Document:

zbh-ex102_186.htm

Exhibit 10.2

SECOND AMENDMENT AND LIMITED WAIVER (the "Second Amendment"), dated as of February 25, 2020, between ZIMMER BIOMET G.K. (the "Borrower") and SUMITOMO MITSUI BANKING CORPORATION (the "Bank"), to the JP¥11,700,000,000 AMENDED AND RESTATED TERM LOAN AGREEMENT dated as of September 22, 2017, as amended by the First Amendment dated as of April 23, 2018 (as heretofore amended, the "Agreement"), between the Borrower and the Bank.

W I T N E S S E T H

The Borrower and the Bank wish to amend the Agreement in certain respects.  

The Borrower has requested that the Bank agree to waive the covenant in Section 8.03(c) of the Reference Agreement (as such term is defined in the Agreement before giving effect to this Second Amendment) to the extent that the covenant required the Borrower to deliver a certificate of a Financial Officer together with the financial statements delivered on September 30, 2019.  

Unless otherwise defined in this Second Amendment, capitalized terms used herein shall have the meanings ascribed to such terms in the Agreement.

Accordingly, in consideration of the premises contained herein and for other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:

Section 1.Amendments.  

(a)In Section 1.01 of the Agreement (captioned, "Defined Terms"), the term "Reference Agreement" is hereby amended and restated in its entirety to read as follows:

"Reference Agreement" means the Credit Agreement dated as of November 1, 2019 among Zimmer Biomet Holdings, Inc., Zimmer Biomet G.K., Zimmer Luxembourg II S.Á.R.L., the Borrowing Subsidiaries parties thereto, the Lenders named therein, JPMorgan Chase Bank, N.A. as general administrative agent for the Lenders, JPMorgan Chase Bank, N.A. Tokyo Branch, as administrative agent for the Japanese Lenders, and J.P. Morgan Europe Limited, as administrative agent for the Multicurrency Lenders, a copy of which is attached hereto as Exhibit B, as such agreement is in effect on February 25, 2020.

(b)Due to a drafting error, two consecutive subsections in Section 7.01 are marked as subsection (d).  The second of those two sections and the two subsections that follow are hereby redesignated as subsections (e), (f), and (g), respectively. 

(c)Section 7.01(f) (after giving effect to the amendment in subsection (b) above) is hereby amended and restated in its entirety to read as follows: 

(f)any the events or conditions described in subsections (e), (f), (g), (h), (i), (j), (k) or (l) of Article X (Events of Default) of the Reference Agreement shall occur or exist, and each such section 

(including the defined terms used therein) is hereby incorporated by reference, mutatis mutandis, as if it were fully set forth in this Agreement; or

(d)Exhibit B to the Agreement is hereby deleted and replaced with the attachment to this Second Amendment marked as Exhibit B.

Section 2.Limited Waiver.  The Bank hereby waives the covenant in Section 8.03(c) of the Reference Agreement (as such term is defined in the Agreement before giving effect to this Second Amendment), with retroactive effect as of September 30, 2019, to the extent that the covenant required the Borrower to deliver a certificate of a Financial Officer together with the financial statements delivered on September 30, 2019.  Except as expressly provided herein, this Second Amendment shall not limit or otherwise adversely affect the rights of the Bank under the Agreement.  The Bank reserves the right to insist on strict compliance with the terms of the Agreement, and the Borrower expressly acknowledges such reservation of rights.  The execution of this Second Amendment will not, either alone or taken with other waivers of provisions of the Agreement, be deemed to create or be evidence of a course of conduct.  Any future or additional waiver of any provision of the Agreement shall be effective only if set forth in a writing separate and distinct from this Second Amendment.  Except as expressly provided herein, the Agreement shall remain in full force and effect, without further amendment or modification.

Section 3.Effectiveness.  Conditioned on the truth and accuracy of the representations made in Section 4 hereof, this Second Amendment shall become effective as of the date hereof (except that the waiver granted in Section 2 will be deemed effective as of September 30, 2019) when the Bank shall have received a copy of this Second Amendment, duly executed by Borrower.

Section 4.Representations.  The Borrower reaffirms the representations and warranties in the Agreement as made as of the date hereof and confirms that both before and after giving effect to this Second Amendment there is and will be no Event of Default under the Agreement.  The Borrower makes the representations and warranties in the Agreement with respect to its execution and delivery as to the execution and delivery of this Second Amendment.

Section 5.Ratification.  The Agreement shall remain in full force and effect in its original form, without novation, when this Second Amendment shall become effective, except as heretofore amended and as the Agreement is specifically amended by the terms of this Second Amendment.

Section 6.Cross-references.  Upon the effectiveness of this Second Amendment, any reference to the Agreement shall mean the Agreement as amended hereby.

Section 7.Governing Law.  This Second Amendment shall be considered an agreement under the laws in effect in the State of New York and for all purposes shall be construed in accordance with such laws without giving effect to the conflict of laws provisions contained therein.

