Document:

Exhibit 4.25

 

SIXTH SUPPLEMENTAL INDENTURE

SIXTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of March 25, 2009,
among Portfolio Acquisitions, LLC, a Delaware limited liability company (the “New Guarantor”), a subsidiary of NCO Group, Inc., a
Delaware corporation (the  “Company”), and
The Bank of New York Mellon, as successor to The Bank of New York, a New York
banking corporation, as trustee under the Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Company (as the successor in
interest to NCO Group, Inc., a Pennsylvania corporation) and the existing
Guarantors have heretofore executed and delivered to the Trustee an indenture
(as amended, supplemented or otherwise modified, the “Indenture”),
dated as of November 15, 2006 providing for the issuance of 11.875% Senior
Subordinated Notes due 2014 (the “Notes”);

 

WHEREAS, Section 4.17 of the Indenture
provides that under certain circumstances the New Guarantor shall execute and
deliver to the Trustee a supplemental indenture pursuant to which the New
Guarantor shall unconditionally guarantee all of the Company’s obligations
under the Notes and the Indenture on the terms and conditions set forth herein
(the “Note Guarantee”); and

 

WHEREAS, pursuant to Section 9.01 of the
Indenture, the Trustee, the Company and the existing Guarantors are authorized
to execute and deliver this Supplemental Indenture.

 

NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which
is hereby acknowledged, the New Guarantor, the Company and the Trustee mutually
covenant and agree for the equal and ratable benefit of the Holders of the
Notes as follows:

 

1.             DEFINED TERMS. 
Defined terms used herein without definition shall have the meanings
assigned to them in the Indenture.

 

2.             AGREEMENT TO GUARANTEE.  The New Guarantor hereby agrees, jointly and
severally with all existing Guarantors (if any), to provide an unconditional
guarantee on the terms and subject to the conditions set forth in Article 11
of the Indenture and to be bound by all other applicable provisions of the
Indenture, including the provisions relating to the subordination of such
guarantee set forth in Article 10, and the Notes and to perform all of the
obligations and agreements of a Guarantor under the Indenture.

 

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3.             NO RECOURSE AGAINST OTHERS.  No past, present or future director, manager,
officer, employee, incorporator, stockholder or member of the Company, any parent
entity of the Company or any Subsidiary, as such, will have any liability for
any obligations of the Company or the Subsidiary Guarantors under the Notes,
the Indenture, the Note Guarantees or for any claim based on, in respect of, or
by reason of, such obligations or their creation.  Each Holder by accepting a Note waives and
releases all such liability.  The waiver
and release are part of the consideration for issuance of the Notes.  The waiver may not be effective to waive
liabilities under the federal securities laws.

 

4.             NOTICES.  All
notices or other communications to the New Guarantor shall be given as provided
in Section 13.02 of the Indenture.

 

5.             RATIFICATION OF INDENTURE; SUPPLEMENTAL INDENTURES PART OF
INDENTURE.  Except as expressly amended
hereby, the Indenture is in all respects ratified and confirmed and all the
terms, conditions and provisions thereof shall remain in full force and
effect.  This Supplemental Indenture
shall form a part of the Indenture for all purposes, and every holder of Notes
heretofore or hereafter authenticated and delivered shall be bound hereby.

 

6.             WAIVER.              Until the Notes have been paid in full, the New
Guarantor waives and agrees that it shall not in any manner whatsoever claim or
take the benefit or advantage of, any rights of reimbursement, indemnity or
subrogation or any other rights it may have against the Company or any other
Restricted Subsidiary that arise as a result of any payment by such New
Guarantor under this Supplemental Indenture.

 

7.             GOVERNING LAW. 
THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

8.             COUNTERPARTS. 
The parties may sign any number of copies of this Supplemental
Indenture.  Each signed copy shall be an
original, but all of them together represent the same agreement.

 

9.             EFFECT OF HEADINGS. 
The Section headings herein are for convenience only and shall not
affect the construction hereof.

