Document:

exv10w1

 

Exhibit 10.1

AGREEMENT

     AGREEMENT by and between SeraCare Life Sciences, Inc. (the “Company”) and Ronald R.
Dilling (the “Executive”), effective as of
February 1, 2008.

     1.      Employment. Subject to the terms and conditions set forth in this Agreement, the
Company hereby offers, and the Executive hereby accepts, employment. The Executive’s employment
hereunder shall continue until terminated pursuant to Section 4 hereof.

     2.      Capacity and Performance. During his employment hereunder:

               (a)      The Executive shall serve the Company as its Vice President of Operations, or in such
other executive position as the Company may designate from time to time. In addition, and without
further compensation, the Executive shall serve as a director and/or officer of one or more of the
Company’s Affiliates if so elected or appointed from time to time.

               (b)      The Executive shall be employed by the Company on a full-time basis and shall perform the
duties and responsibilities of his position and such other duties and responsibilities on behalf of
the Company and its Affiliates as reasonably may be designated from time to time by the Company.

               (c)      The Executive shall devote his full business time and his best efforts, business judgment,
skill and knowledge exclusively to the advancement of the business and interests of the Company and
its Affiliates and to the discharge of his duties and responsibilities hereunder. The Executive
shall not engage in any other business activity or serve in any industry, trade, professional,
governmental or academic position during the term of this Agreement, except as may be expressly
approved in advance by the Chief Executive Officer.

     3.      Compensation and Benefits. As compensation for all services performed by the
Executive during his employment hereunder and subject to performance of the Executive’s duties and
of the obligations of the Executive to the Company and its Affiliates, pursuant to this Agreement
or otherwise:

               (a)      Base Salary. The Company shall pay the Executive a base salary at the rate of Two
Hundred and Five Thousand Seven Hundred Fifty Dollars ($205,750) per annum, payable in accordance
with the payroll practices of the Company for its executives and subject to adjustment from time to
time by the Board, in its sole discretion. Such base salary, as from time to time adjusted, is
hereafter referred to as the “Base Salary”.

               (b)      Incentive and Bonus Compensation. The Executive shall be entitled to participate
in all bonus and incentive plans, including without limitation equity incentive plans, from time to
time in effect for executives of the Company generally.

               (c)      Paid Time Off. During the term hereof, the Executive shall be entitled to earn
paid time off (“PTO”) on a monthly basis at the rate of 20 days per year. The Executive’s
entitlement to, and use of, PTO shall in all other respects be governed by the Company’s policies
as in effect generally from time to time.

 

 

               (d)      Other Benefits. During the term hereof, the Executive shall be entitled to
participate in any and all Employee Benefit Plans from time to time in effect for employees of the
Company generally, except to the extent any such Employee Benefit Plan is in a category of benefit
otherwise provided to the Executive (e.g., a severance pay plan). Such participation shall be
subject to the terms of the applicable plan documents and generally applicable Company policies.
The Company may alter, modify, add to or delete its Employee Benefit Plans at any time as it, in
its sole judgment, determines to be appropriate, without recourse by the Executive. For purposes of
this Agreement, “Employee Benefit Plan” shall have the meaning ascribed to such term in
Section 3(3) of ERISA, as amended from time to time.

               (e)      Business Expenses. The Company shall pay or reimburse the Executive for all
reasonable business expenses incurred or paid by the Executive in the performance of his duties and
responsibilities hereunder, subject to any maximum annual limit and other restrictions on such
expenses set by the Board and to such reasonable substantiation and documentation as may be
specified by the Company from time to time.

     4.      Termination of Employment and Severance Benefits. The Executive’s employment
hereunder shall terminate under the following circumstances:

               (a)      Death. In the event of the Executive’s death during the term hereof, the
Executive’s employment shall immediately and automatically terminate. In such event, the Company
shall pay to the Executive’s designated beneficiary or, if no beneficiary has been designated by
the Executive in writing, to his estate, (i) any Base Salary earned but not paid during the final
payroll period of the Executive’s employment through the date of termination, (ii) pay for any PTO
earned but not used through the date of termination, and (iii) reimbursement for any business
expenses incurred by the Executive but un-reimbursed on the date of termination, provided that such
expenses and required substantiation and documentation are submitted within sixty (60) days of
termination and that such expenses are reimbursable under Company policy (all of the foregoing,
“Final Compensation”). The Company shall have no further obligation to the Executive
hereunder.

               (b)      Disability.

                    (i)      The Company may terminate the Executive’s employment hereunder, upon notice to the
Executive, in the event that the Executive becomes disabled during his employment hereunder
through any illness, injury, accident or condition of either a physical or psychological
nature and, as a result, is unable to perform substantially all of his duties and
responsibilities hereunder, notwithstanding the provision of any reasonable accommodation,
for more than ninety (90) days during any period of twelve (12) consecutive calendar months.
In the event of such termination, the Company shall have no further obligation to the
Executive, other than for payment of Final Compensation.

                    (ii)     The Board may designate another employee to act in the Executive’s place during
any period of the Executive’s disability. Notwithstanding any such designation, the
Executive shall continue to receive the Base Salary in accordance with Section 3(a) and
benefits in accordance with Section 3(e), to the extent permitted by

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the then-current terms of the applicable benefit plans, until the Executive becomes
eligible for disability income benefits under the Company’s disability income plan or until
the termination of his employment, whichever shall first occur.

          While receiving disability income payments under the Company’s disability income plan,
the Executive shall not be entitled to receive any Base Salary under Section 3(a) hereof,
but shall continue to participate in Company benefit plans in accordance with Section 3(e)
and the terms of such plans, until the termination of his employment.

               (c)      Cause. The Company may terminate the Executive’s employment for Cause at any time
upon notice to the Executive setting forth in reasonable detail the nature of such Cause. The
following acts or omissions, as determined by the Company in its reasonable judgment, shall
constitute Cause for termination:

                    (i)      willful misconduct; gross negligence; theft, fraud or other illegal conduct;

                    (ii)     failure to comply with the Company’s “Drug Free Workplace Policy” (a copy
of which has been provided to the Executive);

                    (iii)    refusal or unwillingness to perform his duties, which refusal or unwillingness,
if susceptible of cure, is not cured within fifteen (15) days of written notice from the
Company;

                    (iv)     substantial and ongoing Harassment;

                    (v)      material insubordination;

                    (vi)     any willful act that is likely to and which does in fact have the effect of
materially injuring the reputation, business or a business relationship of the Company;

                    (vii)    violation of any fiduciary duty to the Company or any of its Affiliates;

                    (viii)   breach of any term of this Agreement, which breach, if susceptible of cure, is
not cured within fifteen (15) days of written notice to the Executive; or

                    (ix)     written or oral statements that have the purpose or effect of materially
disparaging the Company or its officers or directors.

For purposes of this Agreement, “Harassment” includes, but is not limited to, the following
behavior: (i) verbal conduct such as epithets, derogatory jokes or comments, slurs or
unwanted sexual advances, imitations or comments; (ii) visual conduct such as derogatory
and/or sexually oriented posters, photography, cartoons, drawings or gestures; (iii)
physical conduct such as assault, unwanted touching, or blocking normal movement or
interfering with work because of sex, race or any other protected basis; and (iv)

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threats, demands to submit to sexual requests as a condition of continued employment or to
avoid some other loss, or offers of employment benefits in return for sexual favors.

               (d)      By the Company Other than for Cause. The Company may terminate the Executive’s
employment hereunder other than for Cause at any time upon thirty (30) days’ notice to the
Executive, provided that the Company may in its discretion relieve the Executive of all duties and
responsibilities during such thirty day period. In the event of such termination, in addition to
Final Compensation and provided that no benefits are payable to the Executive under a separate
severance agreement as a result of such termination, then until the conclusion of a period of six
(6) months following the date of termination, the Company shall continue to pay the Executive the
Base Salary at the rate in effect on the date of termination. Any obligation of the Company to the
Executive hereunder, other than for Final Compensation, is conditioned, however, on the Executive
signing and return of a timely and effective release of claims in the form attached to this
Agreement as Exhibit A (the “Employee Release”) and delivering it to the Company
within thirty (30) calendar days of the date his employment terminates. Severance Pay to which the
Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of
the Company, with the first payment, which shall be retroactive to the day immediately following
the date the Executive’s employment terminated, being due and payable on the Company’s next regular
payday for executives that follows the expiration of thirty (30) calendar days from the date the
Executive’s employment terminates. The Release of Claims required for separation benefits in
accordance with this Section 4(d) creates legally binding obligations on the part of the Executive
and the Company and its Affiliates therefore advise the Executive to seek the advice of an attorney
before signing it.

               (e)      By the Executive. The Executive may terminate his employment hereunder at any
time upon thirty (30) days’ notice to the Company, unless such termination would violate any
obligation of the Executive to the Company under a separate severance agreement. In the event of
termination of the Executive pursuant to this Section 4(e), the Company may elect to waive the
period of notice, or any portion thereof, and, if the Company so elects, the Company will pay the
Executive his Base Salary for the initial thirty (30) days of the notice period (or for any
remaining portion of such period). The Company shall have no further obligation to the Executive,
other than for any Final Compensation due to him.