-2-

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

Zimmer Biomet G.K.

 

 

By:  /s/ Chad F. Phipps

Name:Chad F. Phipps

Title:Executive Officer

 

SUMITOMO MITSUI BANKING CORPORATION

 

 

By:  /s/ Michael Maguire

Name:Michael Maguire

Title:Managing Director

-3-zbh-ex107_187.htm

Exhibit 10.7

AMENDMENT TO 

ZIMMER BIOMET HOLDINGS, INC. 

EXECUTIVE PERFORMANCE INCENTIVE PLAN

(Effective as of May 7, 2020)

 

This Amendment to the Zimmer Biomet Holdings, Inc. Executive Performance Incentive Plan (the “Plan”) is hereby adopted by Zimmer Biomet Holdings, Inc. (the “Company”) effective as of May 7, 2020.

WHEREAS, the Company maintains the Plan for the benefit of a select group of eligible executives of the Company and its subsidiary and affiliated corporations; 

WHEREAS the Plan was amended and restated in its entirety May 7, 2013 and then again effective June 24, 2015, and was further amended effective December 31, 2015; and

WHEREAS, the Company now desires to amend the Plan further.

NOW, THEREFORE, effective as of May 7, 2020, the Plan is hereby amended as follows:

	
 
	
1.
	
Subparagraph 12(a) is amended to read as follows:

(a)  Effective Time. The Plan became effective on May 7, 2013 upon the affirmative vote of a majority of votes cast at the 2013 annual meeting of stockholders.  The Plan was amended as of June 24, 2015 to change the name of the Plan to the Zimmer Biomet Holdings, Inc. Executive Performance Incentive Plan.  The Plan was further amended on December 31, 2015 and May 7, 2020.

	
 
	
2.
	
Subparagraph 12(b) is amended to read as follows:

(b)  Termination and Amendment.  Subject to the limitations set forth in subparagraph (c) below, the Board or its designee may at any time suspend or terminate the Plan and may amend it from time to time in such respects as the Board or its designee may deem advisable, subject to any requirements for stockholder approval imposed by applicable law.

 

 

 

 

 

 

US.127704847.01

 

 

 
 

 

Certified as final:  

/s/ Suketu Upadhyay

Suketu Upadhyay

Executive Vice President and Chief Financial Officer

 

/s/ Pamela Puryear

Pamela Puryear

Senior Vice President, Chief Human Resources Officer

 

 

2

US.127704847.01Document

Exhibit 10.3

Carrier
13995 Pasteur Boulevard
Palm Beach Gardens, FL 33410

John V. Faraci
17570 N Block S Ranch Road
Moose, Wyoming 83012

April 21, 2020

Dear John,

I am pleased to confirm our offer of employment for you to join Carrier in the role of Executive Chairman within our Carrier Global Corporation World Headquarters organization.  You will report to the Board of Directors and be based in Palm Beach Gardens, Florida.

Your annual base salary will be $1,000,000.  The period of employment is effective April 3, 2020 and will continue until the date of Carriers 2021 annual shareowners meeting.  The terms of this letter are contingent upon the approval of the independent directors of Carriers Board of Directors at its meeting on April 21, 2020.  Your base salary will be subject to any temporary salary reductions then in effect for Company Executives based in the United States.

You will receive an award under the Carrier Long Term Incentive Plan valued at $1,500,000, comprised of 50% Restricted Stock Units (RSUs) and 50% Stock Appreciation Rights (SARs), which will vest after three years of employment.

Due to the unique nature of your position, you will not participate in any other Carrier benefit programs such as medical, dental, life insurance, savings plan, retirement savings/company contribution and disability benefit programs, or receive other Carrier executive benefits or perquisites, including benefits under the Executive Leased Vehicle Program, the Change in Control Severance Plan, or any other executive severance program or practice.

This offer is also contingent upon verification of your authorization to work in the United States of America and your satisfactory completion of an Intellectual Property Agreement.  As proof of U.S. person status and work authorization, you are required to provide a U.S. passport or other appropriate form(s) of identification as required for Export Control and I-9 form processing on your first day.

Notwithstanding anything to the contrary herein or in any prior representations made to you, your employment with the Company will be “at will,” meaning that either you or the Company will be entitled to terminate your employment at any time for any reason, with or without cause, and with or without notice.  Your period of employment with the Company may be extended upon the mutual agreement of you and Carrier.

We look forward to you joining Carrier and becoming part of the team.  Please acknowledge your acceptance of our offer by emailing the completed acceptance confirmation.

Sincerely,

/s/John Greisch
John Greisch
Carrier Board of Directors and Chair, Compensation Committee

To document your acceptance of this offer, please sign and date below, and email a scanned copy by April 21, 2020.

/s/John V. Faraci    4/21/20
John V. Faraci    Date

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