tang
	Title:	 	Authorized Signatory

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of October 12, 2011 

C. R. Bard, Inc. 

 
			
	 BANK OF CHINA,
 as a
Lender

		
	By:	 	 /s/ Haifeng Xu

	Name:	 	Haifeng Xu
	Title:	 	Executive Vice President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of October 12, 2011 

C. R. Bard, Inc. 

			
	The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Amendment No. 3 Effective Date, it is no longer a party to the Credit Agreement
	
	 SANTANDER BANK, N.A. (f/k/a Sovereign Bank, N.A.),

as a Departing Lender

		
	By:	 	 /s/ Justin Kleeberg            

	Name:	 	Justin Kleeberg
	Title:	 	Executive Director

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