 

10.           TRUSTEE MAKES NO REPRESENTATION.  The Trustee makes no representation as to the
validity or sufficiency of this Supplemental Indenture.  The recitals and statements contained herein
are deemed to be solely those of the New Guarantor and the Company.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties hereto have caused
this Supplemental Indenture to be duly executed and attested, all as of the
date first above written.

 

 

	
  PORTFOLIO
  ACQUISITIONS, LLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/Michael
  J. Barrist

  	
   

  
	
  Name:

  	
  Michael
  J. Barrist

  	
   

  
	
  Title:

  	
  President and Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  NCO GROUP, INC.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/Michael J. Barrist

  	
   

  
	
   

  	
  Name:

  	
  Michael J. Barrist

  	
   

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  THE BANK OF NEW YORK MELLON, as Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/Mary Miselis

  	
   

  
	
   

  	
  Name:

  	
  Mary Miselis

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

[Signature
Page To Senior Subordinated Supplemental Indenture]Exhibit 10.1

 

INDEMNIFICATION AGREEMENT

 

This
Indemnification Agreement (“Agreement”) is made as of
                
    ,          by
and between Covance Inc., a Delaware corporation (the “Company”), and
                                    
(“Indemnitee”).  This Agreement
supersedes and replaces any and all previous Agreements between the Company and
Indemnitee covering the subject matter of this Agreement.

 

RECITALS

 

WHEREAS,
highly competent persons have become more reluctant to serve publicly-held
corporations as senior officers or in other capacities unless they are provided
with adequate protection through insurance or adequate indemnification against
inordinate risks of claims and actions against them arising out of their
service to and activities on behalf of the corporation;

 

WHEREAS, it is
reasonable, prudent and necessary for the Company contractually to obligate
itself to indemnify, and to advance expenses on behalf of, senior officer to
the fullest extent permitted by applicable law, and to set forth the procedures
pursuant to which such indemnification and advancement of expenses will be
provided, so that such senior officer will serve or continue to serve the
Company free from undue concern that they will not be so indemnified;

 

WHEREAS, this
Agreement is a supplement to and in furtherance of the By-laws of the Company (“By-laws”),
the Certificate of Incorporation of the Company (“Certificate of Incorporation”)
and any resolutions adopted pursuant thereto, and shall not be deemed a
substitute therefor, nor to diminish or abrogate any rights of Indemnitee
thereunder; and

 

NOW,
THEREFORE, in consideration of the premises and the covenants contained herein,
the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.                                            Definitions.  As used in this Agreement:

 

(a)                                  “Corporate
Status” describes the status of a person who is or was a director, officer,
employee or agent of the Company or of any other corporation, limited liability
company, partnership or joint venture, trust or other enterprise which such
person is or was serving at the request of the Company.

 

(b)                                 “Change
in Control” shall be deemed to occur if and when: 
(i)  any person (including as such term is used in Section 13(d) and
14(d)(2) of the 1934 Act, as defined herein) becomes the beneficial owner,
directly or indirectly, of securities representing 20% or more of the combined
voting power of the Corporation’s then outstanding securities; or (ii)  as
a result of a proxy contest or contests or other forms of contested shareholder
votes (in each case either individually or in the aggregate), a majority of the
individuals elected to serve on the Corporation’s Board of Directors are
different than the individuals who served on the Corporation’s Board of
Directors at any time within the two years prior to such proxy contest or
contests or other forms of contested shareholder votes (in each case either
individually or in the 

 

 

aggregate); or (iii)  when  the Corporation’s shareholders approve a
merger, or consolidation (where in each case the Corporation is not the
survivor thereof), or sale or disposition of all or substantially all of the
Corporation’s assets or a plan or partial or complete liquidation; or (iv) 
when an offeror (other than the Corporation) purchases shares of the
Corporation’s Common Stock pursuant to a tender or exchange offer for
securities representing 20% or more of the combined voting power of the
Corporation’s then outstanding securities. 
For purposes of this definition, “1934 Act” means the Securities and
Exchange Act of 1934, as amended, including the rules and regulations
promulgated thereunder.

