Document:

exv10w1

Exhibit 10.1

EXCHANGE AGREEMENT

     This Exchange Agreement (this “Agreement”) is dated as of June 29, 2009, by and among
Echo Therapeutics, Inc. a Delaware corporation (the “Company”), and the holders of shares
of the Company’s Series A Preferred Stock whose signatures appear on the signature page attached
hereto (each a “Holder” and collectively the “Holders”).

RECITALS

     WHEREAS, each Holder currently holds shares of Series A Preferred Stock of the Company, par
value $0.01 per share, convertible into shares of the Company’s common stock (“Common
Stock”) at a conversion price of $1.35 per share (each a “Series A Preferred Share” and
collectively the “Series A Preferred Shares”) issued pursuant to that certain Exchange
Agreement dated September 30, 2008, by and among the Company and the Holders (the “Exchange
Agreement”); and

     WHEREAS, subject to the terms and conditions set forth herein, the Company and the Holders
desire to cancel and retire the Series A Preferred Shares, to forfeit any and all rights under the
Exchange Agreement and the rights, preferences, privileges, powers and restrictions set forth in
the Certificate of Designation, Preferences and Rights of the Series A Preferred Stock (the
“Series A Certificate of Designation”) filed with the Secretary of State of the State of
Delaware on September 13, 2008, in exchange for the following for each Series A Preferred Share
issued and outstanding (together with the right to receive any dividend accrued on such share): the
receipt of the Per-Share Exchange Number (as defined below) of shares of Common Stock (the
“Exchange Shares”) provided, however, if as a result of the foregoing, any Holder or any of
its affiliates, individually or in the aggregate would beneficially own (as determined in
accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules
thereunder) more than 9.99% of the Company’s issued and outstanding Common Stock (“Threshold
Amount”), the Holder’s Series A Preferred Shares would be exchanged for Exchange Shares,
rounded to the nearest whole share, up to the Threshold Amount, and the remaining Series A
Preferred Shares would be exchanged for Series C Preferred Stock (“Series C Preferred”)
convertible into the number of shares of Common Stock equal to the difference between the aggregate
number of Exchange Shares to be issued to the Holder and the actual number of Exchange Shares
issued in accordance with this paragraph. The Certificate of Designation of the Relative Rights
and Preferences of the Series C Preferred is attached to this Agreement as Exhibit A. The
Exchange Shares and the shares of Series C Preferred are sometimes collectively referred to herein
as the “Securities.”

AGREEMENT

     NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for
other good and valuable consideration the receipt and adequacy of which are hereby acknowledged,
the Company and the Holders agree as follows:

 

 

     1. Securities Exchange.

          (a) Upon the following terms and subject to the conditions contained herein, the Holders agree
to deliver to the Company the Series A Preferred Shares in exchange for the Securities. In
consideration of and in express reliance upon the representations, warranties, covenants, terms and
conditions of this Agreement, the Company agrees to issue and deliver the Securities to the Holders
in exchange for the Series A Preferred Shares.

          (b) The closing under this Agreement (the “Closing”) shall take place at the offices
of the Company, 10 Forge Parkway, Franklin, MA 02038, upon the satisfaction of each of the
conditions set forth in Sections 4 and 5 hereof (the “Closing Date”).

          (c) At the Closing, the Holders shall deliver to the Company for cancellation all certificates
evidencing all Series A Preferred Shares held by Holder, or an indemnification undertaking with
respect to such certificates in the event of the loss, theft or destruction of such certificates.
At the Closing, the Company shall issue to each Holder certificates evidencing the Exchange Shares
and/or shares of Series C Preferred for each Series A Preferred Share exchanged, each in the
amounts set forth on Exhibit B attached hereto.

          (d) The “Dividend Amount” for a Series A Preferred Share means the dividend accrued to
the date hereof on such share. The “Per-Share Exchange Number” means the sum of each
Holder’s Series A Preferred Shares issued and outstanding as of the Closing Date plus the number of
Series A Preferred Shares to be issued per the Dividend Amount divided by $0.75.

     2. Representations, Warranties and Covenants of the Holders. Each of the Holders
hereby makes the following representations and warranties to the Company, and covenants for the
benefit of the Company, with respect solely to itself and not with respect to any other Holder:

          (a) If a Holder is an entity, such Holder is a corporation, limited liability company or
partnership duly incorporated or organized, validly existing and in good standing under the laws of
the jurisdiction of its incorporation or organization.

          (b) This Agreement has been duly authorized, validly executed and delivered by each Holder and
is a valid and binding agreement and obligation of each Holder enforceable against such Holder in
accordance with its terms, subject to limitations on enforcement by general principles of equity
and by bankruptcy or other laws affecting the enforcement of creditors’ rights generally, and each
Holder has full power and authority to execute and deliver this Agreement and the other agreements
and documents contemplated hereby and to perform its obligations hereunder and thereunder.

          (c) Each Holder understands that the Securities are being offered and sold to it in reliance
on specific provisions of Federal and state securities laws and that the Company is relying upon
the truth and accuracy of the representations, warranties, agreements, acknowledgments and
understandings of each Holder set forth herein for purposes of qualifying for exemptions from
registration under the Securities Act of 1933, as amended (the “Securities Act”) and
applicable state securities laws.

 

 

          (d) Each Holder is an “accredited investor” as defined under Rule 501 of Regulation D
promulgated under the Securities Act.

          (e) Each Holder is and will be acquiring the Securities for such Holder’s own account, for
investment purposes, and not with a view to any resale or distribution in whole or in part, in
violation of the Securities Act or any applicable securities laws; provided, however, that the
Holder does not agree to hold the Securities for any minimum or other specific term and reserves
the right to dispose of the Securities at any time in accordance with applicable law.

