Document:

mm04-0111_8ke102.htm

 

EXHIBIT 10.2

 

 

Execution Version

FIRST AMENDMENT TO CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT dated as of March 30, 2011 (this “Amendment”), is entered into among WILLIS NORTH AMERICA INC., a Delaware corporation (the “Borrower”), WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY, a company incorporated under the laws of Ireland having company number 475616 (the “Parent”), the Lenders identified on the signature pages hereto and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”).  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Credit Agreement.

RECITALS

A.           The Borrower, the Parent, the Lenders and the Administrative Agent entered into that certain Credit Agreement dated as of August 9, 2010 (as amended and modified from time to time, including by this Amendment, the “Credit Agreement”).

B.           The parties hereto have agreed to amend the Credit Agreement as provided herein.

C.           In consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows.

AGREEMENT

1.           Amendment to Section 7.07 (Negative Covenants; Restricted Payments).  Clause (f) of Section 7.07 of the Credit Agreement is hereby amended by deleting the reference to “2.50 to 1.00” therein and replacing it with “2.75 to 1.00” in lieu thereof.

2.           Effectiveness; Conditions Precedent.  This Amendment shall be effective as of the date hereof (the “Amendment Effective Date”) upon satisfaction of each of the following conditions:

(a)           Executed Documents.  The Administrative Agent shall have received counterparts of this Amendment executed by the Borrower, the Parent, the Required Lenders and the Administrative Agent.

(b)           Fees and Expenses.  The Borrower shall have paid (i) to the Administrative Agent (or its applicable affiliate), all fees and expenses required to be paid on or before the date hereof in connection with this Amendment, in accordance with Section 10.04 of the Credit Agreement or any other Loan Document, and (ii) to the Administrative Agent for the benefit of each Lender consenting to this Amendment, as consideration for each such Lender’s consent, an amendment fee in an amount equal to 0.05% times the principal amount of such consenting Lender’s Commitment, provided that such fee shall only be paid to those Lenders whose signature page is actually received (whether as an original or via acceptable electronic transmission) by the Administrative Agent (or its counsel) on or prior to Noon (Eastern Time) on March 29, 2011.

3.           Ratification of Loan Documents.  Each of the Parent and the Borrower acknowledges and consents to the terms set forth herein and agrees that this Amendment does not impair, reduce or limit any of its obligations under the Loan Documents (as amended hereby).

  

  

  

4.           Authority/Enforceability.  Each of the Parent and the Borrower represents and warrants to the Administrative Agent and the Lenders that:

(a)           It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.

(b)           This Amendment has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligations, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

(c)           No consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, is required in connection with the execution, delivery or performance by such Person of this Amendment.

(d)           The execution and delivery of this Amendment does not (i) violate, contravene or conflict with any provision of its, or its Subsidiaries’ Organization Documents or (ii) materially violate, contravene or conflict with any Laws applicable to it or any of its Subsidiaries.

5.           Representations and Warranties of Borrower and Parent.  Each of the Parent and the Borrower represents and warrants that after giving effect to this Amendment (a) the representations and warranties of (i) the Parent and the Borrower contained in Article V of the Credit Agreement and (ii) each Loan Party contained in each other Loan Document or in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (or, if such representation or warranty is itself modified by materiality or Material Adverse Effect, it shall be true and correct in all respects) as of the date hereof, except (A) to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date and (B) the making of the representation and warranty contained in Section 5.04(b) of the Credit Agreement and (b) no event has occurred and is continuing which constitutes a Default or an Event of Default.

6.           Counterparts/Telecopy.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of executed counterparts of this Amendment by telecopy or electronic mail shall be effective as an original.

7.           Reference to the Effect of the Credit Agreement.

(a)           As of the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, shall mean and be a reference to the Credit Agreement as modified hereby, and this Amendment and the Credit Agreement shall be read together and construed as a single instrument.  This Amendment shall constitute a Loan Document.