 

(c)                                  “Disinterested
Director” means a director of the Company who is not and was not a party to the
Proceeding in respect of which indemnification is sought by Indemnitee.

 

(d)                                 “Enterprise”
shall mean the Company and any other corporation, limited liability company,
partnership, joint venture, trust or other enterprise of which Indemnitee is or
was serving at the request of the Company as a director, officer, employee,
agent or fiduciary.

 

(e)                                  “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating
costs, printing and binding costs, telephone charges, postage, delivery service
fees, any federal, state, local or foreign taxes imposed on Indemnitee as a
result of the actual or deemed receipt of any payments under this Agreement,
ERISA excise taxes and penalties, and all other disbursements or expenses of
the types customarily incurred in connection with prosecuting, defending,
preparing to prosecute or defend, investigating, being or preparing to be a
witness in, or otherwise participating in, a Proceeding.  Expenses also shall include (i) Expenses
incurred in connection with any appeal resulting from any Proceeding, including
without limitation the premium, security for, and other costs relating to any
cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) Expenses
incurred by Indemnitee in connection with the interpretation, enforcement or
defense of Indemnitee’s rights under this Agreement, by litigation or
otherwise.  The parties agree that for
the purposes of any advancement of Expenses for which Indemnitee has made
written demand to the Company in accordance with this Agreement, all Expenses
included in such demand that are certified by affidavit of Indemnitee’s counsel
as being reasonable shall be presumed conclusively to be reasonable.  Expenses, however, shall not include amounts
paid in settlement by Indemnitee or the amount of judgments or fines against
Indemnitee.

 

(f)                                    “Independent
Counsel” means
a law firm, or a member of a law firm, that is experienced in matters of
corporation law and neither presently is, nor in the past five years has been,
retained to represent:  (i) the
Company or Indemnitee in any matter material to either such party, or (ii) any
other party to the Proceeding giving rise to a claim for indemnification
hereunder.  Notwithstanding the
foregoing, the term “Independent Counsel” shall not include any person who,
under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or Indemnitee in
an action to determine Indemnitee’s rights under this Agreement.  The Company agrees to pay the reasonable fees
and expenses of the Independent Counsel referred to above and to fully
indemnify such counsel against any and all Expenses, claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant
hereto.

 

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(g)                                 The
term “Proceeding” shall include any threatened, pending or completed action,
suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other actual, threatened or completed proceeding,
whether brought in the right of the Company or otherwise and whether of a
civil, criminal, administrative, legislative, or investigative (formal or
informal) nature, including any appeal therefrom, in which Indemnitee was, is
or will be involved as a party, potential party, non-party witness or otherwise
by reason of the fact that Indemnitee is or was a director or officer of the
Company, by reason of any action taken by him or of any action on his part
while acting pursuant to his Corporate Status, in each case whether or not
serving in such capacity at the time any liability or Expense is incurred for
which indemnification, reimbursement, or advancement of Expenses can be
provided under this Agreement.  If the
Indemnitee reasonably believes in good faith that a given situation may lead to
or culminate in the institution of a Proceeding, such situation shall be
considered a Proceeding under this paragraph.

 

(h)                                 Reference
to “other enterprise” shall include employee benefit plans; references to “fines”
shall include any excise tax assessed with respect to any employee benefit
plan; references to “serving at the request of the Company” shall include any
service as a director, officer, employee or agent of the Company which imposes
duties on, or involves services by, such director, officer, employee or agent
with respect to an employee benefit plan, its participants or beneficiaries;
and a person who acted in good faith and in a manner he reasonably believed to
be in the best interests of the participants and beneficiaries of an employee
benefit plan shall be deemed to have acted in manner “not opposed to the best
interests of the Company” as referred to in this Agreement.