               (f)      Timing of Payments. If at the time of the Executive’s separation from service, the
Executive is a “specified employee,” as hereinafter defined, any and all amounts payable under this
Section 4 in connection with such separation from service that constitute deferred compensation
subject to Section 409A of the Internal Revenue Code of 1986, as amended, (“Section 409A”),
as determined by the Company in its sole discretion, and that would (but for this sentence) be
payable within six months following such separation from service, shall instead be paid on the date
that follows the date of such separation from service by six (6) months. For purposes of the
preceding sentence, “separation from service” shall be determined in a manner consistent with
subsection (a)(2)(A)(i) of Section 409A and the term “specified employee” shall mean an individual
determined by the Company to be a specified employee as defined in subsection (a)(2)(B)(i) of
Section 409A.

     5.      Effect of Termination. The provisions of this Section 5 shall apply to any
termination, pursuant to Section 4 or otherwise.

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               (a)      Payment by the Company of any Base Salary that may be due the Executive in each case under
the applicable termination provision of Section 4 shall constitute the entire obligation of the
Company to the Executive hereunder.

               (b)      Except for any right of the Executive to continue medical and dental plan participation in
accordance with applicable law, benefits shall terminate pursuant to the terms of the applicable
benefit plans based on the date of termination of the Executive’s employment without regard to any
continuation of Base Salary or other payment to the Executive following such date of termination.

               (c)      Provisions of this Agreement shall survive any termination if so provided herein or if
necessary or desirable to accomplish the purposes of other surviving provisions, including without
limitation the obligations of the Executive under Sections 6, 7 and 8 hereof. The obligation of
the Company to make payments to or on behalf of the Executive under Section 4(d) hereof is
expressly conditioned upon the Executive’s continued full performance of obligations under Sections
6, 7 and 8 hereof. The Executive recognizes that, except as expressly provided in Section 4(d), no
compensation is earned after termination of employment.

     6.      Confidential Information.

               (a)      The Executive acknowledges that the Company and its Affiliates continually develop
Confidential Information, that the Executive may develop Confidential Information for the Company
or its Affiliates and that the Executive may learn of Confidential Information during the course of
employment. The Executive also acknowledges that he has developed and learned Confidential
Information during his employment by the Company prior to this Agreement. The Executive will
comply with the policies and procedures of the Company and its Affiliates for protecting
Confidential Information and shall not disclose to any Person or use, other than as required by
applicable law or for the proper performance of his duties and responsibilities to the Company and
its Affiliates, any Confidential Information obtained by the Executive incident to his employment
or other association with the Company or any of its Affiliates. The Executive understands that
this restriction shall continue to apply after his employment terminates, regardless of the reason
for such termination. The confidentiality obligation under this Section 6 shall not apply to
information which is generally known or readily available to the public at the time of disclosure
or becomes generally known through no wrongful act on the part of the Executive or any other Person
having an obligation of confidentiality to the Company or any of its Affiliates.

               (b)      All documents, records, tapes and other media of every kind and description relating to
the business, present or otherwise, of the Company or its Affiliates and any copies, in whole or in
part, thereof (the “Documents”), whether or not prepared by the Executive, shall be the
sole and exclusive property of the Company and its Affiliates. The Executive shall safeguard all
Documents and shall surrender to the Company at the time his employment terminates, or at such
earlier time or times as the Board or its designee may specify, all Documents then in the
Executive’s possession or control.

     7.      Assignment of Rights to Intellectual Property. The Executive shall promptly and
fully disclose all Intellectual Property to the Company. The Executive hereby assigns and agrees

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to assign to the Company (or as otherwise directed by the Company) the Executive’s full right,
title and interest in and to all Intellectual Property. The Executive agrees to execute any and
all applications for domestic and foreign patents, copyrights or other proprietary rights and to do
such other acts (including without limitation the execution and delivery of instruments of further
assurance or confirmation) requested by the Company to assign the Intellectual Property to the
Company and to permit the Company to enforce any patents, copyrights or other proprietary rights to
the Intellectual Property. The Executive will not charge the Company for time spent in complying
with these obligations. All copyrightable works that the Executive creates shall be considered
“work made for hire” and shall, upon creation, be owned exclusively by the Company.

     8.      Restricted Activities. The Executive agrees that some restrictions on his
activities during and after his employment are necessary to protect the goodwill, Confidential
Information and other legitimate interests of the Company and its Affiliates:

               (a)      While the Executive is employed by the Company and for twelve (12) months after his
employment terminates, the Executive shall not, directly or indirectly, whether as owner, partner,
investor, consultant, agent, employee, co-venturer or otherwise, compete with the Company or any of
its Affiliates within any market where the Company does business or undertake any planning for any
business competitive with the Company or any of its Affiliates. Specifically, but without limiting
the foregoing, the Executive agrees not to engage in any manner in any activity that is directly or
indirectly competitive or potentially competitive with the business of the Company or any of its
Affiliates as conducted or under consideration at any time during the Executive’s employment and
further agrees not to work or provide services, in any capacity, whether as an employee,
independent contractor or otherwise, whether with or without compensation, to any Person who is
engaged in any business that is competitive with the business of the Company or any of its
Affiliates for which the Executive has provided services, as conducted or in planning during his
employment. For the purposes of this Section 8, the business of the Company and its Affiliates
shall include all Products and the Executive’s undertaking shall encompass all items, products and
services that may be used in substitution for Products. The foregoing, however, shall not prevent
the Executive’s passive ownership of two percent (2%) or less of the equity securities of any
publicly traded company.

               (b)      The Executive agrees that, during his employment with the Company, he will not undertake
any outside activity, whether or not competitive with the business of the Company or its
Affiliates, that could reasonably give rise to a conflict of interest or otherwise interfere with
his duties and obligations to the Company or any of its Affiliates.

               (c)      The Executive agrees that, during his employment and during the twelve (12) month period
immediately following termination of his employment, the Executive will not directly or indirectly
(a) solicit or encourage any customer of the Company or any of its Affiliates to terminate or
diminish its relationship with them; or (b) seek to persuade any such customer or prospective
customer of the Company or any of its Affiliates to conduct with anyone else any business or
activity which such customer or prospective customer conducts or could conduct with the Company or
any of its Affiliates; provided that these restrictions shall apply (y) only with respect to those
Persons who are or have been a customer of the Company or any of its Affiliates at any time within
the immediately preceding two (2) year period or whose business

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has been solicited on behalf of the Company or any of the Affiliates by any of their officers,
employees or agents within said two (2) year period, other than by form letter, blanket mailing or
published advertisement, and (z) only if the Executive has performed work for such Person during
his employment with the Company or one of its Affiliates or been introduced to, or otherwise had
contact with, such Person as a result of his employment or other associations with the Company or
one of its Affiliates or has had access to Confidential Information which would assist in the
Executive’s solicitation of such Person.

               (d)      The Executive agrees that during his employment and for the twelve (12) month period
immediately following termination of his employment, the Executive will not, and will not assist
any other Person to, (a) hire or solicit for hiring any employee of the Company or any of its
Affiliates or seek to persuade any employee of the Company or any of its Affiliates to discontinue
employment or (b) solicit or encourage any independent contractor providing services to the Company
or any of its Affiliates to terminate or diminish its relationship with them. For the purposes of
this Agreement, an “employee” of the Company or any of its Affiliates is any person who was such at
any time within the preceding two years.

     9.      Enforcement of Covenants. The Executive acknowledges that he has carefully read
and considered all the terms and conditions of this Agreement, including the restraints imposed
upon him pursuant to Sections 6, 7 and 8 hereof. The Executive agrees without reservation that
each of the restraints contained herein is necessary for the reasonable and proper protection of
the goodwill, Confidential Information and other legitimate interests of the Company and its
Affiliates; that each and every one of those restraints is reasonable in respect to subject matter,
length of time and geographic area; and that these restraints, individually or in the aggregate,
will not prevent [him] from obtaining other suitable employment during the period in which the
Executive is bound by these restraints. The Executive further agrees that he will never assert, or
permit to be asserted on his behalf, in any forum, any position contrary to the foregoing. The
Executive further acknowledges that, were he to breach any of the covenants contained in Sections
6, 7 or 8 hereof, the damage to the Company would be irreparable. The Executive therefore agrees
that the Company, in addition to any other remedies available to it, shall be entitled to
preliminary and permanent injunctive relief against any breach or threatened breach by the
Executive of any of said covenants, without having to post bond and shall be entitled to recover
its reasonable attorneys’ fees and costs incurred in securing such relief. The parties further
agree that, in the event that any provision of Sections 6, 7 or 8 hereof shall be determined by any
court of competent jurisdiction to be unenforceable by reason of its being extended over too great
a time, too large a geographic area or too great a range of activities, such provision shall be
deemed to be modified to permit its enforcement to the maximum extent permitted by law. The
parties also agree that the periods of time set forth in Sections 8(a), 8(c) and 8(d) shall be
tolled, and shall not run, during any period the Executive is in breach of the covenants contained
therein so that the Company may enjoy the full protection of such covenants.

