Document:

exhibit10.htm

    PURCHASE
AGREEMENT

    

    

    February
11, 2010

    

    IAT
Reinsurance Company Ltd.

    c/o Peter
R. Kellogg

    120
Broadway

    New York,
New York 10271

    

    Ladies
and Gentlemen:

    

    Reference
is made to that certain Purchase Agreement being entered into between IntegraMed
America, Inc. (the “Company”) and Piper
Jaffray & Co. and Dougherty & Company LLC as the underwriters (the
“Underwriters”),
concurrently with this Purchase Agreement (the “Underwriting Purchase
Agreement”) providing for the issuance by the Company to the Underwriters
of 2,000,000 shares of Company Common Stock (the “Firm Shares”),
without giving effect to any exercise of the Underwriters’ over-allotment
option, for sale in a public offering at a price to the public of $7.50 per
share (the “Price to
the Public”), less an underwriting discount.  Capitalized terms
used but not otherwise defined herein shall have the meanings ascribed to them
in the Underwriting Purchase Agreement.

    

    On the
terms and subject to the conditions set forth herein, IAT Reinsurance Company
Ltd. (the “Investor”) hereby
agrees to purchase from the Company 500,000 shares of Company Common Stock (the
“IAT Shares”)
at a price per share equal to the Price to the Public (without giving effect to
any underwriting discount), for a total purchase price of
$3,750,000.

    

    The
Company hereby represents and warrants to the Investor all the same
representations and warranties contained in Section 2 of the Underwriting
Purchase Agreement, and agrees with and for the benefit of the Investor all the
same covenants and agreements contained in Section 4 (other than paragraphs (i)
and (j) thereof), mutatis mutandis, to the same extent as if such
representations and warranties, covenants and agreements were set forth herein
for the benefit of the Investor instead of the Underwriters (except that
references to the “Underwriting Purchase Agreement” therein shall be references
to this Purchase Agreement (the “Purchase Agreement”),
references to the “Securities” therein shall be references to the IAT Shares and
references to the “Underwriters” and “you” therein shall be references to the
Investor). The obligation of the Investor to purchase the IAT Shares from the
Company, and of the Company to sell the IAT Shares to the Investor, will be
subject to (i) the satisfaction of the conditions set forth in Section 5 of the
Underwriting Purchase Agreement (other than paragraphs (l) and (n) thereof) and
the concurrent closing of the sale of the Firm Shares under the terms set forth
in the Underwriting Purchase Agreement, (ii) the delivery to the Investor of
opinions of counsel to the Company by the same counsel and covering the same
matters as set forth in Sections 5(e) and (f) of the Underwriting Purchase
Agreement (except that references to the Underwriting Purchase Agreement therein
shall be references to this Purchase Agreement, references to the Securities
therein shall be references to the IAT Shares and references to the
“Underwriters” and “you” therein shall be references to the Investor) and (iii)
the delivery to the Investor of the officers’ certificate contemplated by
Section 5(i) of the Underwriting Purchase Agreement, and such obligations shall
terminate in the event that the Underwriting Purchase Agreement is
terminated.  The Company shall cause the IAT Shares to be listed on
the NASDAQ Global Market immediately after the consummation of the transactions
contemplated hereby.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    The
closing of the sale of the IAT Shares shall take place concurrently with the
closing of the sale of the Firm Shares under the terms set forth in the
Underwriting Purchase Agreement, (i) with payment for the IAT Shares to be made
to the Company by wire transfer of immediately available funds on the closing
date to the account identified (with all necessary wire transfer details) on
Exhibit A
hereto and (ii) with delivery of the IAT Shares registered in the name of the
Investor, or his designee, and free and clear of all liens (other than those
under applicable law and the “lock-up” agreement entered into between the
Investor and the Underwriters), with any transfer or stamp taxes duly paid, to
the Investor.  In the event payment is made for the IAT Shares and the
closing of the sale of the Firm Shares does not take place, such payment shall
be returned to IAT.

    

    This
Purchase Agreement shall terminate upon any termination of the Underwriting
Purchase Agreement.

    

    If the
Company shall fail at the date of the closing to sell and deliver the number of
IAT Shares which it is obligated to sell hereunder, then this Purchase Agreement
shall terminate without any liability on the part of the Investor or the
Company.

    

    This
Purchase Agreement shall be governed by and construed in accordance with the
laws of the State of New York.