 

Section 2.                                            Indemnity
in Third-Party Proceedings.  The
Company shall indemnify Indemnitee in accordance with the provisions of this Section 2
if Indemnitee is, or is threatened to be made, a party to or a participant in
any Proceeding, other than a Proceeding by or in the right of the Company to
procure a judgment in its favor. 
Pursuant to this Section 2, Indemnitee shall be indemnified to the
fullest extent permitted by applicable law against all Expenses, judgments,
fines and amounts paid in settlement actually and reasonably incurred by
Indemnitee or on his behalf in connection with such Proceeding or any claim,
issue or matter therein, if Indemnitee acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the
Company and, in the case of a criminal proceeding had no reasonable cause to
believe that his conduct was unlawful.

 

Section 3.                                            Indemnity
in Proceedings by or in the Right of the Company.  The Company shall indemnify Indemnitee in
accordance with the provisions of this Section 3 if Indemnitee is, or is
threatened to be made, a party to or a participant in any Proceeding by or in
the right of the Company to procure a judgment in its favor.  Pursuant to this Section 3, Indemnitee
shall be indemnified to the fullest extent permitted by applicable law against
all Expenses actually and reasonably incurred by him or on his behalf in
connection with such Proceeding or any claim, issue or matter therein, if
Indemnitee acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the Company.  No indemnification for Expenses shall be made
under this Section 3 in respect of any claim, issue or matter as to which
Indemnitee shall have been finally adjudged by a court to be liable to the 

 

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Company, unless and only to the
extent that the Delaware Court of Chancery or any court in which the Proceeding
was brought shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, Indemnitee is
entitled to indemnification.

 

Section 4.                                            Indemnification
for Expenses of a Party Who is Wholly or Partly Successful.  Notwithstanding any other provisions of this
Agreement, to the fullest extent permitted by applicable law and to the extent
that Indemnitee is a party to (or a participant in) and is successful, on the
merits or otherwise, in any Proceeding or in defense of any claim, issue or
matter therein, in whole or in part, the Company shall indemnify Indemnitee
against all Expenses actually and reasonably incurred by him in connection
therewith.  If Indemnitee is not wholly
successful in such Proceeding but is successful, on the merits or otherwise, as
to one or more but less than all claims, issues or matters in such Proceeding,
the Company shall indemnify Indemnitee against all Expenses actually and
reasonably incurred by him or on his behalf in connection with or related to
each successfully resolved claim, issue or matter to the fullest extent
permitted by law.  For purposes of this Section and
without limitation, the termination of any claim, issue or matter in such a
Proceeding by dismissal, with or without prejudice, shall be deemed to be a
successful result as to such claim, issue or matter.

 

Section 5.                                            Indemnification
For Expenses of a Witness. 
Notwithstanding any other provision of this Agreement, to the fullest
extent permitted by applicable law and to the extent that Indemnitee is, by
reason of his Corporate Status, a witness or otherwise asked to participate in
any Proceeding to which Indemnitee is not a party, he shall be indemnified
against all Expenses actually and reasonably incurred by him or on his behalf
in connection therewith.

 

Section 6.                                            Exclusions.  Notwithstanding any provision in this
Agreement, the Company shall not be obligated under this Agreement to make any
indemnity in connection with any claim made against Indemnitee:

 

(a)                                  for
which payment has actually been made to or on behalf of Indemnitee under any
insurance policy or other indemnity provision, except with respect to any
excess beyond the amount paid under any insurance policy or other indemnity
provision (In the event that such actual payment is made under any insurance
policy or indemnity provision after the Company has made an indemnity under
this Agreement, Indemnitee shall promptly reimburse the Company for such
indemnity in the amount of such payment.); or

 

(b)                                 for
(i) an accounting of profits made from the purchase and sale (or sale and
purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of
the Securities Exchange Act of 1934 (the “Exchange Act”) or similar provisions
of state statutory law or common law, or (ii) any reimbursement of the
Company by the Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by the Indemnitee from the sale of
securities of the Company, as required in each case under the Exchange Act
(including any such reimbursements that arise from an accounting restatement of
the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the
“Sarbanes-Oxley Act”), or the payment to the Company of profits arising from
the purchase and sale by Indemnitee of securities in violation of Section 306
of the Sarbanes-Oxley Act); or