          (f) The offer and sale of the Securities is intended to be exempt from registration under the
Securities Act, by virtue of Section 3(a)(9) and/or 4(2) thereof. Each Holder understands that the
Securities purchased hereunder are “restricted securities,” as that term is defined in the
Securities Act and the rules thereunder, have not been registered under the Securities Act, and
that none of the Securities can be sold or transferred unless they are first registered under the
Securities Act and such state and other securities laws as may be applicable or the Company
receives an opinion of counsel reasonably acceptable to the Company that an exemption from
registration under the Securities Act is available (and then the Securities may be sold or
transferred only in compliance with such exemption and all applicable state and other securities
laws).

          (g) Each Holder owns and holds, beneficially and of record, the entire right, title, and
interest in and to the Series A Preferred Shares set forth opposite such Holder’s name on
Exhibit B, free and clear of all rights and Encumbrances (as defined below). Each Holder
has full power and authority to vote, transfer and dispose of the Series A Preferred Shares set
forth opposite such Holder’s name on Exhibit B, free and clear of any right or Encumbrance
other than restrictions under the Securities Act and applicable state securities laws. Other than
the transactions contemplated by this Agreement, there is no outstanding vote, plan, pending
proposal, or other right of any person to acquire all or any of the Series A Preferred Shares set
forth opposite such Holder’s name on Exhibit B. “Encumbrances” shall mean any
security or other property interest or right, claim, lien, pledge, option, charge, security
interest, contingent or conditional sale, or other title claim or retention agreement, interest or
other right or claim of third parties, whether perfected or not perfected, voluntarily incurred,
and including any agreement (other than this Agreement) to grant or submit to any of the foregoing
in the future. The Series A Preferred Shares set forth opposite such Holder’s name on Exhibit
B and delivered hereunder constitute all of the Series A Preferred Shares owned of record or
beneficially by Holder.

          (h) Each Holder acknowledges that it has carefully reviewed and had access to and has reviewed
all documents and records relating to the Company, including, but not limited to, the Company’s
Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the
“Commission”) on April 13, 2009, the Company’s Quarterly Report on Form 10-Q, filed with
the Commission on May 15, 2009 and the Company’s Current Reports on Form 8-K filed with the
Commission, that it has deemed necessary in order to make an informed investment decision with
respect to the transactions contemplated by this Agreement, and has had the opportunity to ask
representatives of the Company certain questions and request certain additional information
regarding the terms and conditions of the transactions contemplated by

 

 

this Agreement, the finances, operations, business and prospects of the Company and has had
any and all such questions and requests answered to its satisfaction.

          (i) Each Holder acknowledges that the Securities have not been registered under the Securities
Act and may only be disposed of pursuant to an available exemption from or in a transaction not
subject to the registration requirements of the Securities Act.

          (j) Each Holder agrees to the imprinting of the following legend on the Securities:

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION, AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE
SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

     3. Representations, Warranties and Covenants of the Company. The Company represents
and warrants to each Holder, and covenants for the benefit of each Holder, as follows:

          (a) The Company has been duly incorporated and is validly existing and in good standing under
the laws of the state of Delaware, with full corporate power and authority to own, lease and
operate its properties and to conduct its business as currently conducted, and is duly registered
and qualified to conduct its business and is in good standing in each jurisdiction or place where
the nature of its properties or the conduct of its business requires such registration or
qualification, except where the failure to register or qualify would not have a Material Adverse
Effect. For purposes of this Agreement, “Material Adverse Effect” shall mean any material
adverse effect on the business, operations, properties, prospects, or financial condition of the
Company and its subsidiaries and/or any condition, circumstance, or situation that would prohibit
or otherwise materially interfere with the ability of the Company to perform any of its obligations
under this Agreement in any material respect.

          (b) The Securities have been duly authorized by all necessary corporate action and, when paid
for or issued in accordance with the terms hereof, the Securities shall be validly issued and
outstanding, fully paid and nonassessable, free and clear of all liens, encumbrances and rights of
refusal of any kind.

          (c) This Agreement has been duly authorized, validly executed and delivered on behalf of the
Company and is a valid and binding agreement and obligation of the Company enforceable against the
Company in accordance with its terms, subject to limitations on enforcement by general principles
of equity and by bankruptcy or other laws affecting the

 

 

enforcement of creditors’ rights generally, and the Company has full power and authority to
execute and deliver this Agreement and the other agreements and documents contemplated hereby and
to perform its obligations hereunder and thereunder.

          (d) The execution and delivery of this Agreement and the consummation of the transactions
contemplated by this Agreement by the Company will not (i) conflict with or result in a breach of
or a default under any of the terms or provisions of, (A) the certificate of incorporation or
bylaws of the Company, or (B) of any material provision of any indenture, mortgage, deed of trust
or other material agreement or instrument to which the Company is a party or by which it or any of
its properties or assets is bound, (ii) result in a violation of any provision of any law, statute,
rule, regulation, or any existing applicable decree, judgment or order by any court, Federal or
state regulatory body, administrative agency, or other governmental body having jurisdiction over
the Company, or any of its material properties or assets or (iii) result in the creation or
imposition of any lien, charge or encumbrance upon any material property or assets of the Company
or any of its subsidiaries pursuant to the terms of any agreement or instrument to which any of
them is a party or by which any of them may be bound or to which any of their property or any of
them is subject except in the case of clauses (i)(B), (ii) or (iii) for any such conflicts,
breaches, or defaults or any liens, charges, or encumbrances which would not have a Material
Adverse Effect.

          (e) Assuming the accuracy of each Holder’s representations and warranties set forth in this
Agreement, the delivery and issuance of the Securities in accordance with the terms of this
Agreement will be exempt from the registration requirements of the Securities Act.

          (f) No consent, approval or authorization of or designation, declaration or filing with any
governmental authority on the part of the Company is required in connection with the valid
execution and delivery of this Agreement or the offer, sale or issuance of the Securities or the
consummation of any other transaction contemplated by this Agreement (other than any filings,
consents and approvals which may be required to be made by the Company under applicable state and
federal securities laws, rules or regulations).