    

    This
Purchase Agreement may be executed in one or more counterparts and, if executed
in more than one counterpart, the executed counterparts shall each be deemed to
be an original and all such counterparts together shall constitute one and the
same instrument.

    

    [Signature
Page Follows]

     

    
      
        
          
            	 
      	 
      	 
      

          

          4846-9544-6277.7

        

         

      

      
        -2-

        
          

        

      

      
         

      

    

    

     

    

    
      	 
      	
              Very
      truly yours,

            
	 
      	 
      
	 
      	
              INTEGRAMED
      AMERICA, INC.

            
	 
      	 
      
	
              By:

            	
              /s/
      Claude E. White

            
	
              Name:

            	
              Claude
      E. White

            
	
              Title

            	
              Vice
      President

            

    

    

    

    

    Accepted
and agreed to as of the date

    first
above mentioned:

    

    
      	 
      	
              IAT
      Reinsurance
      Company Ltd

            
	 
      	 
      
	
              By:

            	
              /s/
      Peter R. Kellogg

            
	
              Name:

            	 
      
	
              TitleExhibit 10(k)(viii)

 EXECUTION VERSION

   FOURTH AMENDMENT TO NOTE AGREEMENT AND AMENDMENT TO NOTES

  
      FOURTH AMENDMENT TO NOTE AGREEMENT AND AMENDMENT TO NOTES, dated as of October 22, 2009 (this “Amendment”), among ALBANY INTERNATIONAL CORP., a Delaware corporation (the “Company”), the Guarantors (as defined in the Note Agreement referred to below), and The Prudential Insurance Company of America (“Prudential”) and the several Purchasers (as defined in the Note Agreement referred to below) (together with Prudential, individually, a “Purchaser”, and collectively, “Purchasers”).

   W I T N E S S E T H:

  
      WHEREAS, the Company and Guarantors party thereto and the Purchasers are parties to that certain Note Agreement and Guaranty, dated as of October 25, 2005 (as the same may be further amended, supplemented, waived or otherwise modified from time to time, the “Note Agreement”); and

  
      WHEREAS, the Company has requested the amendment of certain provisions of the Note Agreement and the Notes (as defined in the Note Agreement), and the Purchasers have indicated willingness to agree to such amendments subject to certain limitations and conditions, as provided for herein;

  
      NOW THEREFORE, in consideration of the premises, the mutual covenants and the agreements hereinafter set forth and other good and valuable consideration, the parties hereto hereby agree that on the Amendment Effective Date, as defined herein, the Note Agreement and the Notes will be amended as follows:

  
      1. Definitions. Unless otherwise defined herein, terms defined in the Note Agreement are used herein as therein defined.

  
      2. Amendment to Notes. As of the Amendment Effective Date, each of the Notes outstanding on the Effective Date (herein the “Existing Notes”), and the form of Note attached to the Note Agreement as Exhibit A, is hereby, without any further action required on the part of any other Person, deemed to be automatically amended to conform to and have the terms provided in Exhibit A attached hereto (except that, with respect to such Existing Notes, the date, registration number, principal amount and the payee thereof shall remain unchanged). Any Note issued on or after the Amendment Effective Date shall be in the form of Exhibit A attached hereto. The Company agrees, upon the request of any Purchaser to promptly deliver a new Note in the form of Exhibit A attached hereto in exchange for each Existing Note held by such Purchaser.

  
      3. Representations and Warranties. The Company and each other Guarantor hereby represent and warrant as of the Amendment Effective Date that:

        (i) Power of Authority. Each such Person has the corporate or equivalent power to execute and deliver this Amendment, and to perform the provisions hereof, and this Amendment has been duly authorized by all necessary corporate or equivalent action on the part of each such Person; and

        (ii) Due Execution. This Amendment has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be limited (x) by general principals of equity and conflicts of laws or (y) by bankruptcy, reorganization, insolvency, moratorium or other laws of general application relating to or affecting the enforcement of creditors’ rights.