 

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(c)                                  in
connection with any Proceeding (or any part of any Proceeding) initiated by
Indemnitee, including any Proceeding (or any part of any Proceeding) initiated
by Indemnitee against the Company or its directors, officers, employees or
other indemnitees, unless (i) the Board authorized the Proceeding (or any
part of any Proceeding) prior to its initiation, (ii) the Proceeding is
for enforcement of this Agreement (to the extent that the Indemnitee prevails),
or (iii) the Company provides the indemnification, in its sole discretion,
pursuant to the powers vested in the Company under applicable law.

 

Section 7.                                            Advances
of Expenses.  Notwithstanding any
provision of this Agreement to the contrary, the Company shall advance, to the
extent not prohibited by law, the Expenses incurred by Indemnitee in connection
with any Proceeding (or any part of any Proceeding) not initiated by
Indemnitee, and such advancement shall be made within twenty-one (21) days
after the receipt by the Company of a statement or statements requesting such
advances from time to time, whether prior to or after final disposition of any
Proceeding.  Advances shall be unsecured
and interest free.  Advances shall be
made without regard to Indemnitee’s ability to repay the Expenses and without
regard to Indemnitee’s ultimate entitlement to indemnification under the other
provisions of this Agreement.  Advances
shall also include any and all reasonable Expenses incurred pursuing an action
to enforce this right of advancement, including Expenses incurred preparing and
forwarding statements to the Company to support the advances claimed.  Indemnitee undertakes to repay the amounts
advanced (without interest) to the extent that it is ultimately determined that
Indemnitee is not entitled to be indemnified by the Company.  No other form of undertaking shall be
required other than the execution of this Agreement.  This Section 7 shall not apply to any
claim made by Indemnitee for which indemnity is excluded pursuant to Section 6.

 

Section 8.                                            Procedure
for Notification and Defense of Claim.

 

(a)                                  Indemnitee
shall notify the Company in writing of any matter with respect to which
Indemnitee intends to seek indemnification or advancement of Expenses hereunder
as soon as reasonably practicable following the receipt by Indemnitee of
written notice thereof.  The written
notification to the Company shall include a description of the nature of the
Proceeding and the facts underlying the Proceeding.  To obtain indemnification under this
Agreement, Indemnitee shall submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably available
to Indemnitee and is reasonably necessary to determine whether and to what
extent Indemnitee is entitled to indemnification following the final
disposition of such Proceeding.  The
omission by Indemnitee to notify the Company hereunder will not relieve the
Company from any liability which it may have to Indemnitee hereunder or
otherwise than under this Agreement, and any delay in so notifying the Company
shall not constitute a waiver by Indemnitee of any rights under this
Agreement.  The Secretary of the Company
shall, promptly upon receipt of such a request for indemnification, advise the
Board in writing that Indemnitee has requested indemnification.

 

(b)                                 The
Company will be entitled to participate in the Proceeding at its own expense.

 

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Section 9.                                            Procedure
Upon Application for Indemnification.

 

(a)                                  Upon
written request by Indemnitee for indemnification pursuant to Section 8(a),
a determination, if required by applicable law, with respect to Indemnitee’s
entitlement thereto shall be made in the specific case:  (i) if a Change in Control shall have
occurred, by Independent Counsel in a written opinion to the Board, a copy of
which shall be delivered to the Indemnitee; or (ii) if a Change in Control
shall not have occurred, (A) by a majority vote of the Disinterested
Directors, even though less than a quorum of the Board, or (B) if there
are no such Disinterested Directors or, if such Disinterested Directors so
direct, by Independent Counsel in a written opinion to the Board, a copy of
which shall be delivered to Indemnitee. 
Indemnitee shall cooperate with the person, persons or entity making
such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance
request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and
reasonably necessary to such determination. 
Any costs or Expenses (including attorneys’ fees and disbursements)
incurred by Indemnitee in so cooperating with the person, persons or entity
making such determination shall be borne by the Company (irrespective of the
determination as to Indemnitee’s entitlement to indemnification).