          (g) The Company has complied and will comply with all applicable federal and state securities
laws in connection with the offer, issuance and delivery of the Securities hereunder. Neither the
Company nor anyone acting on its behalf, directly or indirectly, has or will sell, offer to sell or
solicit offers to buy any of the Securities, or similar securities to, or solicit offers with
respect thereto from, or enter into any preliminary conversations or negotiations relating thereto
with, any person, or has taken or will take any action so as to bring the issuance and sale of any
of the Securities under the registration provisions of the Securities Act and applicable state
securities laws. Neither the Company nor any of its affiliates, nor any person acting on its or
their behalf, has engaged in any form of general solicitation or general advertising (within the
meaning of Regulation D under the Securities Act) in connection with the offer or sale of any of
the Securities.

          (h) The Company represents that it has not paid, and shall not pay, any commissions or other
remuneration, directly or indirectly, to any Holder or to any third party for the solicitation of
the exchange of the Series A Preferred Shares pursuant to this Agreement.

 

 

          (i) The Company covenants and agrees that promptly following the Closing Date, all outstanding
Series A Preferred Shares delivered pursuant to this Agreement and similar Agreements will be
cancelled and retired by the Company.

     4. Conditions Precedent to the Obligation of the Company to Issue the Securities. The
obligation hereunder of the Company to issue and deliver the Securities to each Holder is subject
to the satisfaction or waiver, at or before the Closing Date, of each of the conditions set forth
below. These conditions are for the Company’s sole benefit and may be waived by the Company at any
time in its sole discretion.

          (a) Each Holder shall have executed and delivered this Agreement.

          (b) Each Holder shall have performed, satisfied and complied in all material respects with all
covenants, agreements and conditions required by this Agreement to be performed, satisfied or
complied with by such Holder at or prior to the Closing Date.

          (c) The representations and warranties of each Holder shall be true and correct in all
material respects as of the date when made and as of the Closing Date as though made at that time,
except for representations and warranties that are expressly made as of a particular date, which
shall be true and correct in all material respects as of such date.

     5. Conditions Precedent to the Obligation of the Holders to Accept the Securities. The
obligation hereunder of each Holder to accept the Securities is subject to the satisfaction or
waiver, at or before the Closing Date, of each of the conditions set forth below. These conditions
are for each Holder’s sole benefit and may be waived by each Holder at any time in its sole
discretion.

          (a) The Company shall have executed and delivered this Agreement.

          (b) The Company shall have filed the Certificate of Designation of the Series C Preferred with
the Delaware Secretary of State, in substantially the form attached hereto as Exhibit A.

          (c) The Company shall have performed, satisfied and complied in all material respects with all
covenants, agreements and conditions required by this Agreement to be performed, satisfied or
complied with by the Company at or prior to the Closing Date.

          (d) Each of the representations and warranties of the Company shall be true and correct in all
material respects as of the date when made and as of the Closing Date as though made at that time,
except for representations and warranties that speak as of a particular date, which shall be true
and correct in all material respects as of such date.

          (e) No statute, regulation, executive order, decree, ruling or injunction shall have been
enacted, entered, promulgated or endorsed by any court or governmental authority of competent
jurisdiction which prohibits the consummation of any of the transactions contemplated by this
Agreement at or prior to the Closing Date.

 

 

          (f) As of the Closing Date, no action, suit or proceeding before or by any court or
governmental agency or body, domestic or foreign, shall be pending against or affecting the
Company, or any of its properties, which questions the validity of this Agreement or the
transactions contemplated thereby or any action taken or to be taken pursuant thereto. As of the
Closing Date, no action, suit, claim or proceeding before or by any court or governmental agency or
body, domestic or foreign, shall be pending against or affecting the Company, or any of its
properties, which, if adversely determined, is reasonably likely to result in a Material Adverse
Effect.

     6. Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and
interpreted in accordance with the laws of the State of New York without giving effect conflicts of
law principles that would result in the application of the substantive laws of another
jurisdiction. Each of the parties consents to the exclusive jurisdiction of the Federal courts
whose districts encompass any part of the County of New York located in the City of New York in
connection with any dispute arising under this Agreement and hereby waives, to the maximum extent
permitted by law, any objection, including any objection based on forum non conveniens, to the
bringing of any such proceeding in such jurisdictions. Each party waives its right to a trial by
jury. Each party to this Agreement irrevocably consents to the service of process in any such
proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to
such party at its address set forth herein. Nothing herein shall affect the right of any party to
serve process in any other manner permitted by law.

     7. Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand delivery, express overnight courier, registered first class mail,
or telecopier (provided that any notice sent by telecopier shall be confirmed by other means
pursuant to this Section 7), initially to the address set forth below, and thereafter at such other
address, notice of which is given in accordance with the provisions of this Section 7.

          (a) if to the Company:

Echo Therapeutics, Inc.

10 Forge Parkway

Franklin, MA 02038

Attention: Chief Executive Officer

Facsimile No.: (508) 553-8760

with a copy to:

Drinker Biddle & Reath LLP

One Logan Square

18th and Cherry Streets

Philadelphia, PA 19103-6996

Facsimile No.: (215) 988-2757

Attn: Stephen T. Burdumy, Esq

 

 

          (b) if to the Holders:

At the address of such Holder set forth on Exhibit B to this Agreement.

     All such notices and communications shall be deemed to have been duly given: when delivered by
hand, if personally delivered; when receipt is acknowledged, if telecopied; or when actually
received or refused if sent by other means.