(b)           Except as expressly amended hereby, all of the terms and provisions of the Credit Agreement are and shall remain in full force and effect and are hereby ratified and confirmed.

(c)           The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders, the

  

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Administrative Agent under the Credit Agreement, nor constitute a waiver or amendment of any other provision of the Credit Agreement or for any purpose except as expressly set forth herein.

8.           GOVERNING LAW.  THIS AMENDMENT 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.  THE PROVISIONS OF SECTIONS 10.14 AND 10.15 OF THE CREDIT AGREEMENT ARE INCORPORATED BY REFERENCE, MUTATIS MUTANDIS, AS IF FULLY SET FORTH HEREIN.

[Remainder of page intentionally left blank.]

  

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

	
BORROWER:

	  	
WILLIS NORTH AMERICA INC.

	  	  	  	  	  
	  	  	
By:

	
/s/  Adam G. Ciongoli

	  	  	
Name:

	
Adam G. Ciongoli

	  
	  	  	
Title:

	
Secretary

	  

	
PARENT:

	  	
WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

	  	  	  
	  	  	
GIVEN under common seal of

WILLIS GROUP HOLDING PUBLIC LIMITED

COMPANY and delivered as a deed

	  	  	  	  	  
	  	  	  	/s/  Michael K. Neborak  	  
	  	  	  	
Director/Sealing Committee Member

	  	  	  	  	  
	  	  	  	
/s/  Adam G. Ciongoli

	  
	  	  	  	
Director/Secretary/Sealing Committee Member

 

 

 

 

 

 

 

 

 

 

Willis North America, Inc.

First Amendment to Credit Agreement

Signature Pages

  

  

  

	
ADMINISTRATIVE

AGENT:

	
BANK OF AMERICA, N.A.

	  	  	  	  
	  	  	
By:

	
/s/  Jacob Garcia

	  	  	
Name:

	
Jacob Garcia

	  	  	
Title:

	
Vice President

	
LENDERS:

	  	
BANK OF AMERICA, N.A.

as a Lender and the Swing Line Lender

	  	  	  	  
	  	  	
By:

	
/s/  Jacob Garcia

	  	  	
Name:

	
Jacob Garcia

	  	  	
Title:

	
Vice President

	  	  	
THE ROYAL BANK OF SCOTLAND PLC

	  	  	  	  
	  	  	
By:

	
/s/  Simon Costello

	  	  	
Name:

	
Simon Costello

	  	  	
Title:

	
Fl Portfolio Management

	  	  	
SUNTRUST BANK

	  	  	  	  
	  	  	
By:

	
/s/  K. Scott Bazemore

	  	  	
Name:

	
K. Scott Bazemore

	  	  	
Title:

	
Vice President

	  	  	
LLOYDS TSB BANK PLC

	  	  	  	  
	  	  	
By:

	
/s/  Alastair Jones

	  	  	
Name:

	
Alastair Jones

	  	  	
Title:

	
Relationship Manager

	  	  	
BARCLAYS BANK PLC

	  	  	  	  
	  	  	
By:

	
/s/  Alastair Jemmett

	  	  	
Name:

	
Alastair Jemmett

	  	  	
Title:

	
Director

 

 

Willis North America, Inc.

First Amendment to Credit Agreement

Signature Pages

  

  

  

 

 

	  	  	
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NY BRANCH

	  	  	  	  
	  	  	
By:

	
/s/  Glenn Schuermann

	  	  	
Name:

	
Glenn Schuermann

	  	  	
Title:

	
Authorized Signatory

	  	  	
SCOTIABANK EUROPE PLC

	  	  	  	  
	  	  	
By:

	
/s/  Bram Cartmell

	  	  	
Name:

	
Bram Cartmell

	  	  	
Title:

	
Director

	  	  	
PNC BANK, NATIONAL ASSOCIATION

	  	  	  	  
	  	  	
By:

	
/s/  Daniel R. Raynor

	  	  	
Name:

	
Daniel R. Raynor

	  	  	
Title:

	
Senior Vice President

	  	  	
MANUFACTURERS AND TRADERS TRUST COMPANY

	  	  	  	  
	  	  	
By:

	
/s/  John H. Lewin

	  	  	
Name:

	
John H. Lewin III

	  	  	
Title:

	
Vice President

	  	  	
COMERICA BANK

	  	  	  	  
	  	  	
By:

	
/s/  Aurora Battaglia

	  	  	
Name:

	
Aurora Battaglia

	  	  	
Title:

	
Vice President

	  	  	
THE NORTHERN TRUST COMPANY

	  	  	  	  
	  	  	
By:

	
/s/  Michael Kingsley

	  	  	
Name:

	
Michael Kingsley

	  	  	
Title:

	
Senior Vice President

	  	  	
WELLS FARGO BANK, NATIONAL ASSOCIATION

	  	  	  	  
	  	  	
By:

	
/s/  David Bendel

	  	  	
Name:

	
David Bendel

	  	  	
Title:

	
Director

 

Willis North America, Inc.

First Amendment to Credit Agreement

Signature Pages

  

  

  

 

	  	  	
CITIBANK, N.A.

	  	  	  	  
	  	  	
By:

	
/s/  Peter C. Bickford

	  	  	
Name:

	
Peter C. Bickford

	  	  	
Title:

	
Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Willis North America, Inc.

First Amendment to Credit Agreement

Signature Pagesmm04-0111_8ke101.htm

 

Exhibit 10.1

March 30, 2011

Gabriel Matsliach (the “Executive”)

13 Stockton Drive

Voorhees, NJ 08043

Re:           Amendment to the Executive Employment and Severance Letter

Dear Gabriel:

Comverse, Inc. (the “Company”) and the Executive desire to amend and revise the terms of the Executive Employment and Severance Letter dated June 1, 2010 (the “Employment Letter”) to the extent set forth herein, and to embody the terms of such modifications.  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Employment Letter.

 

	
1.  

	
Sections 1 and 4 of the Employment Letter shall be modified by replacing the references to “Senior Vice President, Global Products and Operations” with “Senior Vice President, BSS Chief Products Officer.”

 

	
2.  

	
Section 1 of the Employment Letter shall be modified by replacing the references to “Chief Executive Officer” with “Senior Vice President, BSS General Manager.”

 

	
3.  

	
Section 2 of the Employment Letter shall be modified by replacing the references to “Chief Executive Officer” with “Chief Executive Officer and Senior Vice President, BSS General Manager.”

 

	
4.  

	
A new sentence shall be added to the end of Section 1 that reads as follows:

 

“The Executive shall be a member of the most senior level management leadership group, currently referred to as the Global Executive Team, and shall be entitled to the benefits extended to members of such team, including travel policies and executive bonus plans.”

 

	
4.  

	
Subject to the Executive’s continued employment with the Company, the Company shall make the following retention payments to the Executive:  (i) a lump sum payment of $160,000 on June 3, 2011 and (ii) a lump sum payment of $160,000 on September 2, 2011, in each case, subject to withholding obligations in accordance with past practice (collectively, the “Retention Payments”).  If, prior to the payment of either of the Retention Payments, the Executive terminates his employment without Good Reason or the Company terminates the Executive’s employment with Cause, the Executive shall not be entitled to payment of any unpaid Retention Payments.  If the Executive’s employment is terminated by Executive for Good Reason, by the Company without Cause or due to Executive’s death or disability, the Executive shall be entitled to payment of any unpaid Retention Payments.

 

 

 

 

 

 

 

 

	
5.  

	
If the Executive’s employment is terminated by the Company without Cause at any time prior to September 1, 2012, other than a termination following or in anticipation of a change in control (as defined in the ESPP) of the Company after October 1, 2011, the amounts payable to the Executive pursuant to Section 6(c) and (d) shall be reduced by the aggregate amount of Retention Payments made by the Company as of such date.

 

	
6.  

