Document:

10.27 KCI Amendment No 4

AMENDMENT NO. 4 TO CREDIT AGREEMENT
AMENDMENT NO. 4, dated as of November 15, 2013 (this “Amendment”), by and among the Co-Borrowers, Parent, Topco, Holdings, the Lenders party thereto and the Administrative Agent, to the Credit Agreement, dated as of November 4, 2011, as amended by Amendment No. 1 to Credit Agreement, dated November 7, 2012, Amendment No. 2 to Credit Agreement, dated June 14, 2013 and Amendment No. 3 to Credit Agreement, dated October 28, 2013, among CHIRON MERGER SUB, INC., a Texas corporation, KINETIC CONCEPTS, INC., a Texas corporation (the “Lead Borrower”), KCI USA, INC., a Delaware corporation (“KCI USA” and, together with the Lead Borrower, the “Co-Borrowers”), CHIRON HOLDINGS, INC., a Delaware corporation (“Holdings”), CHIRON TOPCO, INC., a Delaware corporation (“Topco”), CENTAUR GUERNSEY LP, INC., a Guernsey limited partnership (“Parent”), solely with respect to Sections 5.01 through 5.04, 7.13 and 8.01 of the Credit Agreement, CHIRON GUERNSEY GP CO. LIMITED, a Guernsey limited company, BANK OF AMERICA, N.A., as administrative agent, collateral agent, letter of credit issuer and swing line lender, and each lender from time to time party thereto (the “Credit Agreement”).
W I T N E S S E T H:
WHEREAS, Section 10.01 of the Credit Agreement allows certain provisions of the Credit Agreement that affect the rights or duties of Lenders holding Loans of a particular Class to be amended or waived with the written concurrence of each of the Co-Borrowers, Holdings, the Administrative Agent and the Required Lenders holding Loans of such particular Class; 
WHEREAS, the Co-Borrowers, Holdings, the Administrative Agent, Lenders having more than 50% of the Outstanding Amount of the Dollar Term D-1 Loans and Lenders having more than 50% of the Outstanding Amount of the Incremental Term D-1 Loans have agreed to amend the Credit Agreement as provided for herein; and
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereto hereby agree as follows: 
ARTICLE I 
 
Amendments
Subject to the occurrence of the Amendment No. 4 Effective Date and other than with respect to (x) the initial borrowing date, (y) the use of proceeds and (z) the fees payable on the Amendment No. 3 Effective Date in respect of, in each case, the Incremental Term D-1 Loans, the Incremental Term D-1 Loans shall have identical terms as the Dollar Term D-1 Loans and shall otherwise be subject to the provisions, including any provisions restricting the rights, or regarding the obligations, of the Loan Parties or any provisions regarding the rights of the Lenders, of the Credit Agreement and the other Loan Documents.  Upon the Amendment No. 4 Effective Date, the Administrative Agent will record the Incremental Term D-1 Loans as being of the same “Class” as the Dollar Term D-1 Loans.  The Incremental Term D-1 Loans shall be assigned the same CUSIP as the Dollar Term D-1 Loans.

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ARTICLE II 
 
Waivers and Consents
The Lenders party hereto (x) waive any rights to compensation pursuant to Section 3.05(a) of the Credit Agreement in connection with this Amendment and recording the Incremental Term D-1 Loans as being of the same “Class” as the Dollar Term D-1 Loans and (y) consent to an Interest Period beginning on the Amendment No. 4 Effective Date and ending on December 31, 2013 in respect of the Eurocurrency Rate Borrowing incurred on the Amendment No. 4 Effective Date under the Incremental Term D-1 Loans.
ARTICLE III 
 
Conditions to Effectiveness
This Amendment shall become effective on the date (the “Amendment No. 4 Effective Date”) on which:
(a)    The Administrative Agent (or its counsel) shall have received from (i) Lenders having more than 50% of the Outstanding Amount of the Dollar Term D-1 Loans, (ii) Lenders having more than 50% of the Outstanding Amount of the Incremental Term D-1 Loans, (iii) the Administrative Agent and (iv) each of the Co-Borrowers, Parent, Topco and Holdings, (x) a counterpart of this Amendment signed on behalf of such party or (y) written evidence satisfactory to the Administrative Agent (which may include telecopy or other electronic transmission of a signed signature page of this Amendment) that such party has signed a counterpart of this Amendment. 
(b)    At the time of and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing or shall result from the Amendment.
The effectiveness of this Amendment (other than Sections 5.2 and 5.3 hereof) is conditioned upon the accuracy of the representations and warranties set forth in Article IV hereof.  The Administrative Agent shall notify the Lead Borrower and the Lenders of the Amendment No. 4 Effective Date.  
ARTICLE IV 
 