     8. Confidentiality. Each Holder acknowledges and agrees that that the existence of
this Agreement and the information contained herein and in the Exhibits hereto is of a confidential
nature and shall not, without the prior written consent of the Company, be disclosed by Holder to
any person or entity, other than Holder’s personal financial and legal advisors for the sole
purpose of evaluating an investment in the Company, and that it shall not, without the prior
written consent of the Company, directly or indirectly, make any statements, public announcements
or release to trade publications or the press with respect to the subject matter of this Agreement.
Each Holder further acknowledges and agrees that the information contained herein and in the other
documents relating to this transaction may be regarded as material non-public information under
United States federal securities laws, and that United States federal securities laws prohibit any
person who has received material non-public information relating to the Company from purchasing or
selling securities of the Company, or from communicating such information to any person under
circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell
securities of the Company. Accordingly, until such time as any such non-public information has
been adequately disseminated to the public (which the Company covenants shall occur by July 21,
2009), Holder shall not purchase or sell any securities of the Company, or communicate such
information to any other person.

     9. Amendments; Waivers. No provision of this Agreement may be waived or amended
except in a written instrument signed, in the case of an amendment, by the Company and each Holder
or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought.
No waiver of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any other provision,
condition or requirement hereof, nor shall any delay or omission of either party to exercise any
right hereunder in any manner impair the exercise of any such right accruing to it thereafter.

     10. Entire Agreement. This Agreement constitutes the entire understanding and
agreement of the parties with respect to the subject matter hereof and supersedes all prior and/or
contemporaneous oral or written proposals or agreements relating thereto all of which are merged
herein. This Agreement may not be amended or any provision hereof waived in whole or in part,
except by a written amendment signed by both of the parties.

     11. Counterparts. This Agreement may be executed by facsimile signature and in
counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

 

     IN WITNESS WHEREOF, this Agreement was duly executed on the date first written above.

	 	 	 	 	 
	 	ECHO THERAPEUTICS, INC.

 	 
	 	By:  	/s/ Patrick T. Mooney
 	 
	 	 	Name:  	Patrick T. Mooney 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	HOLDER:

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:EX-10.1

[EXECUTION VERSION]

AMENDMENT NO. 1

to the

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

This AMENDMENT NO. 1, dated as of July 6, 2009 (the “Amendment”), to the SECOND AMENDED AND
RESTATED CREDIT AGREEMENT is by and among (a) KENNAMETAL INC., a Pennsylvania corporation (the
“Company”), (b) KENNAMETAL EUROPE GMBH, a limited liability company organized under the
laws of Switzerland and a wholly-owned Foreign Subsidiary of the Company (the “Foreign
Borrower”; and together with the Company, collectively, the “Borrowers”), (c) the
several banks and other financial institutions or entities from time to time party to the Credit
Agreement referred to below (the “Lenders”), and (d) BANK OF AMERICA, N.A., as
administrative agent for the Lenders (the “Administrative Agent”).

     WHEREAS, the Borrowers, the Lenders, and the Administrative Agent are parties to that certain
Second Amended and Restated Credit Agreement dated as of March 21, 2006 (as amended and in effect
from time to time, the “Credit Agreement”; capitalized terms used but not otherwise defined
herein shall have the same meanings ascribed to them in the Credit Agreement);

     WHEREAS, the Borrowers have requested that the Administrative Agent and the Required Lenders
amend certain of the terms and provisions of the Credit Agreement; and

     WHEREAS, the Administrative Agent and the Required Lenders have agreed, subject to the terms
and conditions set forth herein, to so amend those certain terms and provisions of the Credit
Agreement.

     NOW, THEREFORE, the Borrowers, the Lenders, and the Administrative Agent hereby agree as
follows:

     §1. Amendment to Credit Agreement. The Credit Agreement is hereby amended as follows:

          (a) Section 1.1 (Defined Terms) of the Credit Agreement is hereby amended by restating the
definitions set forth below in their entirety as follows:

     “Consolidated EBITDA”: for any period and without duplication (a) the sum for
such period of (i) Consolidated Net Income, (ii) interest expense of the Company and its
consolidated Subsidiaries (inclusive of nonrecurring fees which the Company or its
consolidated Subsidiaries expense as interest expense), (iii) charges against income of the
Company and its consolidated Subsidiaries for foreign, federal, state and local income
taxes, and (iv) depreciation and amortization expense of the Company and its consolidated
Subsidiaries, minus (b) extraordinary gains to the extent included in determining
such Consolidated Net Income, all as determined on a consolidated basis in accordance with
GAAP, plus (c) any other non-cash charges, non-cash expenses or non-cash losses of
the Company or any of its consolidated Subsidiaries; provided, however, that cash payments
made in such period or in any future period in respect of such non-cash charges, expenses or
losses shall be subtracted from Consolidated Net Income in

 

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calculating Consolidated EBITDA in the period when such payments are made except to the
extent described in clause (d) hereof, plus (d) for periods commencing with the
fiscal quarter ending June 30, 2009 and thereafter, any cash restructuring charges of the
Company and its consolidated Subsidiaries incurred during the four fiscal quarter period
then ending (including cash payments in respect of non-cash restructuring charges taken in a
prior period), up to an aggregate cumulative amount of $134,000,000 during the period
commencing with the fiscal quarter ending June 30, 2009 through the Termination Date.