     10.    Conflicting Agreements. The Executive hereby represents and warrants that the
execution of this Agreement and the performance of his obligations hereunder will not breach or be
in conflict with any other agreement to which the Executive is a party or is bound and that the
Executive is not now subject to any covenants against competition or similar covenants or any court
order or other legal obligation that would affect the performance of his obligations

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hereunder. The Executive will not disclose to or use on behalf of the Company any proprietary
information of a third party without such party’s consent.

     11.    Indemnification. The Company shall indemnify the Executive to the extent provided
in its then current Articles or By-Laws. The Executive agrees to promptly notify the Company of
any actual or threatened claim arising out of or as a result of his employment with the Company.

     12.    Definitions. Words or phrases which are initially capitalized or are within
quotation marks shall have the meanings provided in this Section and as provided elsewhere herein.
For purposes of this Agreement, the following definitions apply:

               (a)      “Affiliates” means all persons and entities directly or indirectly controlling, controlled
by or under common control with the Company, where control may be by management authority, contract
or equity interest.

               (b)      “Confidential Information” means any and all information of the Company and its Affiliates
that is not generally known by those with whom the Company or any of its Affiliates competes or
does business, or with whom the Company or any of its Affiliates plans to compete or do business
and any and all information, publicly known in whole or in part or not, which, if disclosed by the
Company or any of its Affiliates would assist in competition against them. Confidential
Information includes without limitation such information relating to (i) the development, research,
testing, manufacturing, marketing and financial activities of the Company and its Affiliates, (ii)
the Products, (iii) the costs, sources of supply, financial performance and strategic plans of the
Company and its Affiliates, (iv) the identity and special needs of the customers of the Company and
its Affiliates and (v) the people and organizations with whom the Company and its Affiliates have
business relationships and the nature and substance of those relationships. Confidential
Information also includes any information that the Company or any of its Affiliates has received,
or may receive hereafter, belonging to customers or others with any understanding, express or
implied, that the information would not be disclosed.

               (c)      “Intellectual Property” means inventions, discoveries, developments, methods, processes,
compositions, works, concepts and ideas (whether or not patentable or copyrightable or constituting
trade secrets) conceived, made, created, developed or reduced to practice by the Executive (whether
alone or with others, whether or not during normal business hours or on or off Company premises)
during the Executive’s employment that relate to either the Products or any prospective activity of
the Company or any of its Affiliates or that make use of Confidential Information or any of the
equipment or facilities of the Company or any of its Affiliates.

               (d)      “Person” means an individual, a corporation, a limited liability company, an association,
a partnership, an estate, a trust and any other entity or organization, other than the Company or
any of its Affiliates.

               (e)      “Products” mean all products planned, researched, developed, tested, manufactured, sold,
licensed, leased or otherwise distributed or put into use by the Company or

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any of its Affiliates, together with all services provided or planned by the Company or any of
its Affiliates, during the Executive’s employment.

     13.      Withholding. All payments made by the Company under this Agreement shall be
reduced by any tax or other amounts required to be withheld by the Company under applicable law.

     14.      Assignment. Neither the Company nor the Executive may make any assignment of this
Agreement or any interest herein, by operation of law or otherwise, without the prior written
consent of the other; provided, however, that the Company may assign its rights and obligations
under this Agreement without the consent of the Executive in the event that the Executive is
transferred to a position with any of the Affiliates or in the event that the Company shall
hereafter effect a reorganization, consolidate with, or merge into, any Person or transfer all or
substantially all of its properties or assets to any Person. This Agreement shall inure to the
benefit of and be binding upon the Company and the Executive, their respective successors,
executors, administrators, heirs and permitted assigns.

     15.      Severability. If any portion or provision of this Agreement shall to any extent
be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of
this Agreement, or the application of such portion or provision in circumstances other than those
as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each
portion and provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law.

     16.      Waiver. No waiver of any provision hereof shall be effective unless made in
writing and signed by the waiving party. The failure of either party to require the performance of
any term or obligation of this Agreement, or the waiver by either party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a
waiver of any subsequent breach.

     17.      Notices. Any and all notices, requests, demands and other communications provided
for by this Agreement shall be in writing and shall be effective when delivered in person,
consigned to a reputable national courier service or deposited in the United States mail, postage
prepaid, registered or certified, and addressed to the Executive at his last known address on the
books of the Company or, in the case of the Company, at its principal place of business, attention
of the Chief Executive Officer, or to such other address as either party may specify by notice to
the other actually received.

     18.      Entire Agreement. This Agreement constitutes the entire agreement between the
parties and supersedes all prior communications, agreements and understandings, written or oral,
with respect to the terms and conditions of the Executive’s employment excepting only the
Executive’s existing obligations concerning Confidential Information and Intellectual Property
which continue in effect.

     19.      Amendment. This Agreement may be amended or modified only by a written instrument
signed by the Executive and by a expressly authorized representative of the Company.

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     20.      Headings. The headings and captions in this Agreement are for convenience only
and in no way define or describe the scope or content of any provision of this Agreement.

     21.      Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be an original and all of which together shall constitute one and the same instrument.

     22.      Arbitration. Any controversy arising out of or relating to this Agreement, its
enforcement or interpretation, or because of an alleged breach, default, or misrepresentation in
connection with any of its provisions, or any other controversy arising out of Employee’s
employment, including, but not limited to, any state or federal statutory claims, shall be
submitted to arbitration in Boston, Massachusetts, before a sole arbitrator selected from Judicial
Arbitration and Mediation Services, Inc., Boston, Massachusetts, or its successor (“JAMS”),
or if JAMS is no longer able to supply the arbitrator, such arbitrator shall be selected from the
American Arbitration Association, and shall be the exclusive forum for the resolution of such
dispute; provided, however, that provisional injunctive relief may, but need not, be sought by
either party to this Agreement in a court of law while arbitration proceedings are pending, and any
provisional injunctive relief granted by such court shall remain effective until the matter is
finally determined by the Arbitrator. Final resolution of any dispute through arbitration may
include any remedy or relief which the Arbitrator deems just and equitable, including any and all
remedies provided by applicable state or federal statutes. At the conclusion of the arbitration,
the Arbitrator shall issue a written decision that sets forth the essential findings and
conclusions upon which the Arbitrator’s award or decision is based. Any award or relief granted by
the Arbitrator hereunder shall be final and binding on the parties hereto and may be enforced by
any court of competent jurisdiction. The parties acknowledge and agree that they are hereby
waiving any rights to trial by jury in any action, proceeding or counterclaim brought by either of
the parties against the other in connection with any matter whatsoever arising out of or in any way
connected with this Agreement or Employee’s employment. The parties agree that the Company shall
be responsible for payment of the forum costs of any arbitration hereunder, including the
Arbitrator’s fee. Employee and Company further agree that in any proceeding to enforce the terms
of this Agreement, the prevailing party shall be entitled to its or his reasonable attorneys’ fees
and costs (other than forum costs associated with the arbitration) incurred by it or him in
connection with resolution of the dispute in addition to any other relief granted.

     23.      Governing Law. This is a Massachusetts contract and shall be construed and
enforced under and be governed in all respects by the laws of the Commonwealth of Massachusetts,
without regard to the conflict of laws principles thereof.

[Signature page follows immediately.]

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     IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Company, by
its duly authorized representative, and by the Executive, as of the date first above written.

	 	 	 	 	 	 	 	 	 
	THE EXECUTIVE:

	 	 
	 	 	 	  THE COMPANY
	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	  /s/ Ronald R. Dilling

	 	 	 	By:
	 	  /s/ Susan L.N. Vogt	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:
	 	  President and Chief Executive Officer	 	 
	 

	 	 	 	 	 	 	 	 

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EXHIBIT A

RELEASE OF CLAIMS

     FOR AND IN CONSIDERATION OF the benefits to be provided me in connection with the termination
of my employment, as set forth in the agreement between me and SeraCare Life Sciences, Inc. (the
“Company”) dated as of February 1, 2008 (the “Agreement”), which are conditioned on
my signing this Release of Claims and to which I am not otherwise entitled, I, on my own behalf and
on behalf of my heirs, executors, administrators, beneficiaries, representatives and assigns, and
all others connected with or claiming through me, hereby release and forever discharge the Company,
its subsidiaries and other affiliates and all of their respective past, present and future
officers, directors, trustees, shareholders, employees, agents, general and limited partners,
members, managers, joint venturers, employee benefit plans, representatives, successors and
assigns, and all others connected with any of them, both individually and in their official
capacities, from any and all causes of action, rights or claims of any type or description, known
or unknown, which I have had in the past, now have, or might now have, through the date of my
signing of this Release of Claims, in any way resulting from, arising out of or connected with my
employment by the Company or any of its subsidiaries or other affiliates or the termination of that
employment or pursuant to any federal, state or local law, regulation or other requirement
(including without limitation Title VII of the Civil Rights Act of 1964, the Age Discrimination in
Employment Act, the Americans with Disabilities Act, and the fair employment practices laws of the
state or states in which I have been employed by the Company or any of its subsidiaries or other
affiliates, each as amended from time to time).