      4. Acknowledgements and Consent of
Guarantors. Each Guarantor hereby acknowledges that it has reviewed the
terms and provisions of the Note Agreement, the Notes, the AI Guaranty Agreement
and this Amendment and consents to the amendment to Note Agreement and the Notes
effected pursuant to this Amendment. Each Guarantor confirms that they will
continue to guarantee the obligations to the fullest extent in accordance with
the AI Guaranty Agreement and acknowledges and agrees that: (a) the AI Guaranty
Agreement shall continue in full force and effect and that its obligations
thereunder shall be valid and enforceable and shall not be impaired or limited
by the execution or effectiveness of this Amendment and (b)(i) notwithstanding,
the conditions to effectiveness hereof, such Guarantor is not required by the
terms of the Note Agreement, the Notes (as amended hereby) or the AI Guaranty
Agreement to consent to the amendments to the Note Agreement and the Notes
effected pursuant to this Amendment; and (ii) nothing in Note Agreement, the
Notes or AI Guaranty Agreement shall be deemed to require the consent of any
such Guarantor to any future amendments to the Note Agreement.

  
      5. Conditions Precedent. This Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which the Purchasers shall have received counterparts of this Amendment, executed and delivered by a duly authorized officer of the Company and each of the Guarantors.

  
      6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

  
      7. No Other Amendments: Confirmation. Except as expressly amended, modified and supplemented hereby, the terms, provisions and conditions of the Note Agreement, the Notes, the AI Guaranty Agreement and the agreements and instruments relating thereto are and shall remain unchanged and in full force and effect and are hereby ratified and confirmed in all respects.

  
      8. Headings. The headings of sections of this Amendment are inserted for convenience only and shall not be deemed to constitute a part of this Agreement.

  
      9. Counterparts. This Amendment may be executed in any number of counterparts by the parties hereto, each of which counterparts when so executed shall be an original, but all counterparts taken together shall constitute one and the same instrument.

 [Remainder of page intentionally left blank. Signature pages follow.]

 2

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

			
	            	ALBANY INTERNATIONAL CORP.
	 	 	 
	 	 By:	 /s/ John B. Cozzolino
      

    
	 	 	Name: 	 John B. Cozzolino 
	 	  	 Title: 
      	VP – Corporate Treasurer & 

      Strategic Planning

	 	 
	 	ALBANY INTERNATIONAL HOLDINGS TWO, 

      INC., as a Guarantor

	 	 	 
	 	 By:	 /s/ Charles J. Silva, Jr.
      

    
	 	 	Name: 	Charles J. Silva, Jr. 
	 	  	 Title:       	VP & Secretary

	 	 
	 	ALBANY ENGINEERED COMPOSITES, INC. 

      (f/k/a ALBANY INTERNATIONAL 

      TECHNIWEAVE, INC.), as a Guarantor

	 	 	 
	 	 By:	 /s/ Charles J. Silva, Jr.
      

    
	 	 	Name: 	Charles J. Silva, Jr. 
	 	  	 Title:      	 Secretary & Asst. Treasurer

	 	 
	 	ALBANY INTERNATIONAL RESEARCH CO., 

      as a Guarantor
	 	 	 
	 	 By:	 /s/ Charles J. Silva, Jr.
      

    
	 	 	Name: 	Charles J. Silva, Jr. 
	 	  	
      Title:       	VP, Asst. Treasurer, Asst. Secretary

	 	 
	 	GESCHMAY CORP. as a Guarantor
	 	 	 
	 	 By:	 /s/ Charles J. Silva, Jr.
      

    
	 	 	Name: 	Charles J. Silva, Jr. 
	 	  	 Title:       	V.P. & Secretary

 [Signature Page to Fourth Amendment to Note Agreement and Amendment to Notes]

			
	            	BRANDON DRYING FABRICS, INC., as a 

      Guarantor

	 	 	 
	 	 By:	 /s/ Charles J. Silva, Jr.
      

    
	 	 	Name: 	Charles J. Silva, Jr.
	 	  	Title:  	V.P. & Asst. Secretary
	 	 
	 	GESCHMAY WET FELTS, INC., as a Guarantor
	 	 	 
	 	 By:	 /s/ Charles J. Silva, Jr.
      

    
	 	 	Name:	 Charles J. Silva, Jr.
	 	  	 Title: 	V.P. & Asst. Secretary
	 	 
	 	GESCHMAY FORMING FABRICS CORP., as a 

      Guarantor
	 	 	 
	 	 By:	 /s/ Charles J. Silva, Jr.
      

    
	 	 	Name: 	Charles J. Silva, Jr.
	 	  	 Title: 	V.P. & Asst. Secretary

 [Signature Page to Fourth Amendment to Note Agreement and Amendment to Notes]

			
	            	The foregoing Amendment is hereby  

      accepted as of the date first above written.
      THE PRUDENTIAL INSURANCE COMPANY 

      OF AMERICA

    
	 	 	 
	 	 By:	 /s/ Eric R. Seward
      

    
	  	 	Name: 	Eric R. Seward
	 	  	Title: 	Vice President
	 	 
	 	GIBRALTAR LIFE INSURANCE CO., LTD.
	 	 	 