     “Pricing Grid”: The Facility Fee Rate, Eurocurrency Applicable Margin,
Swingline Applicable Margin, Standby Letter of Credit Fee Rate and Trade Letter of Credit
Fee Rate shall be the percentages per annum set forth in the table below opposite the
Pricing Level (with Pricing Level I being the lowest and Pricing Level V being the highest)
determined by reference to the Debt Rating (as defined below) in effect at such time:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Eurocurrency	 	 	 	 
	 	 	 	 	 	 	 	 	Applicable	 	 	 	 
	 	 	 	 	 	 	 	 	Margin and	 	Standby	 	Trade
	 	 	 	 	 	 	 	 	Swingline	 	Letter of	 	Letter of
	Pricing	 	 	 	Facility Fee	 	Applicable	 	Credit Fee	 	Credit Fee
	Level	 	Debt Rating	 	Rate	 	Margin	 	Rate	 	Rate
	I

	 	>BBB+ >Baa1
	 	 	0.35	%	 	 	2.15	%	 	 	2.15	%	 	 	1.625 	%
	II

	 	BBB Baa2
	 	 	0.40	%	 	 	2.35	%	 	 	2.35	%	 	 	1.75	%
	III

	 	BBB- Baa3
	 	 	0.45	%	 	 	2.80	%	 	 	2.80	%	 	 	2.10	%
	IV

	 	BB+ Ba1
	 	 	0.50	%	 	 	3.25	%	 	 	3.25	%	 	 	2.45	%
	V

	 	<BB <Ba2
	 	 	0.75	%	 	 	3.75	%	 	 	3.75	%	 	 	2.80	%

     For the purpose of determining the Pricing Level, “Debt Rating” means, as of any date
of determination, the rating as determined by S&P and Moody’s (each a “Debt Rating”
and collectively, the “Debt Ratings”) of the Company’s non-credit-enhanced, senior
unsecured long-term debt; provided that in the event that the Debt Ratings between
S&P and Moody’s differ, (i) if the Debt Ratings issued by such rating agencies differ by one
level, then the Pricing Level that is applicable to the higher Debt Rating shall apply, and
(ii) if there is a split in the Debt Ratings of more than one level, then the Pricing Level
that is applicable to the Debt Rating that is one level higher than the lower Debt Rating
shall apply. From the First Amendment Effective Date until such date that either of S&P or
Moody’s changes its Debt Rating, the Facility Fee Rate, the Eurocurrency Applicable Margin,
the Swingline Applicable Margin, the Standby Letter of Credit Rate

 

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and the Trade Letter of
Credit Rate shall be as set forth in Pricing Level II in the table above.

          (b) Section 1.1 (Definitions) of the Credit Agreement is hereby further amended by adding the
following new definition in the correct alphabetical order of such Section:

          “First Amendment Effective Date”: July 6, 2009.

          (c) Section 5 (Affirmative Covenants) of the Credit Agreement is hereby amended adding the
following new Section 5.12 immediately following Section 5.11:

     5.12 Security Interest. In the event that the Consolidated Leverage Ratio set
forth in the most recent Compliance Certificate, commencing with the Compliance Certificate
for the fiscal period ending September 30, 2009, is greater than 4.00:1.00 (the
“Leverage Threshold”), grant the Administrative Agent, for the benefit of the
Lenders, a first priority perfected security interest (subject to liens permitted under
Section 6.3) in the Company’s and each Subsidiary Guarantor’s domestic “accounts” and
“inventory” and related “general intangibles”, including all “proceeds” and products thereof
(all of the foregoing terms in quotation marks as such terms are defined in the Uniform
Commercial Code as in effect in the State of New York). Such security interest shall be
granted pursuant to a security agreement and related documentation satisfactory to the
Administrative Agent to be executed and delivered, together with evidence of corporate
authority and legal opinions satisfactory to the Administrative Agent covering matters
incident to the grant of such security interest, no later than ten (10) Business Days after
the date on which such Compliance Certificate is delivered or required to be delivered. The
Administrative Agent and the Lenders agree that the amount of Obligations secured by such
grant of security shall be limited in a manner to comply with the exception permitted in
clause (ix) of the definition of “Permitted Liens” in Section 1.1 of that certain Indenture,
dated as of June 19, 2002, between the Company as Issuer and Bank One Trust Company, N.A.,
as Trustee, and that certain First Supplemental Indenture, dated as of June 19, 2002,
between the Company as Issuer and Bank One Trust Company, N.A. as Trustee.

          (d) Section 6.1 (Financial Covenants) of the Credit Agreement is hereby amended by restating
clause (a) contained in such Section 6.1 in its entirety as follows:

     (a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as at the last
day of any period of four consecutive fiscal quarters of the Borrowers set forth below to be
greater than the ratio set forth below opposite such period:

 

-4-

	 	 	 	 	 
	Four Fiscal Quarters Ending	 	Consolidated Leverage Ratio
	Closing Date — June 30, 2009
	 	 	3.50:1.00	 
	September 30, 2009
	 	 	4.25:1.00	 
	December 31, 2009
	 	 	4.95:1.00	 
	March 31, 2010
	 	 	4.00:1.00	 
	June 30, 2010 and thereafter
	 	 	3.50:1.00	 

          (e) Section 6.2 (Indebtedness) of the Credit Agreement is hereby amended by restating clause
(e)(i) of such Section 6.2 in its entirety as follows:

     (i) Capital Lease Obligations; provided, however, that if the
Consolidated Leverage Ratio for any fiscal period ending after the First Amendment Effective
Date is greater than 3.50:1.00, neither the Borrowers nor their Subsidiaries may incur
Capital Lease Obligations in excess of $5,000,000 in the aggregate not otherwise existing at
the end of the last fiscal quarter where the Consolidated Leverage Ratio was not greater
than 3.50:1.00, until such time as the Consolidated Leverage Ratio as set forth in a
subsequent Compliance Certificate is less than or equal to 3.50:1.00,

          (f) Section 6.2 (Indebtedness) of the Credit Agreement is hereby further amended by deleting
the “.” at the end of Section 6.2(h) and inserting the following new proviso at the end of such
Section:

     ; and provided further, that (i) from and after the First
Amendment Effective Date through September 30, 2009, neither the Borrowers nor their
Subsidiaries may incur Attributable Debt in respect of Qualified Receivables Transactions,
and (ii) thereafter, neither the Borrowers nor their Subsidiaries may incur Attributable
Debt in respect of Qualified Receivables Transactions unless the Consolidated Leverage Ratio
for the most recent fiscal period ending on or after September 30, 2009 is less than or
equal to 3.50:1.00.

