Document:

EX-4.8

 Exhibit 4.8 

AMENDMENT NO. 4 TO INVESTOR RIGHTS AGREEMENT 

This Amendment No. 4 to Investor Rights Agreement (this “Amendment No. 4”) is made this 5th day of November, 2014, by and between Western Digital Corporation, a Delaware corporation (the “Company”), and Hitachi, Ltd., a company incorporated under the laws of Japan (the
“Investor”) (each, a “Party” and, collectively, the “Parties”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Investor Rights Agreement (as defined
below). 
 WHEREAS, the Parties entered into an Investor Rights Agreement as of March 8, 2012, as amended by Amendment No. 1 to
Investor Rights Agreement dated as of February 5, 2013, Amendment No. 2 to Investor Rights Agreement dated as of August 27, 2013 and Amendment No. 3 to Investor Rights Agreement dated as of October 29, 2013 (the
“Investor Rights Agreement”); 
 WHEREAS, Investor notified the Company of its intent to sell Registrable Securities on or
after October 24, 2013 in an underwritten offering (the “First Notice”), and the Investor sold 12,500,000 of the Registrable Securities in the underwritten offering; 

WHEREAS, Investor notified the Company of its intent to sell additional Registrable Securities on or after November 5, 2014 in an
underwritten offering (the “Second Notice”); and 
 WHEREAS, the Parties desire to amend the Investor Rights Agreement as
reflected herein. 
 NOW, therefore, in exchange for good and valuable consideration, the receipt of which is hereby acknowledged, the
Parties hereby agree as follows: 
  

	1.	Section 4.01(a) of the Investor Rights Agreement. Section 4.01(a) of the Investor Rights Agreement is hereby amended and restated in its entirety to read as follows. 

“On or before November 5, 2014 or such other date as the parties may mutually agree upon in writing, so long as the Company is
eligible to do so, the Company shall file with the SEC a new Registration Statement providing for registration and resale, in an underwritten Company Supported Distribution of up to 6,250,000 of the Registrable Securities (including any Registrable
Securities subject to an over-allotment option) or such other number of Registrable Securities as the Investor may request by notice to the Company reasonably prior to the date of the filing of such Registration Statement. Such Registration
Statement (the “2014 Registration Statement”) shall be on Form S-3 (or any comparable or successor form or forms then in effect) under the Securities Act; provided, however, that if the Company is a well-known seasoned issuer (as
defined in Rule 405 under the Securities Act) at the time of filing of the 2014 Registration Statement with the SEC, the 2014 Registration Statement shall be designated by the Company as an automatic shelf registration statement (as defined in Rule
405 under the Securities Act). In addition, on or before a date not earlier than February 5, 2015 to be designated by the Investor in writing, upon prior consultation with, and reasonable prior notice to, the Company (the “Shelf
Date”), so long as the Company is eligible to do so, the Company 

 
shall file with the SEC a Registration Statement providing for registration and resale, on a continuous or delayed basis pursuant to Rule 415 under the Securities Act, as such rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the SEC, of all of the Registrable Securities not covered by the 2014 Registration Statement; provided that such obligation shall be satisfied if the Company shall have in
effect an automatic shelf registration statement on Form S-3ASR (or any comparable or successor form or forms then in effect) (an “Existing Shelf Registration Statement”) as of the Shelf Date (any such registration statement, a
“Shelf Registration Statement”) that covers resale of the Registrable Securities not covered by the 2014 Registration Statement; provided, further, that, for the avoidance of doubt, the existence of an Existing Shelf Registration
Statement shall not have any effect on the restrictions set forth in Section 3.03. The Shelf Registration Statement shall be on Form S-3 (or any comparable or successor form or forms then in effect) under the Securities Act; provided, however,
that if the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) at the time of filing of the Shelf Registration Statement with the SEC, such Shelf Registration Statement shall be designated by the Company as an
automatic shelf registration statement (as defined in Rule 405 under the Securities Act). The Company shall use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective under the Securities Act until the
Investor no longer holds any Registrable Securities. If the Shelf Registration Statement is not on Form S-3ASR, the Company shall use commercially reasonable efforts to cause the Shelf Registration Statement to become effective, as promptly as
practicable, but in no event later than one hundred twenty (120) days following the filing of the Shelf Registration Statement.” 
  

	2.	Shelf Take-Down Notice. The Parties acknowledge and agree that the First Notice and the Second Notice each constitutes a Shelf Take-Down Notice for purposes of the Investor Rights Agreement, including but not
limited to Section 4.01 thereof. 