	 	 By:	 Prudential Investment Management (Japan), 

      Inc., as Investment Manager
    
	 	  	  
	 	  	 By:	 Prudential Investment Management, Inc., 

      as Sub-Adviser
    
	 	 	 	 
	 	 	 	 
	 	  	 By:	 /s/ Eric R. Seward
      

    
	 	 	 	Name: 	Eric R. Seward
	 	  	  	Title:	Vice President
	 	 
	 	THE PRUDENTIAL LIFE INSURANCE COMPANY, LTD.
	 	 	 
	 	 By:	 Prudential Investment Management (Japan), 

      Inc., as Investment Manager
    
	 	 	 	 
	 	  	 By:	 Prudential Investment Management, Inc., 

      as Sub-Adviser
    
	 	 	 	 
	 	 	 	 
	 	  	 By:	 /s/ Eric R. Seward
      

    
	 	 	 	Name: 	Eric R. Seward
	 	 	 	Title:	Vice President
	 	 
	 	SECURITY BENEFIT LIFE INSURANCE COMPANY, INC.
	 	 	 
	 	 By:	 Prudential Private Placement Investors, L.P.
	 	  	 (as Investment Advisor)
	 	 	 	 
	 	  	 By:	 Prudential Private Placement Investors, Inc. 

      (as its General Partner)
    
	 	 	 	 
	 	 	 	 
	 	  	 By:	 /s/ Eric R. Seward
      

    
	 	 	 	Name: 	Eric R. Seward
	 	 	 	Title:	Vice President

 [Signature Page to Fourth Amendment to Note Agreement and Amendment to Notes]

 EXHIBIT A

 THIS NOTE WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM FROM APPLICABLE STATE SECURITIES LAWS.

 [FORM OF NOTE]

 ALBANY INTERNATIONAL CORP.

 SENIOR NOTE DUE OCTOBER 25, 2017

		
	 No. R-____ 

      $_________________
      	 [Date]

      FOR VALUE RECEIVED, the undersigned, ALBANY
INTERNATIONAL CORP., a corporation organized and existing under the laws of the
State of Delaware (herein the “Company”), hereby promises to pay to
_________________________, or registered assigns, the principal sum of
___________________ DOLLARS on October 25, 2017, with (a) interest (computed on
the basis of a 360-day year--30-day month) on the unpaid balance thereof at the
rate of 5.34% per (the “Base Rate”) from the date hereof, payable quarterly on
the 25th day of January, April, July and October in each year,
commencing with the January 25th, next succeeding the date hereof,
until the principal hereof shall have become due and payable, (b) in addition to
interest at the Base Rate, when applicable, (i) additional interest (“Additional
Interest”) (computed on the basis of a 360-day year--30-day month) on the unpaid
balance thereof at the applicable Additional Interest Rate (as defined below)
for each Additional Interest Period (as defined below), payable on the
Additional Interest Payment Date (as defined below) for such Additional Interest
Period and (ii) the amount of additional interest payable to the holder of this
Note pursuant to Section 10 of that certain Third Amendment to Note Agreement
and Amendment to Notes dated December 16, 2008 among the Company, the Guarantors
and Purchasers (as defined therein) and (c) interest (computed on the basis of a
360-day year--30-day month) on any overdue payment (including any overdue
prepayment) of principal, any overdue payment of interest (including Additional
Interest) and any overdue payment of any Yield-Maintenance Amount, payable
quarterly as aforesaid the option of the registered holder hereof, on demand),
at a rate per from time to time equal to 7.34% plus the Additional Interest Rate
then in effect.

      Unless otherwise defined herein capitalized terms have the meaning ascribed to them in the Note Agreement and Guaranty referred to below. For purposes of this Note,

      “Additional Interest Payment Date” shall mean with respect to an Additional Interest Period, (i) if such Additional Interest Period ended on any March 31st, the immediately succeeding April 25th, (ii) if such Additional Interest Period ended on any June 30th, the immediately succeeding July 25th, (iii) if such Additional Interest Period ended on any

 September 30th, the immediately succeeding October 25th and (iv) if such Additional Interest Period ended on any December 31st, the immediately succeeding January 25th.