Excluded from the scope of this Release of Claims is (i) any claim arising under the terms of the
Agreement after the effective date of this Release of Claims and (ii) any right of indemnification
or contribution that I have pursuant to the Articles of Incorporation or By-Laws of the Company or
any of its subsidiaries or other affiliates.

In signing this Release of Claims, I acknowledge my understanding that I may not sign it prior to
the termination of my employment, but that I may consider the terms of this Release of Claims for
up to twenty-one (21) days (or such longer period as may be required by law to render this Release
of Claims effective) from the later of the date my employment with the Company terminates or the
date I receive this Release of Claims. I also acknowledge that I am advised by the Company and its
subsidiaries and other affiliates to seek the advice of an attorney prior to signing this Release
of Claims; that I have had sufficient time to consider this Release of Claims and to consult with
an attorney, if I wished to do so, or to consult with any other person of my choosing before
signing; and that I am signing this Release of Claims voluntarily and with a full understanding of
its terms.

I further acknowledge that, in signing this Release of Claims, I have not relied on any promises or
representations, express or implied, that are not set forth expressly in the Agreement. I
understand that I may revoke this Release of Claims at any time within seven (7) days of the date
of my signing by written notice to the Chief Executive Officer of the Company and that this Release
of Claims will take effect only upon the expiration of such seven-day revocation period and only if
I have not timely revoked it.

-12-

 

Intending to be legally bound, I have signed this Release of Claims under seal as of the date
written below.

	 	 	 	 	 
	Signature:

	 	 
	 	 
	 

	 	 	 	 

	 	 	 	 	 
	Name (please print):

	 	 
	 	 
	 

	 	 	 	 

	 	 	 	 	 
	Date Signed:

	 	 
	 	 
	 

	 	 	 	 

-13-EXECUTION COPY

 

 

REVLON CONSUMER PRODUCTS CORPORATION,

as Borrower

 

$170,000,000

SENIOR SUBORDINATED TERM LOAN AGREEMENT

Dated as of January 30, 2008

 

MACANDREWS & FORBES HOLDINGS INC.,

as Lender

 

 

 

 

TABLE OF CONTENTS

 

	
                         
 	
                         
 	
                         
 	
                        Page
 
	
                        SECTION 1. DEFINITIONS
 	
                        1
 
	
                         
 	
                        1.1
 	
                        Defined Terms
 	
                        1
 
	
                         
 	
                        1.2
 	
                        Other Definition Provisions
 	
                        4
 
	
                        SECTION 2. AMOUNT AND TERMS OF THE LOAN
 	
                        5
 
	
                         
 	
                        2.1
 	
                        The Term Loan
 	
                        5
 
	
                         
 	
                        2.2
 	
                        Procedure for Borrowing
 	
                        5
 
	
                         
 	
                        2.3
 	
                        Repayment of the Loan; Evidence of Debt.
 	
                        6
 
	
                         
 	
                        2.4
 	
                        Use of Proceeds
 	
                        6
 
	
                        SECTION 3. PROVISIONS RELATING TO THE LOAN
 	
                        6
 
	
                         
 	
                        3.1
 	
                        Optional Prepayments
 	
                        6
 
	
                         
 	
                        3.2
 	
                        Mandatory Prepayment
 	
                        6
 
	
                         
 	
                        3.3
 	
                        Interest Rate; Payment Dates
 	
                        6
 
	
                         
 	
                        3.4
 	
                        Method of Payments
 	
                        7
 
	
                        SECTION 4. REPRESENTATIONS AND WARRANTIES
 	
                        7
 
	
                         
 	
                        4.1
 	
                        Corporate Existence
 	
                        7
 
	
                         
 	
                        4.2
 	
                        Corporate Power
 	
                        7
 
	
                         
 	
                        4.3
 	
                        No Legal Bar to Loan
 	
                        8
 
	
                        SECTION 5. CONDITIONS PRECEDENT
 	
                        8
 
	
                         
 	
                        5.1
 	
                        Conditions to the Loan
 	
                        8
 
	
                        SECTION 6. AFFIRMATIVE AND NEGATIVE COVENANTS
 	
                        8
 
	
                         
 	
                        6.1
 	
                        Certain Covenants of the 91⁄2% Note Indenture
 	
                        8
 
	
                         
 	
                        6.2
 	
                        Change of Control
 	
                        11
 
	
                         
 	
                        6.3
 	
                        Successor Company
 	
                        12
 
	
                         
 	
                        6.4
 	
                        Further Assurances
 	
                        12
 
	
                        SECTION 7. EVENTS OF DEFAULT
 	
                        13
 
	
                         
 	
                        7.1
 	
                        Events of Default
 	
                        13
 
	
                        SECTION 8. SUBORDINATION
 	
                        14
 
	
                         
 	
                        8.1
 	
                        Agreement To Subordinate
 	
                        14
 
	
                         
 	
                        8.2
 	
                        Subordination Provisions Incorporated
 	
                        15
 
	
                         
 	
                        8.3
 	
                        Subsequent Amendments
 	
                        15
 
	
                        SECTION 9. MISCELLANEOUS
 	
                        16
 
	
                         
 	
                        9.1
 	
                        Amendments and Waivers
 	
                        16
 
	
                         
 	
                        9.2
 	
                        Notices
 	
                        16
 
	
                         
 	
                        9.3
 	
                        No Waiver; Cumulative Remedies
 	
                        16
 
	
                         
 	
                        9.4
 	
                        Survival of Representations and Warranties
 	
                        17
 
	
                         
 	
                        9.5
 	
                        Payment of Expenses; General Indemnity
 	
                        17
 
						

 

 

i

 

 

	
                         
 	
                        9.6
 	
                        Successors and Assigns
 	
                        17
 
	
                         
 	
                        9.7
 	
                        Counterparts
 	
                        18
 
	
                         
 	
                        9.8
 	
                        Severability
 	
                        18
 
	
                         
 	
                        9.9
 	
                        Integration
 	
                        18
 
	
                         
 	
                        9.10
 	
                        GOVERNING LAWS
 	
                        19
 
	
                         
 	
                        9.11
 	
                        Submission To Jurisdiction; Waivers
 	
                        19
 
	
                         
 	
                        9.12
 	
                        WAIVERS OF JURY TRIAL
 	
                        19
 

 

 

ii

 

SENIOR SUBORDINATED TERM LOAN AGREEMENT

SENIOR SUBORDINATED TERM LOAN AGREEMENT, dated as of January 30, 2008, between REVLON CONSUMER PRODUCTS CORPORATION, a Delaware corporation (the “Borrower” or “Company”), and MACANDREWS & FORBES HOLDINGS INC., a Delaware corporation (the “Lender”).

W I T N E S S E T H:

WHEREAS, the Borrower has requested the Lender to extend credit to the Borrower on a senior subordinated basis in order to enable the Borrower to repay at maturity the outstanding principal amount due under the 85⁄8% Notes (as defined below) and to pay certain related fees and expenses;

WHEREAS, the Lender is willing to make such loan to the Borrower only on the terms and subject to the conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereto hereby agree as follows:

SECTION 1. DEFINITIONS

1.1 Defined Terms. As used in this Agreement, the following terms shall have the following respective meanings (such definitions to be equally applicable to the singular and plural forms thereof):

“Affiliate” of any Person means any Person that directly or indirectly controls, or is under common control with, or is controlled by, such Person. As used in this definition, “control” (including with its correlative meanings, “controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise).

“Agreement” shall mean this Senior Subordinated Term Loan Agreement, as the same may be amended, supplemented, replaced or otherwise modified from time to time.

“Bank Credit Agreements” means (a) the Credit Agreement, dated July 9, 2004, among the Borrower, certain local borrowing subsidiaries, the Lenders named therein and Citicorp USA, Inc. and UBS Securities LLC, as agents, as the same may be amended, restated, supplemented or otherwise modified or replaced from time to time and (b) the Term Loan Agreement, dated December 20, 2006, among the Borrower, the Lenders named therein and Citicorp USA, Inc., as administrative agent and collateral agent, as the same may be amended, restated, supplemented or otherwise modified or replaced from time to time.

 

 

2

 

“Bankruptcy Law” means Title 11 of the United States Code or any similar Federal or state law for the relief of debtors. 

“Borrower” is defined in the introductory paragraph of this Agreement.

“Borrowing Notice” is defined in Section 2.2(a) hereof. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close. 

“Change of Control” has the meaning set forth in the 91⁄2% Note Indenture.

“Company” is defined in the introductory paragraph of this Agreement.