Representation and Warranties.
After giving effect to the amendments contained herein, on the Amendment No. 4 Effective Date the Co-Borrowers hereby confirm that:  (a) this Amendment has been duly authorized, executed and delivered by each Loan Party party hereto and constitutes the legal, valid and binding obligations of each such Loan Party enforceable against it in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity; (b) the representations and warranties of the Co-Borrowers and each other Loan Party contained in Article V of the Credit Agreement or any other Loan Document shall be true and correct in all material respects on and as of the date hereof; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; 

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provided further that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates; and (c) no Default or Event of Default has occurred and is continuing under the Credit Agreement.
ARTICLE V 
 
Miscellaneous
Section 5.1.    Continuing Effect; No Other Amendments or Waivers.  This Amendment shall not constitute an amendment or waiver of or consent to any provision of the Credit Agreement and the other Loan Documents except as expressly stated herein and shall not be construed as an amendment, waiver or consent to any action on the part of the Loan Parties or the Parent GP that would require an amendment, waiver or consent of the Administrative Agent or the Lenders except as expressly stated herein.  Except as expressly waived hereby, the provisions of the Credit Agreement and the other Loan Documents are and shall remain in full force and effect in accordance with their terms.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.
Section 5.2.    Counterparts.  This Amendment may be executed in any number of separate counterparts by the parties hereto (including by telecopy or via electronic mail), each of which counterparts when so executed shall be an original, but all the counterparts shall together constitute one and the same instrument.
Section 5.3.    GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
Section 5.4.    Reaffirmation.  Each Loan Party, and with respect to clause (i) below the Parent GP, hereby expressly acknowledges the terms of this Amendment and reaffirms, as of the date hereof, (i) the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Amendment and the transactions contemplated hereby and (ii) its guarantee of the Obligations under each Guaranty, as applicable, and its grant of Liens on the Collateral to secure the Obligations pursuant to the Collateral Documents.
Section 5.5.    On and after the Amendment No. 4 Effective Date, each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof" or words of like import referring the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to "the Credit Agreement," "thereunder," "thereof" or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their respective duly authorized officers as of the date first above written.
KINETIC CONCEPTS, INC., 
    as the Lead Borrower
By: /s/ Nathan Speicher    

Name: Nathan Speicher
Title: Vice President, Treasury and Investor    Relations, and Treasurer    
KCI USA, INC., 
    as Co-Borrower 
By: /s/ Nathan Speicher    

Name: Nathan Speicher
Title: Vice President, Treasury and Investor    Relations, and Treasurer    
CHIRON HOLDINGS, INC., 
    as Holdings 
By: /s/ Nathan Speicher    
      Name: Nathan Speicher 
      Title: Assistant Treasurer    
CHIRON TOPCO, INC., 
    as Topco 
By: /s/ Nathan Speicher    
      
       Name: Nathan Speicher 
       Title: Assistant Treasurer    

CENTAUR GUERNSEY LP, INC., as Parent
By:  CHIRON GUERNSEY GP CO. LIMITED, 
       Its:  General Partner 
By:    /s/ John T. Bibb    
Name: John T. Bibb 
    Title: Director    

BANK OF AMERICA, N.A., 
    as Administrative Agent and Collateral Agent
By:    /s/ Anthony W. Kell        
Name: Anthony W. Kell 
    Title: Vice President    

Bank of America, N.A., 
    as a Lender 
By:    /s/ Alysa Trakas        
Name: Alysa Trakas 
    Title: Director10.32 Croxford Offer Letter

        

Philip Croxford
501 Lake Shore Drive North 
Barrington, IL 60010
November 14, 2012 
Revised 11/18/12

Dear Philip,

It is my pleasure, on behalf of LifeCell Corporation, to present you with the following offer of employment as Senior Vice President, Commercial. You will be reporting to Lisa Colleran, President & CEO.

Please note that this offer is contingent upon our receipt of successful results of our screening process, which includes, but may not be limited to, background and reference checks, drug screening and verification of your eligibility to work in the United States.

Below is an outline of the compensation package designed for you, as well as a summary of selected benefits.

Start Date: Your start date is still to be determined, but it is expected to be no later than December 10, 2012.

Annual Compensation:

Base Salary: You will be paid a semi monthly base salary of$ 16,548.333 on the 15th and last day of the month, which equates to $395,000.00 annually. Your employment status will be classified as a regular, full time exempt employee.

2012 Annual Incentive Bonus Plan: Your annual target bonus award opportunity will be equal to 60% of your base salary. This Annual Incentive Bonus Plan ("AlB Plan") is designed as an incentive to eligible employees and is designed to pay a bonus when specific Company and individual performance results are achieved as agreed upon by the senior management team. This is a calendar year plan, and participation and payouts in the AlB Plan will be prorated based as of your start date. Your participation in the AlB Plan will otherwise be subject to all the terms and condition of the AlB Plan.