  

	3.	Effect on the Investor Rights Agreement. This Amendment No. 4 shall not constitute a waiver, amendment or modification of any provision of the Investor Rights Agreement not expressly referred to herein.
Except as expressly amended or modified herein, the provisions of the Investor Rights Agreement are and shall remain in full force and effect and are hereby ratified and confirmed. On and after the date hereof, each reference in the Investor Rights
Agreement to “this Agreement”, “herein”, “hereof”, “hereunder” or words of similar import shall mean and be a reference to the Investor Rights Agreement as amended hereby, although it shall not alter the dates
as of which any provision of the Investor Rights Agreement speaks. For example, phrases such as “as of the date hereof” and “as of the date of this Agreement” shall continue to refer to March 8, 2012, the date that the
Investor Rights Agreement was originally executed. To the extent that a provision of this Amendment No. 4 conflicts with or differs from a provision of the Investor Rights Agreement, such provision of this Amendment No. 4 shall prevail and
govern for all purposes and in all respects. 

  

	4.	Miscellaneous. Sections 6.01, 6.04, 6.05, 6.07, 6.10, 6.13 and 6.14 of the Investor Rights Agreement are incorporated herein by reference. 

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment No. 4 to be duly
executed by their respective authorized officers on the day and year first above written. 
  

			
	“COMPANY” 
	
	WESTERN DIGITAL CORPORATION
		
	By:	 	 /s/ Olivier Leonetti

		 	Olivier Leonetti
		 	Executive Vice President
		 	and Chief Financial Officer

  

			
	“INVESTOR”
	
	HITACHI, LTD.
		
	By:	 	 /s/ Toyoki Furuta

		 	Toyoki Furuta
		 	General Manager
		 	Business Development OfficeEX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDMENT AGREEMENT dated as of September 26, 2014 (this “Amendment”), to the CREDIT AGREEMENT dated as
of April 2, 2013 (as amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), among WEIGHT WATCHERS INTERNATIONAL, INC., a Virginia corporation (the “Borrower”), the
Lenders party thereto, JPMORGAN CHASE BANK, N.A. (“JPMCB”), as Administrative Agent and an Issuing Bank, and THE BANK OF NOVA SCOTIA, as Revolving Agent, a Swingline Lender and an Issuing Bank. 

W I T N E S S E T H: 

WHEREAS, the Borrower has requested that the Credit Agreement be amended, and the undersigned Lenders are willing to amend the Credit
Agreement, on the terms and subject to the conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein contained, the parties hereto hereby agree as follows. 
 SECTION 1. Defined Terms. Capitalized terms used and not
defined herein, including in the recitals hereto, have the meanings assigned to them in the Credit Agreement. 
 SECTION 2. Amendment of
Existing Credit Agreement. Effective as of the Amendment Effective Date (as defined below), the Credit Agreement is hereby amended as follows: 

(a) Section 1.01 is amended by deleting the definition of “Financial Covenant Event of Default” in its
entirety. 
 (b) Section 1.01 is amended by amending and restating the definition of “Financial
Covenant” in its entirety as follows: 
 “Financial Covenant” shall mean for any Test Period, the Consolidated
Leverage Ratio of the Borrower and its Restricted Subsidiaries set forth below opposite the date which is the last day of the applicable Test Period: 
  

			
	 Test Period Ending
	 	 Ratio

	on or prior to January 3, 2015	 	5.00:1.00
	on April 4, 2015	 	4.75:1.00
	on July 4, 2015 and thereafter	 	4.50:1.00

 and each reference herein to “compliance on a Pro Forma Basis” with the Financial Covenant shall
mean that the Consolidated Leverage Ratio at the end of the applicable Test Period, on a Pro Forma Basis, does not exceed the ratio so set forth. 

 (c) Section 4.02(c) of the Credit Agreement is hereby amended and restated
in its entirety as follows: 
 “[Reserved]” 

(d) Section 6.11 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“[Reserved]” 

(e) Section 7.01(d) of the Credit Agreement is hereby amended and restated as follows: 

“the Borrower or any of its Restricted Subsidiaries shall fail to observe or perform any covenant, condition or agreement contained in
Section 5.02(a) (with respect to the Borrower), 5.05(a)(i), 5.08 or Article VI;” 
 (f)
Section 7.01 is hereby amended by amending and restating the final paragraph thereof in its entirety as follows: 
 “then, and in
any such event, (A) if such event is an Event of Default with respect to the Borrower described in paragraph (h) or (i) of this Section, automatically the Commitments shall immediately terminate and the Loans hereunder (with accrued
interest thereon) and all other amounts owing under this Agreement and the other Loan Documents shall immediately become due and payable and (B) if such event is any other Event of Default, either or both of the following actions may be taken:
(i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower declare the Commitments to be terminated forthwith, whereupon the
Commitments shall immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Loans
hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable.” 