          (g) Section 6.3 (Liens) of the Credit Agreement is hereby amended by restating clause (l) of
such Section 6.3 in its entirety as follows:

     (l) Liens on assets transferred to a Receivables Entity or on assets of a Receivables
Entity, in either case incurred in connection with a Qualified Receivables Transaction;
provided however, that (i) from and after the First Amendment Effective Date
through September 30, 2009, no such Liens in connection with a Qualified Receivables
Transaction may be incurred, and (ii) thereafter, no such Liens in connection with a
Qualified Receivables Transaction may be incurred unless the Consolidated Leverage Ratio for
the most recent fiscal period ending on or after September 30, 2009 is less than or equal to
3.50:1.00;

          (h) Section 6.3 (Liens) of the Credit Agreement is hereby further amended by deleting the
amount “$50,000,000” appearing in Section 6.3(n) and inserting in lieu thereof the amount
“$25,000,000”.

 

-5-

          (i) Section 6.3 (Liens) of the Credit Agreement is hereby further amended by adding the
following new Section 6.3(o) immediately following Section 6.3(n):

     (o) Liens in favor of the Administrative Agent, for benefit of the Lenders, granted
pursuant to Section 5.12.

          (j) Section 6.6 of the Credit Agreement is hereby amended by deleting “Reserved” and inserting
in lieu thereof the following new Section 6.6:

     6.6 Repurchases of Capital Stock. Make Restricted Payments in the form of the
purchase, redemption, repurchase or other acquisition of any Capital Stock of the Company at
any time from and after the First Amendment Effective Date through September 30, 2009, and
thereafter, make such Restricted Payments in the form of the purchase, redemption,
repurchase or other acquisition of any Capital Stock of the Company (in each case other than
purchases of shares or common stock (or stock equivalents) from employees, officers and
directors of the Company and its Subsidiaries in connection with the exercise of outstanding
stock options effected by means of net share settlement or by the delivery to the Company of
shares of Common Stock held by such persons as payment for the exercise price and the
payment or satisfaction of withholding taxes due upon the exercise price of stock options or
the vesting of restricted stock, stock units or other equity compensation), unless (i) the
Consolidated Leverage Ratio for the most recent fiscal period ending on or after September
30, 2009 is less than or equal to 3.50:1.00 and (ii) after giving pro forma
effect to such Restricted Payment, the Consolidated Leverage Ratio is less than or equal to
3.50:1.00.

          (k) Section 6.9 (Off-Balance Sheet Financings) of the Credit Agreement is hereby amended by
deleting the amount “$50,000,000” appearing in such Section 6.9 and inserting in lieu thereof the
amount “$25,000,000”.

          (l) Section 6.10 (Disposition of Property) of the Credit Agreement is hereby amended by
inserting the following new proviso at the end of Section 6.10(d):

     and provided further, that (x) from and after the First
Amendment Effective Date through September 30, 2009, no such sales of accounts receivable or
related assets or an interest therein in connection with any Qualified Receivables
Transaction may be entered into, and (y) thereafter, no such sales of accounts receivable or
related assets or an interest therein in connection with any Qualified Receivables
Transaction may be entered into unless the Consolidated Leverage Ratio for the most recent
fiscal period ending on or after September 30, 2009 is less than or equal to 3.50:1.00;

          (m) Section 6.11 (Investments) of the Credit Agreement is hereby amended by deleting the “.”
at the end of Section 6.11(d) and inserting the following new proviso at the end of such Section
6.11(d):

     ; and provided further, however, that if the Consolidated
Leverage Ratio for the most recent fiscal period is greater than 3.50:1.00, any acquisitions
of the assets of another Person or acquisitions of the Capital Stock of Persons made by any
Borrower or Subsidiary using cash consideration shall not exceed an amount equal to
$25,000,000 in

 

-6-

the aggregate for all such acquisitions, and for the period from and after
the First Amendment Effective Date, the Borrowers shall have demonstrated, on a pro
forma basis, after giving effect to such acquisition, that the Consolidated Leverage
Ratio shall not exceed (1) 3.75:1.00 for the fiscal quarter ending September 30, 2009, (2)
4.45:1.00 for the fiscal quarter ending December 31, 2009 and (3) 3.50:1.00 for any fiscal
quarter ending thereafter.

          (n) Section 6.11 (Investments) of the Credit Agreement is hereby further amended by deleting
the “.” at the end of Section 6.11(h) and inserting the following new proviso at the end of such
Section 6.11(h)

     ; and provided further, however, that (i) from and after the
First Amendment Effective Date through September 30, 2009, no such Investments in connection
with a Qualified Receivables Transaction may be made, and (ii) thereafter, no such
Investments in connection with a Qualified Receivables Transaction may be made unless the
Consolidated Leverage Ratio for the most recent fiscal period ending on or after September
30, 2009 is less than or equal to 3.50:1.00.

     §2. Conditions to Effectiveness. This Amendment shall become effective as of the date
first written above upon the satisfaction of the following conditions precedent on or prior to July
6, 2009:

          (a) Documentation. The Administrative Agent shall have received all of the following,
in form and substance satisfactory to Administrative Agent:

     (i) Duly executed and delivered counterparts of the Amendment by the Borrowers,
the Guarantors, the Administrative Agent and each of the Required Lenders; and

     (ii) Copies from each Loan Party, certified by a Responsible Officer of such
Loan Party to be true and complete on and as of the date hereof, of (A) the
certificate of incorporation of such Loan Party (or equivalent documentation)
certified by the relevant authority of the jurisdiction of organization of such Loan
Party, (B) the By-Laws of such Loan Party (or equivalent documentation), (C) a good
standing certificate (or equivalent documentation in any applicable foreign
jurisdiction) for such Loan Party from its jurisdiction of organization, and (D) the
records of all corporate action (or equivalent organizational action) taken by such
Loan Party to authorize (x) such Loan Party’s execution and delivery of this
Amendment, and (y) such Loan Party’s performance of all of its agreements and
obligations under this Amendment and the Loan Documents as amended hereby, and that
such resolutions are in full force and effect, were duly adopted, have not been
amended, modified or revoked, and constitute all resolutions adopted with respect to
this Amendment.