Executive Equity Incentive Plan:

Your position is eligible for participation in the Executive Equity Incentive Plan maintained by LifeCell's indirect parent, Chiron Guernsey Holdings L.P, Inc. The Compensation Committee of the Board of Directors has approved a grant of 625,000 Profits Interest Units in Chiron Guernsey Holding L.P. Inc. This grant will be comprised as follows: (1) 50% of the Profits Interest Units will be time vesting units, with 25% of the time vesting units to cliff vest on the first anniversary of grant and the remaining 75% to vest ratably on a quarterly basis over 36 months; and (2) 50% of the Profits Interest Units will be performance vesting units that vest in three tranches based upon achievement of a multiple of invested capital received by the parent company's ultimate owners, subject in each case to the terms and conditions of the Executive Equity Incentive Plan and any applicable award documentation. More information regarding the Executive Equity Incentive Plan and your award will be provided to you separately.

Signing Bonus:

As additional consideration for joining the Company, you will receive an extended signing bonus of $130,000.00. Eighty thousand ($80,000.00), minus applicable withholdings, will be paid thirty days from your start date. An additional $50,000.00, minus applicable with holdings, will be paid on the 15th or 30th of the month, whichever is closer to the one year anniversary of your start date, provided you are performing satisfactorily.   Should you voluntarily resign your position with LifeCell or be involuntarily terminated by the company with Cause (as that term is defined in the Key Employee Retention Agreement discussed below) within one-year of receipt of the applicable disbursement discussed herein, you will be required to reimburse the Company the amount of the disbursement.

Relocation Benefits:

Relocation assistance is provided to help make your move to your new location as easy as possible. Details of the program will be provided to you under separate cover.  In order to be eligible for these Relocation Benefits, you will be required to execute a Repayment Agreement agreeing to the terms and conditions of the relocation benefits being offered to you.

Benefits:

You are eligible to participate in most benefits plans as of your date of hire with LifeCell.  This includes KCI's sponsored health plans, flexible spending accounts and supplemental life insurance plans. In addition, the Company provides short and long-term disability coverage, basic life insurance coverage and an Employee Assistance Program at no cost to you. Details of the KCI sponsored benefits plans will be provided under separate cover.

Vacation:

Time away, for your position grade level, is a self-managed program offering team members significant flexibility in managing personal time off.  With this approach vacation days are not allotted, tracked or banked and as such, scheduling time off need only be coordinated with your direct supervisor. The program is subject to state laws which may have different requirements.  Your Human Resources representative can provide more details.

  Agreements:

By virtue of your new role, it will be necessary for you to sign several agreements as a condition of your employment, including but not limited to the following:

KCI Arbitration Policy Statement, KCI Non-Disclosure and Non-Competition Agreement, KCI Invention Assignment Agreement, and completion of a Form 1-9 establishing your eligibility to work in the United States under the Federal Immigration Reform and Control Act. The agreements listed above will be provided for your review and signature. These agreements must be completed and submitted prior to your beginning employment with LifeCell and are a condition to your employment with LifeCell.

Employment At-Will and Severance:

You retain the option, as does LifeCell, of ending your employment with LifeCell at any time, with or without notice and with or without cause. As such, your employment with LifeCell is considered at-will and neither this letter, nor any other oral or written representations may be considered a contract for employment with LifeCell for any specific period of time.

Notwithstanding the foregoing, if you are involuntarily terminated without Cause (as more fully defined in the below referenced agreement), then you are eligible to receive a severance payment in the amount of (a) one year of your annual base pay,(b) your annual target bonus, and (c) reimbursement for 12 months of COBRA at the employee only rate, all in exchange for agreeing to certain releases provided to you by LifeCell. The complete terms and conditions of this severance payment are fully described in the Key Employee Retention Agreement which will be provided to you under separate cover for your review and signature .This agreement must be completed and submitted prior to your beginning employment with LifeCell.

This letter serves to establish the entirety of your employment relationship with LifeCell and supersedes any previous understanding that may have been implied or expressed, either verbally or in writing, by any representative of the Company. This offer is valid for five business days from the date of receipt.

Should you have any questions or require clarification on any aspect of this offer, please do not hesitate to contact me at 908-947-1107.

I hope that you are as excited at the prospect of joining LifeCell as we are at having you as part of the team.

..

Sincerely,

/s/ Robin D. Friedman

Robin D. Friedman
Vice President, Human Resources

Accepted by: Philip Croxford

/s/ Philip Croxford    November 18, 2012

Signature and Date

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