      “Additional Interest Period” shall mean each fiscal quarter of the Company commencing with the fiscal quarter ending March 31, 2009.

      “Additional Interest Rate” shall mean, with respect to an Additional Interest Period, the rate per annum equal to, (i) if the Unadjusted Leverage Ratio for such Additional Interest Period was equal to or greater than 4.00 to 1.00, 1.50%, (ii) if the Unadjusted Leverage Ratio for such Additional Interest Period was equal to or greater than 3.00 to 1.00 but less than 4.00 to 1.00, 0.75%, (iii) if the Unadjusted Leverage Ratio for such Additional Interest Period was equal to or greater than 2.00 to 1.00 but less than 3.00 to 1.00, 0.50% and (iv) if the Unadjusted Leverage Ratio for such Additional Interest Period was less than 2.00 to 1.00, 0.00%.

      “Unadjusted Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such period, plus, without duplication and to the extent deducted from revenues in determining Consolidated Net Income, the sum of (a) Consolidated Interest Expense for such period, (b) income tax expense for such period, (c) depreciation and amortization for such period and (d) all non-cash charges (including any non-cash expenses relating to stock option exercises) during such period (provided that any cash payment made with respect to any such non-cash charge shall be subtracted in computing Unadjusted Consolidated EBITDA for the period in which such cash payment is made), and minus, without duplication, all non-cash gains and income for such period, all determined on a consolidated basis for the Company and its Subsidiaries in accordance with GAAP.

      “Unadjusted Leverage Ratio” shall mean on the last day of any Additional Interest Period, the ratio of (i) Unadjusted Total Debt at such time to Unadjusted Consolidated EBITDA for the period of four consecutive fiscal quarters of the Company ended at such time (and solely for purposes of this definition, if any Person shall have been acquired or divested by the Company or its Consolidated Subsidiaries (as defined in the Note Agreement) or if the Company shall have merged with any Person during such period, Unadjusted Consolidated EBITDA shall be determined on a pro basis as if such acquisition, divestiture or merger had occurred at the beginning of such period).

      “Unadjusted Total Debt” shall mean, at any
time, the sum of (a) all Indebtedness that is or should be reflected as a
liability on a consolidated balance sheet of the Company and the Subsidiaries in
accordance with GAAP and (b) the consideration (other than any note of a
Subsidiary that serves as a conduit in a sale or financing transaction with
respect to Receivables) received by the Company or any Consolidated Subsidiary
from any Person (other than the Company or a Consolidated Subsidiary) for
Receivables sold, which Receivables remain uncollected at such time; provided,
however, that with respect to any Non-Wholly Owned Subsidiary, the Indebtedness
(other than any Indebtedness that is Guaranteed by the Company or a Wholly-Owned
Subsidiary) and assets thereof referred to in the foregoing clauses shall be
disregarded in the calculation of “Unadjusted Total Debt” to the extent of any
economic interest in such Non-Wholly Owned Subsidiary that is owned by any
Person other than the Company or a Owned Subsidiary.

      Payments of principal of, interest on and any Yield-Maintenance Amount payable with respect to this Note are to be made at the main office of the Bank of New York in New York City or at such other place as the holder hereof shall designate to the Company in writing, in lawful money of the United States of America.

      This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to a Note Agreement and Guaranty, dated as of October 25, 2005 (as amended, supplemented, waiver or modified from time to time, herein called the “Agreement”), among the Company, the Guarantors party thereto and the original purchasers of the Notes named in the Purchaser Schedule attached thereto and is entitled to the benefits thereof.

      This Note is a registered Note and, as provided in the Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder's attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company shall not be affected by any notice to the contrary.

      The Company agrees to make required prepayments of principal on the dates and in the amounts specified in the Agreement. This Note is also subject to optional prepayment, in whole or from time to time in part, on the terms specified in the Agreement.

      In case an Event of Default, as defined in the Agreement, shall occur and be continuing, the principal of this Note may be declared or otherwise become due and payable in the manner and with the effect provided in the Agreement.

      This Note is intended to be performed in the State of New York and shall be construed and enforced in accordance with the internal law of such State.

			
	 	 ALBANY INTERNATIONAL CORP.
	 	 	  
	 	By: 	

    
	 	 	Name: 	John B. Cozzolino
	 	 	 Title:
      	VP – Corporate Treasurer & 

      Strategic Planning

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