          (b) No Default. On the date hereof and after giving effect to this Amendment, no
event shall have occurred and be continuing that would constitute a Default or an Event of Default.

 

-7-

          (c) Fees and Expenses. The Administrative Agent, for the account of the Persons
entitled thereto, shall have received payment by the Borrowers of all fees (including the Amendment
Fee referred to below) and reasonable expenses that are due and payable on or prior to the date
hereof (including, without limitation, legal fees that have been previously invoiced to the
Borrowers);

          (d) Amendment Fee. The Administrative Agent shall have received, for the pro rata
account of each Lender that delivers its executed signature page to this Amendment to the
Administrative Agent on or prior to July 3, 2009 at 12:00 p.m. (New York City time), an amendment
fee (the “Amendment Fee”) equal to 0.20% of such Lender’s Commitment.

     §3. Affirmation of the Borrowers and Subsidiary Guarantors. Each of the Borrowers
hereby affirms its absolute and unconditional promise to pay to each Lender, each Multicurrency
Lender, each Issuing Lender, the Swingline Lender, the Euro Swingline Lender and the Administrative
Agent the Loans, the Multicurrency Loans, the L/C Obligations and all other amounts due under the
Notes, the Credit Agreement as amended hereby and the other Loan Documents, at the times and in the
amounts provided for therein. Each of the Subsidiary Guarantors hereby affirms its guaranty of the
Obligations (as defined in the Guarantee) in accordance with the provisions of the Guarantee. Each
of the Borrowers and the Subsidiary Guarantors confirms and agrees that all references to the term
“Credit Agreement” in the other Loan Documents shall hereafter refer to the Credit Agreement as
amended hereby.

     §4. Representations and Warranties. Each of the Borrowers hereby represents and
warrants to the Administrative Agent and each Lender that:

          (a) Representations and Warranties in Credit Agreement. The representations and
warranties of the Group Members contained in the Credit Agreement, as amended hereby, are true and
correct on the date hereof (except to the extent of changes resulting from transactions
contemplated or permitted by this Credit Agreement and the other Loan Documents and changes
occurring in the ordinary course of business that singly or in the aggregate are not materially
adverse, and to the extent that such representations and warranties relate expressly to an earlier
date, which representations were true and correct as of such date); and no Default or Event of
Default has occurred and is continuing.

          (b) Authority, No Conflicts, Etc. The execution, delivery and performance of this
Amendment and all related documents and the consummation of the transactions contemplated hereby
and thereby (i) are within the corporate (or the equivalent company) authority of each Loan Party,
(ii) have been duly authorized by all necessary corporate (or the equivalent company) proceedings,
(iii) do not and will not conflict with or result in any breach or contravention of any provision
of law, statute, rule or regulation to which any Loan Party is subject or any judgment, order,
writ, injunction, license or permit applicable to any Loan Party and (iv) do not conflict with any
provision of the constitutive documents of, or any other agreement or other instrument binding
upon, such Loan Party.

          (c) Enforceability of Obligations. This Amendment, the Notes, the other Loan
Documents, and the Credit Agreement as amended hereby constitute the legal, valid and binding
obligations of each Loan Party party thereto, enforceable against such Loan Party party

 

-8-

thereto, in accordance with their respective terms, except as limited by bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium, or other laws relating to or
affecting creditors’ rights generally, general equitable principles (whether considered in equity
or at law), and except to the extent that availability of the remedy of specific performance or
injunctive relief is subject to the discretion of the court before which any proceeding therefore
may be brought.

     §5. No Other Amendments. Except as expressly provided in this Amendment, all of the
terms, conditions and provisions of the Credit Agreement and the other Loan Documents shall remain
the same. It is declared and agreed by each of the parties hereto that the Credit Agreement, as
amended hereby, shall continue in full force and effect, and that this Amendment and the Credit
Agreement shall be read and construed as one instrument.

     §6. Execution in Counterparts. This Amendment may be executed in any number of
counterparts and by each party on a separate counterpart, each of which when so executed and
delivered shall be an original, but all of which together shall constitute one instrument. In
proving this Amendment, it shall not be necessary to produce or account for more than one such
counterpart signed by the party against whom enforcement is sought. Delivery of an executed
signature page of this Amendment by facsimile or electronic transmission shall be effective as
delivery of a manually executed counterpart thereof.

     §7. Governing Law. THIS AMENDMENT IS INTENDED TO TAKE EFFECT AS AN AGREEMENT UNDER
THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF SAID STATE WITHOUT REFERENCE TO CONFLICTS OR CHOICE OF LAWS PRINCIPLES
(OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK).

     §8. Headings, etc. Headings or captions used in this Amendment are for convenience of
reference only and shall not define or limit the provisions hereof.

     §9. Expenses. Each of the Borrowers agrees to pay to the Administrative Agent, on demand by
the Administrative Agent, all reasonable out-of-pocket costs and expenses incurred or sustained by
the Administrative Agent in connection with the preparation of this Amendment (including reasonable
legal fees).

[Reminder of page intentionally left blank]

 

 

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

	 	 	 	 	 
	 	KENNAMETAL INC.