“Contractual Obligation” means, with respect to any Person, any provision of any material debt security or of any material preferred stock or other equity interest issued by such Person or of any material indenture, mortgage, agreement, guarantee, instrument or undertaking to which such Person is a party or by which it or any of its material property is bound.

“Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.

“Debt” has the meaning (i) set forth in the 91⁄2% Note Indenture each time it appears in Section 6 and 7 herein (and in the definitions of such terms as may be used in such sections) and (ii) set forth in the 85⁄8% Note Indenture each time it appears in Section 8 herein (and in the definitions of such terms as may be used in such section).

“Default” means any of the events specified in Section 7.1 hereof, whether or not any requirement for the giving of notice, the lapse of time, or both, or any other condition specifically set forth therein, has been satisfied.

“Designated Senior Debt” means (i) the Debt under the Bank Credit Agreements and the 91⁄2% Notes and (ii) any other Senior Debt which, at the time of determination has an aggregate principal amount outstanding of, or commitments to lend up to, at least $25 million and is specifically designated in the instrument evidencing such Senior Debt as “Designated Senior Debt” by the Borrower. 

“Dollars” and “$” mean dollars in lawful currency of the United States of America. 

“85⁄8% Note Indenture” means the Indenture, dated as of February 1, 1998, between the Borrower and the 85⁄8% Note Indenture Trustee, relating to the 85⁄8% Notes as amended and supplemented through, and in effect on, the date hereof; provided that upon the termination of such indenture or redemption of the 85⁄8% Notes, the terms of such indenture will continue to be applied for purposes of the application and interpretation of the provisions of this Agreement.

 

 

3

 

“85⁄8% Note Indenture Trustee” means U.S. Bank Trust National Association (formerly known as First Trust National Association).

“85⁄8% Notes” means the 85⁄8% Senior Subordinated Notes due February 1, 2008 of the Borrower.

“Event of Default” means any of the events specified in Section 7.1 hereof, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition specifically set forth therein, has been satisfied.

“Funding Date” means February 1, 2008.

“Governmental Authority” means any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government (including, without limitation, any governmental department, commission, board, bureau, agency or instrumentality, or other court or arbitrator, in each case whether of the United States of America or foreign). 

“Interest Payment Date” means March 31, June 30, September 30 and December 31 of each year, commencing March 31, 2008.

“Lender” is defined in the introductory paragraph of this Agreement.

“Loan” is defined in Section 2.1 hereof. 

“Maturity Date” means August 1, 2009.

“M&F Line of Credit” means the line of credit provided under the Senior Unsecured Line of Credit Agreement, dated as of July 9, 2004, between the Borrower and the Lender, as amended, increased, supplemented, replaced or otherwise modified through the date hereof and as the same may be amended, increased, supplemented, replaced or otherwise modified from time to time.

“91⁄2% Note Indenture” means the Indenture, dated as of March 16, 2005, between the Borrower and U.S. Bank Trust National Association, as trustee, relating to the 91⁄2% Notes as amended and supplemented through, and in effect on, the date hereof; provided that upon the termination of such indenture or redemption of the 91⁄2% Notes, the terms of such indenture will continue to be applied for purposes of the application and interpretation of the provisions of this Agreement.

“91⁄2% Notes” means the 91⁄2% Senior Notes due 2011 of the Borrower.

“Person” means an individual, a partnership, a corporation, a business trust, a joint stock company, a limited liability company, a trust, an unincorporated association, a joint venture, a Governmental Authority or any other entity of any nature whatsoever.

 

 

4

 

“Requirement of Law” means, for any Person, the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation, or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its material property or to which such Person or any of its material property is subject.

“Senior Debt” has the meaning set forth in the 85⁄8% Note Indenture, provided, that (A) clause (i) thereof shall be replaced with “all obligations under the Bank Credit Agreements, the 91⁄2% Notes and the M&F Line of Credit”, each such terms having the meaning set forth herein, (B) the terms “Securities” and “Indenture” each time they appear shall be replaced with the terms “Loan” and “Agreement”, respectively, each such term having the meaning set forth herein, (C) clause (6) at the end thereof shall be replaced with “the 85⁄8% Notes and any portion of the Loan”, each such terms having the meaning set forth herein, (D) the term “Issue Date” used therein shall be replaced
with “the date of this Agreement” and (E) with respect to the term “Permitted Affiliate” as used therein, the term “Credit Agreement” referenced in the definition of “Permitted Affiliate” shall be replaced with the term “Bank Credit Agreements” as such term is defined herein.

“Senior Subordinated Debt” means the Loan and any other indebtedness, Guarantee (as defined in the 85⁄8% Note Indenture) or obligation of the Borrower that specifically provides that such indebtedness, Guarantee or obligation is to rank pari passu in right of payment with the Loan and is not subordinated in right of payment by its terms to any indebtedness, Guarantee or obligation of the Borrower which is not Senior Debt.

“Significant Subsidiary” has the meaning set forth in the 91⁄2% Note Indenture.

“Subordinated Obligation” means any Debt of the Borrower (whether outstanding on the date hereof or hereafter issued) which is subordinate or junior in right of payment to the Loan.

“Subsidiary” of any Person means a corporation or other entity of which shares of capital stock or other ownership interests having ordinary voting power (other than stock or other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the directors of such corporation, or other Persons performing similar functions for such entity, are owned, directly or indirectly, by such Person; provided, that (a) unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower and (b) unless otherwise qualified, all references to a “wholly-owned
Subsidiary” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower of which the Borrower directly or indirectly owns all of the capital stock or other ownership interests (other than directors’ qualifying shares).

1.2 Other Definition Provisions.

 

 

5

 

(a) All terms defined in this Agreement shall have such defined meanings when used in any certificate or other document made or delivered pursuant hereto or thereto unless otherwise defined therein.

(b) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; and Section, subsection, Schedule and Exhibit references contained in this Agreement are references to Sections, subsections, Schedules and Exhibits in or to this Agreement, unless otherwise specified.

(c) Terms defined in the singular shall have a comparable meaning when used in the plural, and vice versa.

SECTION 2. AMOUNT AND TERMS OF THE LOAN

2.1 The Term Loan. On the Funding Date, subject to receipt of the Borrowing Notice, the Lender agrees to make a term loan to the Borrower in an aggregate principal amount of One Hundred and Seventy Million U.S. Dollars ($170,000,000) (the “Loan”) in immediately available funds in Dollars not later than 9:00 a.m., New York City time (or at such later time as the Borrower may agree) on the Funding Date, to be disbursed in accordance with Section 2.2(b) below, provided, however, that this Agreement shall
terminate at 5:00 p.m., New York City time on the Funding Date if the Borrowing Notice has not been delivered prior to such time.

2.2 Procedure for Borrowing. 

(a) To exercise its right to borrow the Loan, the Borrower may deliver to the Lender a written notice (the “Borrowing Notice”) which must (i) specify the bank account and other pertinent wire transfer instructions to which each portion of the Loan is to be deposited by the Lender in accordance with Section 2.2(b) below and (ii) be received by the Lender prior to 1:00 p.m., New York City time one (1) Business Day prior to the Funding Date (or at such later time as the Lender may agree).

(b) On the Funding Date, the Lender shall disburse the Loan proceeds as follows:

(i) One Hundred and Sixty Seven Million Three Hundred and Seventy Eight Thousand U.S. Dollars ($167,378,000) shall be disbursed directly to the 85⁄8% Note Indenture Trustee to repay at maturity the outstanding principal amount due under the 85⁄8% Notes;

(ii) Two Million Five Hundred and Fifty Thousand U.S. Dollars ($2,550,000) shall be retained by the Lender as a nonrefundable fee in connection with the financing provided herein by the Lender; and

(iii) The remaining Seventy Two Thousand U.S. Dollars ($72,000) shall be disbursed as directed by the Borrower in the Borrowing Notice.

 

 

6

 

2.3 Repayment of the Loan; Evidence of Debt.

(a) The Borrower hereby unconditionally promises to pay to the Lender the then unpaid principal amount of the Loan on the Maturity Date. The Borrower hereby further agrees to pay to the Lender interest on the unpaid principal amount of the Loan from time to time outstanding from the date hereof until payment in full thereof at the rates per annum and in the manner set forth in Section 3.3 hereof.

(b) The Lender shall maintain an account evidencing indebtedness of the Borrower to the Lender resulting from the Loan made hereunder, including (i) the original principal of such Loan made hereunder, (ii) the unpaid principal amount of the Loan and any accrued and unpaid interest outstanding in respect of the Loan and (iii) the amount of any sum received by the Lender hereunder from the Borrower in respect of the Loan and the manner in which it was applied.

(c) The entries made in the account of the Lender maintained pursuant to Section 2.3(b) hereof shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of the Lender to maintain such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loan in accordance with the terms of this Agreement.

2.4 Use of Proceeds. The Borrower shall use the proceeds of the Loan hereunder, in accordance with Section 2.2(b) hereof, to repay at maturity the outstanding principal amount due under the 85⁄8% Notes and to pay certain related fees and expenses.