 

(b)                                 In
the event that legal counsel is retained pursuant to Section 9(a), written
notice of the selection shall be provided promptly to Indemnitee.  Upon the due commencement of any judicial
proceeding pursuant to Section 11(a) of this Agreement, legal counsel
shall be discharged and relieved of any further responsibility in such capacity
(subject to the applicable standards of professional conduct then prevailing).

 

Section 10.                                      Presumptions
and Effect of Certain Proceedings.

 

(a)                                  In
making a determination with respect to entitlement to indemnification
hereunder, the person or persons or entity making such determination shall, to
the fullest extent not prohibited by law, presume that Indemnitee is entitled
to indemnification under this Agreement if Indemnitee has submitted a request
for indemnification in accordance with Section 8(a) of this
Agreement, and the Company shall, to the fullest extent not prohibited by law,
have the burden of proof to overcome that presumption in connection with the
making by any person, persons or entity of any determination contrary to that
presumption.

 

(b)                                 Subject
to Section 11(d), if the person, persons or entity empowered or selected
under Section 9 of this Agreement to determine whether Indemnitee is
entitled to indemnification shall not have made a determination within sixty
(60) days after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall, to the fullest extent
not prohibited by law, be deemed to have been made and Indemnitee shall be
entitled to such indemnification, absent (i) a misstatement by Indemnitee
of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the
request for indemnification, or (ii) a prohibition of such indemnification
under applicable law; provided, however, that such 60-day period may be
extended for a reasonable time, not to exceed an additional thirty (30) days,
if the person, 

 

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persons or entity making the
determination with respect to entitlement to indemnification in good faith
requires such additional time for the obtaining or evaluating of documentation
and/or information relating thereto; and provided, further, that the foregoing
provisions of this Section 10(b) shall not apply if the determination
of entitlement to indemnification is to be made by legal counsel pursuant to Section 9(a) of
this Agreement.

 

(c)                                  The
termination of any Proceeding or of any claim, issue or matter therein, by
judgment, order, settlement or conviction, or upon a plea of nolo  contendere
or its equivalent, shall not (except as otherwise expressly provided in this
Agreement) of itself adversely affect the right of Indemnitee to indemnification
or create a presumption that Indemnitee did not act in good faith and in a
manner which he reasonably believed to be in or not opposed to the best
interests of the Company or, with respect to any criminal Proceeding, that
Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

(d)                                 Actions
of Others.  The knowledge and/or
actions, or failure to act, of any director, officer, agent or employee of the
Enterprise shall not be imputed to Indemnitee for purposes of determining the
right to indemnification under this Agreement.

 

Section 11.                                      Remedies of
Indemnitee.

 

(a)                                  Subject
to Section 11(d), in the event that (i) a determination is made
pursuant to Section 9 of this Agreement that Indemnitee is not entitled to
indemnification under this Agreement, (ii) advancement of Expenses is not
timely made pursuant to Section 7 of this Agreement, (iii) no
determination of entitlement to indemnification shall have been made pursuant
to Section 9(a) of this Agreement within ninety (90) days after
receipt by the Company of the request for indemnification, (iv) payment of
indemnification is not made pursuant to Section 4 or 5 within ten (10) days
after receipt by the Company of a written request therefor, (v) payment of
indemnification pursuant to Section 2 or 3 of this Agreement is not made
within ten (10) days after a determination has been made that Indemnitee
is entitled to indemnification, or (vi) in the event that the Company or
any other person takes or threatens to take any action to declare this Agreement
void or unenforceable, or institutes any litigation or other action or
Proceeding designed to deny, or to recover from, the Indemnitee the benefits
provided or intended to be provided to the Indemnitee hereunder, Indemnitee
shall be entitled to an adjudication by a court of his entitlement to such
indemnification or advancement of Expenses.