SECTION 3. No Future Amendment of the Financial Covenant. The undersigned Lenders acknowledge and agree that no future amendment,
modification, supplement or waiver of the Financial Covenant may be effected pursuant to clause (C) of the final paragraph of Section 9.02(b) of the Credit Agreement. 

SECTION 4. Representations and Warranties. To induce the undersigned Lenders to enter into this Agreement, the Borrower represents and
warrants as set forth below: 
 (a) this Agreement (i) has been duly authorized, executed and delivered by the Borrower and constitutes
a legal, valid and binding obligation of the Borrower enforceable against it in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or
affecting creditors’ rights generally and to general equitable principles (whether considered in a proceeding in equity or at law); and 

  
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 (b) on the Amendment Effective Date, (i) the representations and warranties set forth in
Article III of the Credit Agreement are true and correct in all material respects, in each case on and as of such date, with the same effect as though made on and as of such date (unless stated to relate solely to an earlier date, in which case such
representatives and warranties will be true and correct in all material respects as of such earlier date) and (ii) no Default or Event of Default has occurred and is continuing. 

SECTION 5. Effectiveness of this Agreement. This Amendment shall become effective as of the first date (the “Amendment
Effective Date”) on which each of the following conditions shall have been satisfied. 
 (a) The Administrative Agent (or its
counsel) shall have received from the Borrower and Lenders constituting the Required Revolving Lenders either (i) counterparts of this Agreement signed on behalf of such parties or (ii) written evidence satisfactory to the Administrative
Agent (which may include a facsimile or other electronic transmission of a signed signature page of this Agreement) that such parties have signed counterparts of this Agreement. 

(b) The Borrower shall have notified the Administrative Agent pursuant to Section 2.08(b) and (c) of the reduction of the Revolving
Commitments to $50,000,000 in the aggregate, and such reduction shall have become effective. 
 The Administrative Agent shall notify the
Borrower and the Lenders of the Amendment Effective Date and such notice shall be conclusive and binding. 
 SECTION 6. Expenses. The
Borrower agrees to pay to the Administrative Agent in immediately available funds all reasonable and documented or invoiced out-of-pocket expenses (including reasonable and documented fees, charges and disbursements of counsel) incurred in
connection with this Amendment. 
 SECTION 7. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns. 
 SECTION 8. Counterparts. This Amendment may be executed in
multiple counterparts, each of which when executed and delivered shall be deemed to be an original and all of which together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment
by facsimile (or other electronic imaging) shall be effective as delivery of a manually executed counterpart of this Amendment. 
 SECTION
9. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. 

SECTION 10. Full Force and Effect; Limited Amendment. (a) Except as expressly amended hereby, all of the representations,
warranties, terms, covenants, conditions and other provisions of the Credit Agreement and the other Loan Documents shall remain unchanged and in full force and effect in accordance with their terms. 

  
 3 

 (b) From and after the Amendment Effective Date, the terms “Agreement”, “this
Agreement”, “herein”, “hereinafter”, “hereto”, “hereof” and words of similar import, as used in the Credit Agreement, shall refer to the Credit Agreement as amended hereby. 

(c) This Amendment is a Loan Document within the meaning of the Credit Agreement. 

SECTION 11. Headings. Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to
affect the construction of, or be taken into consideration in interpreting, this Amendment. 
 [Signature pages follow] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized as of the date first above written. 
  

			
	WEIGHT WATCHERS INTERNATIONAL, INC.,
		
	by	 	 /s/ Nicholas P. Hotchkin

	Name:	 	Nicholas P. Hotchkin
	Title:	 	Chief Financial Officer
	
	Name of Revolving Lender: THE BANK OF NOVA SCOTIA
		
	by	 	 /s/ Michelle C. Phillips

	Name:	 	Michelle C. Phillips
	Title:	 	Director & Execution Head
	
	Name of Revolving Lender: SCOTIABANC, INC.,
		
	by	 	 /s/ J.F. Todd

	Name:	 	J.F. Todd
	Title:	 	Managing Director
	
	Name of Revolving Lender: BANK OF AMERICA, N.A.
		
	by	 	 /s/ Steven J. Melicharek

	Name:	 	Steven J. Melicharek
	Title:	 	Senior Vice President
	
	Name of Revolving Lender: HSBC BANK USA NATIONAL ASSOCIATION
		
	by	 	 /s/ Varun Gupta

	Name:	 	Varun Gupta
	Title:	 	Vice President
	
	Name of Revolving Lender: JPMORGAN CHASE BANK, N.A.
		
	by	 	 /s/ Stephen Zajac

	Name:	 	Stephen Zajac
	Title:	 	Executive Director
	
	Name of Revolving Lender: U.S. BANK, NATIONAL ASSOCIATION
		
	by	 	 /s/ Patrick McGraw

	Name:	 	Patrick McGraw
	Title:	 	Senior Vice President

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