SECTION 3. PROVISIONS RELATING TO THE LOAN

3.1 Optional Prepayments. The Borrower may prepay the Loan, in whole or in part (together with accrued and unpaid interest thereon), at any time without premium or penalty, upon one Business Day’s notice to the Lender. 

3.2 Mandatory Prepayment. The Borrower shall make mandatory prepayments of the Loan to the extent required by Section 6.1(c)(xiv) or 6.2 hereof.

3.3 Interest Rate; Payment Dates.

(a) The Loan shall bear interest on the unpaid principal amount thereof at a rate per annum equal to 11%.

(b) If all or a portion of the Loan, any interest payable thereon or any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration, as a result of an event requiring a mandatory prepayment or otherwise), then, for so long as such amount remains unpaid, such overdue amount shall bear interest at a rate per annum equal to the rate otherwise in effect plus 2%.

 

 

7

 

(c) Interest accrued from time to time shall be payable in arrears in cash on each Interest Payment Date. Any accrued and unpaid interest on the Loan shall be payable in full in cash on the Maturity Date.

(d) Interest shall be calculated on the basis of a 365 (or 366, as the case may be) day year for the actual days elapsed. 

3.4 Method of Payments.

(a) All payments (including prepayments) to be made by the Borrower on account of principal, interest, costs and expenses shall be made without set-off, counterclaim, deduction or withholding and shall be made to the Lender at such location or to such account as the Lender may specify to the Borrower, on or prior to 1:00 p.m., New York City time, on the due date thereof, in Dollars and in immediately available funds.

(b) If any payment hereunder becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day and interest thereon shall be payable at the then applicable rate during such extension.

SECTION 4. REPRESENTATIONS AND WARRANTIES

In order to induce the Lender to enter into this Agreement and to make the Loan hereunder, the Borrower hereby represents and warrants to the Lender that:

4.1 Corporate Existence. The Borrower is duly incorporated, validly existing and in good standing under the laws of the State of Delaware.

4.2 Corporate Power.

(a) The Borrower has the corporate power, authority and legal right to execute, deliver and perform this Agreement and to borrow hereunder, and it has taken as of the Funding Date all necessary corporate action to authorize its borrowings on the terms and conditions of this Agreement and to authorize the execution, delivery and performance of this Agreement.

(b) No consent of any other Person (including, without limitation, stockholders or creditors of the Borrower or of any parent entity of the Borrower), and no consent, license, permit, approval or authorization of, exemption by, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement by or against the Borrower, except for any consents, licenses, permits, approvals or authorizations, exemptions, registrations, filings or declarations that have already been obtained and remain in full force and effect.

(c) This Agreement has been executed and delivered by a duly authorized officer of the Borrower and constitutes the legal, valid and binding obligation 

 

 

8

 

of the Borrower, enforceable against it in accordance with its terms except as enforceability may be limited by Bankruptcy Laws or other similar laws affecting creditors’ rights generally and except as enforceability may be limited by general principles of equity. 

4.3 No Legal Bar to Loan. The execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated hereby, will not violate any Contractual Obligation or material Requirement of Law to which the Borrower or any of its Subsidiaries is a party, or by which the Borrower or any of its Subsidiaries or any of their respective material properties or assets may be bound, and will not result in the creation or imposition of any lien on any of their respective material properties or assets pursuant to the provisions of any such Contractual Obligation.

SECTION 5. CONDITIONS PRECEDENT

5.1 Conditions to the Loan The obligation of the Lender to make the Loan shall be subject to the satisfaction or waiver by the Lender of the following conditions precedent:

(a) Agreement. The Lender shall have received this Agreement, executed and delivered by a duly authorized officer of the Borrower.

(b) Representations and Warranties. Each of the representations and warranties made by the Borrower in or pursuant to this Agreement shall be true and correct in all material respects on and as of the Funding Date as if made on and as of such date, both before and after giving effect to the Loan and the use of the proceeds thereof.

(c) No Event of Default. No Event of Default hereunder or under the Bank Credit Agreements or the 91⁄2% Note Indenture (as such events of default are defined in each such debt instrument) shall have occurred and be continuing on the Funding Date, both before and after giving effect to the Loan. 

The borrowing by the Borrower hereunder shall constitute a representation and warranty by the Borrower as of the Funding Date that the conditions contained in this Section 5.1 have been satisfied.

SECTION 6. AFFIRMATIVE AND NEGATIVE COVENANTS

The Borrower hereby agrees that, so long as the Loan remains outstanding or any amount is owing to the Lender hereunder:

6.1 Certain Covenants of the 91⁄2% Note Indenture. (a) The Borrower will observe and perform all of the covenants applicable to it and its Subsidiaries under the following Sections of the 91⁄2% Note Indenture, which covenants (together with the definitions of such terms as may be used therein and as such covenants and such definitions are in effect as of the date hereof) are hereby incorporated herein by reference, mutatis mutandis, except as provided in Section 6.1(c):

 

 

9

 

(i) Section 4.3 (Limitation on Debt); 

(ii) Section 4.4 (Limitation on Liens); 

(iii) Section 4.5 (Limitation on Restricted Payments);

(iv) Section 4.6 (Limitation on Restrictions on Distributions from Subsidiaries);

(v) Section 4.7 (Limitation on Asset Sales); and

(vi) Section 4.8 (Limitation on Transactions with Affiliates).

(b) Any amendments, supplements, replacements or other modifications to Section 4.3, 4.4, 4.5, 4.6, 4.7 or 4.8 of the 91⁄2% Note Indenture after the date hereof shall not be incorporated herein by reference without the prior written consent of the Lender. In the event that the 91⁄2% Note Indenture shall expire, terminate or be canceled, the provisions of Sections 4.3, 4.4, 4.5, 4.6, 4.7 and 4.8 thereof shall be deemed to be thereafter incorporated herein by reference, mutatis mutandis, except as provided in Section 6.1(c), as such provisions were in effect immediately prior to such expiration, termination or cancellation (without giving effect to any amendments, supplements, replacements or modifications after the date hereof, and prior to such expiration, termination or cancellation,
which the Lender has not agreed to incorporate) and as such provisions may be amended, supplemented, replaced or otherwise modified from time to time in accordance with the terms of this Agreement.

(c) For purposes of the incorporation by reference of the specified sections of the 91⁄2% Note Indenture (and the definitions used therein) as set forth in Section 6.1(a) of this Agreement:

(i) the term “Credit Agreement” shall be replaced with “Bank Credit Agreements” as such term is defined in Section 1.1 of this Agreement;

(ii) the terms “Default” and “Event of Default” shall have the meanings set forth in Section 1.1 of this Agreement;

(iii) the terms “Holder,” “Noteholder” and “Trustee” shall be replaced with “Lender” as such term is defined in Section 1.1 of this Agreement;

(iv) the term “Indenture” shall be replaced with “Agreement” as such term is defined in Section 1.1 of this Agreement;

(v) the term “Issue Date” shall continue to mean March 16, 2005;

(vi) the term “Notes” (except when used in Section 4.3(b)(4) of the 91⁄2% Note Indenture or the definition of “Additional Notes” set forth 

 

 

10

 

therein) shall be replaced with “Loan” as such term is defined in Section 1.1 of this Agreement;

(vii) the term “Officers’ Certificate” shall be amended by deleting the phrase “in connection with the delivery of the Annual Certificate”;

(viii) the term “Pari Passu Debt” shall be replaced with “Senior Debt” as such term is defined in Section 1.1 of this Agreement;

(ix) the term “Qualified Affiliate Debt” shall be amended by revising the last proviso thereof to read: “provided, that all such Qualified Affiliated Debt issued pursuant to this clause (ii) shall be Senior Subordinated Debt”

(x) the term “Rating Agencies” shall revised as “S&P and Moody’s” and the terms “Senior Debt”, “Senior Subordinated Debt” and “Subordinated Obligations” shall have the meanings set forth in Section 1.1 of this Agreement;

(xi) the term “Subsidiary Guarantor” (except when used in the last paragraph of the definition of “Asset Sale”) shall be replaced with the phrase “Subsidiary of the Company”; 

(xii) Section 4.3 (Limitation on Debt) shall be revised as follows:

(A) clause (b)(5) of such Section 4.3 shall be revised to read: “(A)  the Loan and any Debt of the Company Issued to Refinance the Loan or any Debt Issued pursuant to this clause (A); provided, however, that in the case of a Refinancing, the principal amount of the Debt so Issued shall not exceed the principal amount of the Debt so Refinanced plus any Refinancing Costs thereof and (B) Debt of the Company Issued in a principal amount which, when taken together with all other Debt Issued pursuant to this clause (B) and then outstanding, does not exceed $110,000,000; provided, however, no Debt Issued pursuant to this clause (5) shall be Senior Debt”;

(B) clause (b)(12) of such Section 4.3 shall be revised to read: “Debt (other than Debt described in clauses (1) through (11) above and in Section 4.3(a)) in an aggregate principal amount outstanding at any time not to exceed $200,000,000 plus any Refinancing Costs”;