 

(b)                                 In
the event that a determination shall have been made pursuant to Section 9(a) of
this Agreement that Indemnitee is not entitled to indemnification, any judicial
proceeding commenced pursuant to this Section 11 shall be conducted in all
respects as a de  novo trial on the merits and Indemnitee shall
not be prejudiced by reason of that adverse determination.  In any judicial proceeding commenced pursuant
to this Section 11 the Company shall have the burden of proving Indemnitee
is not entitled to indemnification or advancement of Expenses.

 

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(c)                                  If
a determination shall have been made pursuant to Section 9(a) of this
Agreement that Indemnitee is entitled to indemnification, the Company shall be
bound by such determination in any judicial proceeding commenced pursuant to
this Section 11, absent (i) a misstatement by Indemnitee of a
material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for
indemnification, or (ii) a prohibition of such indemnification under
applicable law.

 

(d)                                 Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement
of Indemnitee to indemnification under this Agreement shall be required to be
made prior to the final disposition of the Proceeding.

 

Section 12.                                      Non-exclusivity;
Insurance; Subrogation; Other Payments.

 

(a)                                  The
rights of indemnification and to receive advancement of Expenses as provided by
this Agreement shall not be deemed exclusive of any other rights to which
Indemnitee may at any time be entitled under applicable law, the Certificate of
Incorporation, the By-laws, any agreement, a vote of stockholders or a
resolution of directors, or otherwise. 
To the extent that a change in Delaware law, whether by statute or
judicial decision, permits greater indemnification or advancement of Expenses
than would be afforded currently under the By-laws, the Certificate of
Incorporation and this Agreement, it is the intent of the parties hereto that
Indemnitee shall enjoy by this Agreement the greater benefits so afforded by
such change.

 

(b)                                 To
the extent that the Company maintains an insurance policy or policies providing
liability insurance for directors, officers, employees, or agents of the
Enterprise, Indemnitee shall be covered by such policy or policies in
accordance with its or their terms to the maximum extent of the coverage
available for any such director, officer, employee or agent under such policy
or policies.  If, at the time of the
receipt of a notice of a claim pursuant to the terms hereof, the Company has
director and officer liability insurance in effect, the Company shall give
prompt notice of such claim or of the commencement of a Proceeding, as the case
may be, to the insurers in accordance with the procedures set forth in the
respective policies.  The Company shall
thereafter take all necessary or desirable action to cause such insurers to
pay, on behalf of the Indemnitee, all amounts payable as a result of such
Proceeding in accordance with the terms of such policies.

 

(c)                                  In
the event of any payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of Indemnitee, who
shall execute all papers required and take all action necessary to secure such
rights, including execution of such documents as are necessary to enable the
Company to bring suit to enforce such rights.

 

(d)                                 The
Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable (or for which advancement is provided hereunder)
hereunder if and to the extent that Indemnitee has otherwise actually received
such payment under any insurance policy, contract, agreement or otherwise.

 

8

 

(e)                                  The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee
who is or was serving at the request of the Company as a director, officer,
employee or agent of any other corporation, limited liability company,
partnership, joint venture, trust, employee benefit plan or other enterprise
shall be reduced by any amount Indemnitee has actually received as
indemnification or advancement of Expenses from such other corporation, limited
liability company, partnership, joint venture, trust or other enterprise.

 

Section 13.                                      Duration of
Agreement.  This Agreement shall
continue until and terminate upon the later of: (a) ten (10) years
after the date that Indemnitee shall have ceased to serve as an officer of the
Company or in other Corporate Status due to service as an officer of the
Company or (b) one (1) year after the final termination of any
Proceeding then pending in respect of which Indemnitee is granted rights of
indemnification or advancement of Expenses hereunder and of any proceeding
commenced by Indemnitee pursuant to Section 11 of this Agreement relating
thereto.  This Agreement shall be binding
upon the Company and its successors and assigns, and the Company agrees to
assign this Agreement to any purchaser of substantially all of the assets and
to secure the agreement of such purchaser to assume this Agreement.  This Agreement shall inure to the benefit of
Indemnitee and his heirs, executors and administrators.