 	 
	 	By:  	/s/
Lawrence J. Lanza	 
	 	 	Name:  	Lawrence J. Lanza	 
	 	 	Title:  	Vice President and Treasurer	 
	 
	 	KENNAMETAL EUROPE GMBH

 	 
	 	By:  	/s/
William M. Thalman	 
	 	 	Name:  	William M. Thalman	 
	 	 	Title:  	Managing Director	 
	 
	 	 	 
	 	By:  	/s/
Dr. Kemal Yegenoglu	 
	 	 	Name:  	Dr. Kemal Yegenoglu	 
	 	 	Title:  	President and Managing Director	 
	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as 

Administrative Agent

 	 
	 	By:  	/s/
Irene Bertozzi Bartenstein	 
	 	 	Name:  	Irene Bertozzi Bartenstein	 
	 	 	Title:  	SVP	 
	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Lender

 	 
	 	By:  	/s/
Irene Bertozzi Bartenstein	 
	 	 	Name:  	Irene Bertozzi Bartenstein	 
	 	 	Title:  	SVP	 
	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	BANK OF AMERICA N.A., LONDON BRANCH,

 as a Euro
Swingline Lender

 	 
	 	By:  	/s/
Irene Bertozzi Bartenstein	 
	 	 	Name:  	Irene Bertozzi Bartenstein	 
	 	 	Title:  	SVP	 
	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION, as a 
Co-Syndication
Agent and as a Lender

 	 
	 	By:  	/s/
Suzannah Harris	 
	 	 	Name:  	Suzannah Harris	 
	 	 	Title:  	Vice President	 
	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	NATIONAL CITY BANK, as a Co-Syndication Agent and
as a Lender

 	 
	 	By:  	/s/
Debra W. Riefner	 
	 	 	Name:  	Debra W. Riefner	 
	 	 	Title:  	Senior Vice President	 
	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION, as a

Co-Documentation Agent and as a Lender

 	 
	 	By:  	/s/ David B. Gookin	 
	 	 	Name:  	David B. Gookin	 
	 	 	Title:  	Senior Vice President	 
	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as a 
Co-Documentation
Agent and as a Lender

 	 
	 	By:  	/s/ Deborah R. Winkler	 
	 	 	Name:  	Deborah R. Winkler	 
	 	 	Title:  	Vice President	 
	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	BANK OF TOKYO-MITSUBISHI UFJ TRUST COMPANY, as
Lender

 	 
	 	By:  	/s/
Joanne Nasuti	 
	 	 	Name: Joanne Nasuti	 	 
	 	 	Title:  Vice President	 	 
	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	CITIZENS BANK OF PENNSYLVANIA, as a Lender

 	 
	 	By:  	/s/
Debra L. McAllonis	 
	 	 	Name: Debra L. McAllonis	 	 
	 	 	Title: Senior Vice President	 	 
	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	COMERICA BANK, as a Lender

 	 
	 	By:  	/s/
Mark Skrzynski	 
	 	 	Name:  Mark Skrzynski	 	 
	 	 	Title:   Corporate Banking Officer	 	 
	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK, as a Lender

 	 
	 	By:  	/s/
William M. Feathers
 	 
	 	 	Name:  William M. Feathers	 
	 	 	Title:  Vice President	 
	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	MIZUHO CORPORATE BANK, LTD., as a Lender

 	 
	 	By:  	/s/
Raymond Ventura 	 
	 	 	Name:  Raymond Ventura	 
	 	 	Title:   Deputy General Manager	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	FIFTH THIRD BANK, as a Lender

 	 
	 	By:  	/s/
James Janovsky 	 
	 	 	Name:  James Janovsky	 
	 	 	Title:   Vice President	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	INTESA SANPAOLO S.P.A., as a Lender

 	 
	 	By:  	/s/
 Francesco Di Mario 	 
	 	 	Name:   Francesco  Di Mario	 
	 	 	Title:  FVP	 
	 	 	 
	 	By:  	
/s/ Robert Wurster
 	 
	 	 	Name:  Robert Wurster	 
	 	 	Title:  SVP	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 
	 	MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD., NEW YORK BRANCH, as a Lender

 	 
	 	By:  	/s/
Tsang-Pei Hsu	 
	 	 	Name:  	Tsang-Pei Hsu	 
	 	 	Title:  	VP & Deputy General Manager	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

RATIFICATION OF OBLIGATIONS

     Each of the undersigned Subsidiary Guarantors hereby (a) acknowledges and consents to the
foregoing Amendment and each Borrower’s execution thereof; (b) ratifies and confirms all of its
respective obligations and liabilities under the Loan Documents to which it is a party and ratifies
and confirms that such obligations and liabilities extend to and continue in effect with respect to
it, and that it continues to guarantee, the Obligations of the Company under the Credit Agreement;
(c) acknowledges and agrees that such Subsidiary Guarantor does not have any claim or cause of
action against the Administrative Agent or any Lender (or any of its respective directors,
officers, employees or agents); and (d) acknowledges, affirms and agrees that such Subsidiary
Guarantor does not have any defense, claim, cause of action, counterclaim, offset or right of
recoupment of any kind or nature against any of their respective obligations, indebtedness or
liabilities to the Administrative Agent or any Lender.

Agreed and Acknowledged as of the date first above written:

SUBSIDIARY GUARANTORS:

	 	 	 	 	 
	KENNAMETAL WIDIA HOLDINGS INC.	 	 
	 
	 	 	 	 
	By:
	 	/s/ Lawrence J. Lanza	 	 
	Name:

		Lawrence J. Lanza

	 	 
	Title:
	 	Vice President and Treasurer	 	 
	 
	 	 	 	 
	KENNAMETAL HOLDINGS EUROPE, INC.	 	 
	 
	 	 	 	 
	By:
	 	/s/ Lawrence J. Lanza	 	 
	Name:

	 	Lawrence J. Lanza

	 	 
	Title:
	 	Vice President and Treasurer	 	 
	 
	 	 	 	 
	KENNAMETAL EXTRUDE HONE CORPORATION
	 
	 	 	 	 
	By:
	 	/s/ Lawrence J. Lanza	 	 
	Name:

	 	Lawrence J. Lanza

	 	 
	Title:
	 	Vice President and Treasurer	 	 

[Signature Page to Amendment No. 1 to Credit Agreement — Ratification of Obligations]

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