(C) clause (b)(13) of such Section 4.3, shall be revised to read: “Guarantees by any Subsidiary of the Company of any Debt of the Company permitted by Section 4.3(a) or clauses (1) through (12) of this Section 4.3(b)”; and

 

 

11

 

(D) clause (c) of such Section 4.3 shall be revised to read: “The Company shall not, directly or indirectly, incur any Debt that is subordinate or junior in right of payment to any Senior Debt unless such Debt is Senior Subordinated Debt or is expressly subordinated in right of payment to the Loan”;

(xiii) Section 4.4 (Limitation on Liens) shall be revised as follows:

(A) in the opening paragraph of such Section 4.4, the phrase “(other than Liens securing Senior Debt and Liens securing Debt of a Subsidiary)” shall be inserted after the phrase “securing any obligation”; and

(B) clause (e)(A)(ii) of such Section 4.4 shall be deleted;

(xiv) Section 4.7 (Limitation on Asset Sales) shall be revised as follows:

(A) clauses (e) through (i) of such Section 4.7 shall not apply under this Agreement (but shall continue to apply to the 91⁄2% Notes if any 91⁄2% Notes are then outstanding); and

(B) to the extent that any portion of the amount of Excess Proceeds (as defined in the 91⁄2% Note Indenture) remains after compliance with Sections 4.7(e) through (i) thereof (if applicable) and provided that all holders of any then-outstanding 91⁄2% Notes have been given the opportunity to tender their 91⁄2% Notes for repurchase in accordance with the 91⁄2% Note Indenture and all such tendered 91⁄2% Notes have been so repurchased, then on the following Business Day the Borrower shall, to the extent permitted by the Bank Credit Agreements, prepay the Loan in amount equal to the amount of Excess Proceeds so remaining; and

(xv) references to the sections incorporated herein by reference shall be deemed to be made to such sections as modified herein. 

6.2 Change of Control. Upon the occurrence of a Change of Control, the Borrower shall provide prompt written notice thereof to the Lender. If any 91⁄2% Notes are then outstanding, the Borrower shall comply with the provisions of Section 4.9 of the 91⁄2% Note Indenture in accordance with its terms and then, on the first Business Day after all 91⁄2% Notes that have been tendered pursuant to such Section 4.9 have been repurchased by the Borrower in accordance therewith, the Borrower shall, to the extent permitted by the Bank Credit Agreements, prepay the Loan in full, together with all accrued interest thereon. If no 91⁄2% Notes are outstanding at the time of such Change of Control, then on the following Business Day, the Borrower shall, to the extent permitted 

 

 

12

 

by the Bank Credit Agreements, prepay the Loan in full, together with all accrued interest thereon.

6.3 Successor Company.

(a) The Borrower may not consolidate or merge with or into, or convey, transfer or lease all or substantially all its assets to, any Person, unless: 

(i) the resulting, surviving or transferee Person (if not the Borrower) shall be a Person organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and such Person expressly assumes, by a written assumption agreement executed and delivered to the Lender, in form satisfactory to the Lender, all the obligations of the Borrower under this Agreement;

(ii) immediately after giving effect to such transaction (and treating any Debt which becomes an obligation of the resulting, surviving or transferee Person or any of its Subsidiaries as a result of such transaction as having been issued by such Person or such Subsidiary at the time of such transaction), no Default has occurred and is continuing;

(iii) immediately after giving effect to such transaction, the resulting, surviving or transferee Person would be able to incur at least $1.00 of Debt pursuant to clause (i) of Section 6.1(a) hereof; and

(iv) the Borrower shall have delivered to the Lender an officers’ certificate and an opinion of counsel to the Borrower, each in form and substance satisfactory to the Lender, stating that such consolidation, merger or transfer and such assumption agreement (if any) comply with this Agreement;

provided, that nothing in this Section 6.3(a) shall prohibit a Wholly Owned Recourse Subsidiary (as defined in the 91⁄2% Note Indenture) from consolidating with or merging with or into, or conveying, transferring or leasing all or substantially all its assets to, the Borrower. Notwithstanding the foregoing, without complying with Section 6.3(a)(iii), the Borrower may merge with or into an Affiliate of the Borrower, provided, that such Affiliate has no material assets or liabilities and after such merger there is no material change in the beneficial ownership of the Borrower.

(b) The resulting, surviving or transferee Person shall be the successor Borrower and shall succeed to, and be substituted for, and may exercise every right and power of, the predecessor Borrower under this Agreement and thereafter, except in the case of a lease, the predecessor Borrower shall be discharged from all obligations and covenants under this Agreement.

6.4 Further Assurances. Upon the request of the Lender, the Borrower will execute and deliver such further instruments, provide such further information and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Agreement.

 

 

13

 

SECTION 7. EVENTS OF DEFAULT

7.1 Events of Default. An “Event of Default” occurs if:

(a) the Borrower defaults in any payment of interest on the Loan when the same becomes due and payable and such default continues for a period of 30 days;

(b) the Borrower defaults in the payment of the principal of the Loan when the same becomes due and payable;

(c) the Borrower fails to comply with Section 6.3 hereof;

(d) the Borrower fails to comply with the covenants incorporated by reference in clauses (i), (ii), (iii), (iv), (v) and (vi) of Section 6.1(a) hereof and such failure continues for 30 days after receipt of written notice thereof from the Lender;

(e) the Borrower fails to comply with any of the other material covenants or agreements applicable to it in this Agreement (other than those referred to in (a), (b), (c) or (d) above) and such failure continues for 60 days after receipt of written notice thereof from the Lender;

(f) Any representation or warranty made or deemed made by the Borrower in this Agreement shall prove to have been incorrect, false or misleading in any material respect on or as of the date when made or deemed to have been made;

(g) Debt of the Borrower or any Significant Subsidiary is not paid within any applicable grace period after final maturity or is accelerated by the holders thereof because of a default, the total principal amount of the portion of such Debt that is unpaid or accelerated exceeds $25 million or its foreign currency equivalent and such default continues for 10 days after receipt of written notice thereof from the Lender;

(h) the Borrower or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

(i) commences a voluntary case;

(ii) consents to the entry of an order for relief against it in an involuntary case;

(iii) consents to the appointment of a Custodian of it or for any substantial part of its property; or

(iv) makes a general assignment for the benefit of its creditors; or takes any comparable action under any foreign Bankruptcy Laws;

 

 

14

 

(i) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

(i) is for relief against the Borrower or any Significant Subsidiary in an involuntary case;

(ii) appoints a Custodian of the Borrower or any Significant Subsidiary for any substantial part of the Borrower’s property; or

(iii) orders the winding up or liquidation of the Borrower or any Significant Subsidiary;

or any similar relief is granted under any foreign Bankruptcy Laws and the order or decree remains unstayed and in effect for 60 days; or

(j) any judgment or decree for the payment of money in excess of $25 million or its foreign currency equivalent is entered against the Borrower or any Significant Subsidiary and is not discharged and either (A) an enforcement proceeding has been commenced by any creditor upon such judgment or decree or (B) there is a period of 60 days following the entry of such judgment or decree during which such judgment or decree is not discharged, waived or the execution thereof stayed and, in the case of (B), such Default continues for 10 days after receipt of written notice thereof from the Lender.

The foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

If an Event of Default shall have occurred and is continuing, (A) if such event is an Event of Default specified in paragraph (h) or (i) of this Section 7.1 with respect to the Borrower, the Loan hereunder (with accrued interest thereon) and all other amounts owing under this Agreement shall immediately become due and payable without further action or notice on the part of the Lender, and (B) if such event is any other Event of Default, the Lender may by notice to the Borrower declare the Loan hereunder (with accrued interest thereon) and all other amounts owing by the Borrower under this Agreement to be due and payable forthwith, whereupon the same shall immediately become due and payable. Except as expressly provided above in this Section 7.1, presentment, demand, protest and all other notices of any kind are hereby expressly waived.

SECTION 8. SUBORDINATION

8.1 Agreement To Subordinate. The Borrower and the Lender agree that the indebtedness evidenced by the Loan is subordinated in right of payment, to the extent and in the manner provided in this Section 8, to the prior payment of all Senior Debt and that the subordination is for the benefit of and enforceable by the holders of 

 

 

15

 

Senior Debt. The Loan shall in all respects rank pari passu with all other Senior Subordinated Debt of the Borrower and only indebtedness of the Borrower which is Senior Debt shall rank senior to the Loan in accordance with the provisions set forth herein. 