 

Section 14.                                      Severability.  If any provision or provisions of this
Agreement shall be held to be invalid, illegal or unenforceable for any reason
whatsoever: (a) the validity, legality and enforceability of the remaining
provisions of this Agreement (including without limitation, each portion of any
Section of this Agreement containing any such provision held to be
invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall not in any way be affected or impaired thereby and shall remain
enforceable to the fullest extent permitted by law; (b) such provision or
provisions shall be deemed reformed to the extent necessary to conform to
applicable law and to give the maximum effect to the intent of the parties
hereto; and (c) to the fullest extent possible, the provisions of this
Agreement shall be construed so as to give effect to the intent manifested
thereby.

 

Section 15.                                      Merger.  This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements and understandings, oral, written and
implied, between the parties hereto with respect to the subject matter hereof;
provided, however, that this Agreement is a supplement to and in furtherance of
the Certificate of Incorporation, the By-laws and applicable law, and shall not
be deemed a substitute therefor, nor to diminish or abrogate any rights of
Indemnitee thereunder.

 

Section 16.                                      Modification
and Waiver.  No supplement,
modification or amendment of this Agreement shall be binding unless executed in
writing by the parties thereto.  No
waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provisions of this Agreement nor shall any
waiver constitute a continuing waiver.

 

Section 17.                                      Notice by
Indemnitee.  Indemnitee agrees
promptly to notify the Company in writing upon being served with any summons,
citation, subpoena, complaint, indictment, information or other document
relating to any Proceeding or matter which may be subject to indemnification or
advancement of Expenses covered hereunder. 
The failure of Indemnitee to so 

 

9

 

notify the Company shall not
relieve the Company of any obligation which it may have to the Indemnitee under
this Agreement or otherwise.

 

Section 18.                                      Notices.  All
notices, requests, demands and other communications under this Agreement shall
be in writing and shall be deemed to have been duly given if (a) delivered
by hand and receipted for by the party to whom said notice or other
communication shall have been directed, (b) mailed by certified or
registered mail with postage prepaid, on the third business day after the date
on which it is so mailed, (c) mailed by reputable overnight courier and
receipted for by the party to whom said notice or other communication shall
have been directed or (d) sent by facsimile transmission, with receipt of
oral confirmation that such transmission has been received, for each party, at
the address indicated on the signature page of this Agreement, or at such
other address as each party shall provide to the other party.

 

Section 19.                                      Applicable Law
and Consent to Jurisdiction.  This Agreement
and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of Delaware, without
regard to its conflict of laws rules. 
The Company and Indemnitee hereby irrevocably and unconditionally (i) agree
that any action or proceeding arising out of or in connection with this
Agreement may be brought in the Chancery Court of the State of Delaware (the “Delaware
Court”), or in any other state or federal court in the United States of America
with subject matter and personal jurisdiction, but not in any court in any
other country, (ii) waive any objection to the laying of venue of any such
action or proceeding in the Delaware Court, and (iii) waive, and agree not
to plead or to make, any claim that any such action or proceeding brought in
the Delaware Court has been brought in an improper or inconvenient forum.

 

Section 20.                                      Identical
Counterparts.  This Agreement may be
executed in one or more counterparts, each of which shall for all purposes be
deemed to be an original but all of which together shall constitute one and the
same Agreement.

 

Section 21.                                      Miscellaneous.  Use of the masculine pronoun shall be deemed
to include usage of the feminine pronoun where appropriate.  The headings of this Agreement are inserted
for convenience only and shall not be deemed to affect construction of this
Agreement.

 

IN WITNESS
WHEREOF, the parties have caused this Agreement to be signed as of the day and
year first above written.

 

 

	
  COVANCE INC.

  	
  INDEMNITEE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Name:

  	
   

  
	
  Office:

  	
  Secretary

  	
  Address:

  	
   

  
	
  Address:

  	
  210 Carnegie Center

  	
   

  	
   

  
	
   

  	
  Princeton, NJ 08540

  	
   

  	
   

  
						

 

10

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