8.2 Subordination Provisions Incorporated. Article X of the 85⁄8% Note Indenture (together with the definitions of such terms as may be used therein and as such Article and such definitions are in effect as of the date hereof) is hereby incorporated herein by reference, mutatis mutandis, except as provided below:

(a) the terms “Securityholders”, “Security”,  “Indenture” and “Trustee” each time they appear in such Article X shall be replaced with “Lender”, “Loan”, “Agreement” and “Lender” respectively, as such terms are defined in Section 1.1 of this Agreement;

(b) the terms “Senior Debt”, “Designated Senior Debt”, “Senior Subordinated Debt”, “Default” and “Event of Default” each time they appear in such Article X shall have the meaning set forth in Section 1.1 of this Agreement; 

(c) in Section 10.03, (i) the phrase “or make any deposit pursuant to Section 8.01” shall be deleted and (ii) the term “Bank Debt” shall be replaced with the term “Bank Credit Agreements” as such term is defined in Section 1.1 of this Agreement;

(d) Section 10.09 shall be replaced in its entirety by: “Rights of the Lender. The Borrower shall give prompt written notice to the Lender of any fact known to the Borrower which would prohibit the making of any payment to the Lender in respect of the Loan.”; 

(e) Sections 10.01, 10.12, 10.14, 10.15 and the last sentence of Section 10.13 shall be deleted in their entirety; and

(f) references to “Article X” shall be replaced with references to Section 8 of this Agreement. 

8.3 Subsequent Amendments. Any amendments, supplements, replacements or other modifications to Article X of the 85⁄8% Note Indenture after the date hereof shall not be incorporated herein by reference without the prior written consent of the Lender. In the event that the 85⁄8% Note Indenture shall expire, terminate or be canceled, the provisions of Article X thereof shall be deemed to be thereafter incorporated herein by reference, mutatis mutandis, except as provided above, as such provisions were in effect immediately prior to such expiration, termination or cancellation (without giving effect to any amendments,
supplements, replacements or modifications after the date hereof, and prior to such expiration, termination or cancellation, which the Lender has not agreed to incorporate) and as such provisions may be amended, supplemented, replaced or otherwise modified from time to time in accordance with the terms of this Agreement.

 

 

16

 

SECTION 9. MISCELLANEOUS

9.1 Amendments and Waivers. This Agreement shall not be amended, supplemented, replaced or otherwise modified, except by written instrument which has been duly executed and delivered by each party hereto. In the case of any waiver of the terms hereof, the parties to this Agreement shall be restored to their former positions and rights hereunder, and any Default or any Event of Default waived shall, to the extent provided in such waiver, be deemed to be cured and not continuing; but, no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon.

9.2 Notices. All notices, consents, requests and demands to or upon the respective parties hereto to be effective shall be in writing and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered by hand, or three Business Days after being deposited in the mail, certified mail, return receipt requested, postage prepaid, or, in the case of telecopy or electronic mail notice, when sent and receipt has been confirmed, addressed as follows (or to such other address as may be hereafter notified by any of the respective parties hereto):

 

	
                        Borrower:
 	
                         
 	
                        Revlon Consumer Products Corporation
 237 Park Avenue
 New York, New York 10017
 Attention: Alan Ennis
 Telecopy: (212) 527-5250
 E-mail: alan.ennis@revlon.com
 
	
                        With a copy to:
 	
                         
 	
                        Revlon Consumer Products Corporation
 237 Park Avenue
 New York, New York 10017
 Attention: Robert Kretzman
 Telecopy: (212) 527-5693
 E-mail: robert.kretzman@revlon.com
 
	
                        Lender:
 	
                         
 	
                        MacAndrews & Forbes Holdings Inc.
 35 East 62nd Street
 New York, New York 10065
 Attention: Paul Savas
 Telecopy: (212) 572-8618
 Email: psavas@mafgrp.com
 

provided, that any notice, request or demand to or upon the Lender pursuant to Sections 2 and 3 shall not be effective until received.

9.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Lender, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any 

 

 

17

 

right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

9.4 Survival of Representations and Warranties. All representations and warranties made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loan hereunder.

9.5 Payment of Expenses; General Indemnity. The Borrower agrees (a) to pay or reimburse the Lender for all of its reasonable out-of-pocket attorneys’ fees and expenses incurred in connection with the preparation, execution and delivery of, and any amendment, supplement, modification or replacement to, this Agreement and any other documents prepared in connection herewith, and the consummation of the transactions contemplated hereby and thereby, (b) to pay or reimburse the Lender for all its reasonable out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred in connection with the enforcement or preservation of any rights under this Agreement and any such other
documents, (c) to pay, indemnify, and to hold the Lender harmless from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay caused by the Borrower in paying, stamp, excise and other similar taxes, if any, if legal, which may be payable or determined to be payable in connection with the execution and delivery of, or consummation of any of the transactions contemplated by, or any amendment, supplement, modification or replacement of, or any waiver or consent under or in respect of, this Agreement and any such other documents, and (d) to pay, indemnify, and hold harmless the Lender from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including, without limitation, reasonable attorneys’ fees and expenses) with respect to the execution,
delivery, consummation, enforcement, performance and administration of this Agreement and any such other documents (all of the foregoing, collectively, the “indemnified liabilities”); provided, that the Borrower shall have no obligation hereunder with respect to indemnified liabilities arising from (i) the gross negligence or willful misconduct of the Lender, or (ii) amounts of the types referred to in clauses (a) through (c) above except as provided therein. The agreements in this Section 9.5 shall survive the termination of this Agreement and the repayment of the Loan and all other amounts payable hereunder.

9.6 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Borrower, the Lender and their respective successors and permitted assigns and, except as set forth below, neither the Borrower nor the Lender may assign or transfer any of its rights or obligations under this Agreement without the prior written consent of the other party. This Agreement, or the Lender’s obligations hereunder, may be assigned, delegated or transferred, in whole or in part, by the Lender to any Affiliate of the Lender over which the Lender or any of its Affiliates exercises investment authority, including, without limitation, with respect to voting and dispositive 

 

 

18

 

rights provided that any such assignee assumes the obligations of the Lender hereunder and agrees in writing to be bound by the terms of this Agreement in the same manner as the Lender. Notwithstanding the foregoing, no such assignment shall relieve the Lender of its obligations hereunder if such assignee fails to perform such obligations. Without complying with the provisions of this Section 9.6, the Lender may satisfy its obligations under Sections 2.1 or 2.2 hereof by causing an Affiliate of the Lender to satisfy its obligations under such Sections. The Lender may sell participations in its rights and obligations under this Agreement; provided, however, that (i) the Borrower shall continue to deal solely and directly with the Lender in connection with the Lender’s rights and obligations hereunder, (ii) the Lender shall retain the sole right (x) to receive all payments hereunder, (y) to
exercise or refrain from exercising any powers or rights the Lender may have in respect of this Agreement (including the right to declare a Default or Event of Default and to enforce the obligations of the Borrower hereunder) and (z) to approve any amendments, waivers or other modifications of any payment or other provision of this Agreement, and (iii) the participants’ consent shall not be required for any of the foregoing. The Lender may also assign its rights and obligations under this Agreement; provided, however, that (a) all decisions to exercise or refrain from exercising any powers or rights the Lender may have in respect of this Agreement (including the right to declare a Default or Event of Default and to enforce the obligations of the Borrower hereunder) and to approve any amendments, waivers or other modifications of any payment or other provision of this Agreement shall be made solely by the holders of a majority of the outstanding principal amount of the Loan at the
time such decision is made and (b) the administration of the Loan and this Agreement, including receipt of all payments and notices as agent for further distribution to all holders of any outstanding principal amount of the Loan, shall be handled by MacAndrews & Forbes Holdings Inc. on behalf of all such holders. The Lender agrees that the Borrower shall not have any obligation for payment of any amounts under this Agreement in excess of what the Borrower would have been obligated to pay in the absence of any such assignment or participation.

9.7 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

9.8 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

9.9 Integration. This Agreement represents the agreement of the Borrower and the Lender with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Lender for the benefit of the Borrower relative to the subject matter hereof not expressly set forth or referred to herein.

 

 

19

 

9.10 GOVERNING LAWS. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

9.11 Submission To Jurisdiction; Waivers. The Borrower hereby irrevocably and unconditionally:

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the Courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof;

(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Borrower at its address set forth in Section 9.2 or at such other address of which the Lender shall have been notified pursuant thereto;

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this subsection any special, exemplary, punitive or consequential damages.

9.12 WAIVERS OF JURY TRIAL. THE BORROWER AND THE LENDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

 

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

 

	
                         
 	
                         
 	

                        REVLON CONSUMER PRODUCTS CORPORATION

	
                         
 	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                        By:
 	
                        /s/ Robert K. Kretzman  
 
	
                         
 	
                         
 	
                         
 	
                        Name: Robert K. Kretzman
 
	
                         
 	
                         
 	
                         
 	
                        Title: Executive Vice President, Human Resources, 

                Chief Legal Officer and General Counsel
 

 

	
                         
 	
                         
 	

                        MACANDREWS & FORBES HOLDINGS INC.

	
                         
 	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                        By:
 	
                        /s/ Barry F. Schwartz  
 
	
                         
 	
                         
 	
                         
 	
                        Name: Barry F. Schwartz
 
	
                         
 	
                         
 	
                         
 	
                        Title: Executive Vice Chairman

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