	
For purposes of clarity, “Good Reason” shall not include the Executive’s appointment as Senior Vice President, BSS Chief Products Officer and the changes in reporting, position, duties or responsibilities attendant thereto; provided, however, “Good Reason” shall include any subsequent material diminution in the Executive’s title, position or reporting status, duties or responsibilities.

 

	
7.  

	
Section 7 of the Employment Letter shall be modified by replacing the cross reference to “Sections 5(a) through (e)” with “Sections 6(a) through (e)” and the cross reference to “Sections 5(c) and (d)” with “Sections 6(c) and (d)”.

 

	
8.  

	
A new sentence shall be added after the end of the fifth sentence of Section 25 of the Employment Letter that reads as follows:

 

“In the event that the payment and benefits payable to the Executive would be reduced as provided in this Section 25, then such reduction will be determined in an manner which has the least economic cost to the Executive and, to the extent the economic cost is equivalent, such payments or benefits will be reduced in the inverse order of when the payments or benefits would have been made to the Executive (i.e., later payments will be reduce first) until the reduction specified is achieved.”

 

	
9.  

	
The Company shall pay for reasonable legal fees and expenses up to an amount of $5,000 that the Executive has incurred in connection with the negotiation and drafting of this letter.

 

	
10.  

	
This letter shall be binding upon and inure to the benefit of the Executive and the Company and their respective successors, agents, heirs (in the case of the Executive) and assigns.

 

	
11.  

	
The Employment Letter, as modified  by this letter and any plan, other agreements or attachments referred to therein, contains the entire understanding and agreement between the Company and the Executive concerning the subject matter hereof and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, with respect thereto including, without limitation, any offer letters or employment agreements and any nondisclosure, nonsolicitation, inventions and/or noncompetition agreements between the Parties, other than Sections 4, 6, and 9 of Employment, Non-Disclosure and Non-Competition Agreement between the Company and the Executive dated as of January 1, 2003, which provisions shall continue to exist and be binding upon the Executive.

 

 

Comverse, Inc.

200 Quannapowitt Parkway ٠ Wakefield, Massachusetts 01880

Telephone: 1+781-224-9000

 

 

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12.  

	
No provision in this letter may be amended unless such amendment is agreed to in writing and signed by the Executive and an authorized officer of the Company.  No waiver by either the Company or the Executive of any breach by the other party of any condition or provision contained in this letter to be performed by such other party shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time.  Any waiver must be in writing and signed by the Executive or an authorized officer of the Company, as the case may be.

 

	
13.  

	
The parties hereto acknowledge and agree that each party (with an opportunity for review by its or his counsel) negotiated the terms and provisions of this letter and have contributed to its drafting.  Accordingly, (a) the rules of construction to the effect that any ambiguities are resolved against the drafting party shall not be employed in the interpretation of this letter, and (b) the terms and provisions of this letter shall be construed fairly as to all parties hereto and not in favor of or against any party regardless of which party was generally responsible for the preparation of this letter.  Except where the context requires otherwise, all references herein to Sections, paragraphs and clauses shall be deemed to be reference to Sections, paragraphs and clauses of the Employment Letter, as amended by this letter.  The words “hereof, “herein” and “hereunder” and words of similar import when used in the Employment Letter shall refer to the Employment Letter, as amended by this letter, as a whole and not to any particular provision of the Employment Letter.

 

	
14.  

	
This letter may be executed in two or more counterparts, and such counterparts shall constitute one and the same instrument.  Signatures delivered by facsimile shall be deemed effective for all purposes to the extent permitted under applicable law.

 

	
15.  

	
This letter is governed by and construed and interpreted in accordance with the laws of the State of New York without reference to principles of conflicts of law unless superseded by federal law.  You agree that any suit, action or other legal proceeding that is commenced to resolve any matter arising under or relating to any provision of this letter shall be commenced only in a court of the State of New York (or, if appropriate, a federal court located within the State of New York), and you consent to the jurisdiction of such court.  Each party shall be responsible for paying its own fees and expenses (including reasonable attorney fees) in connection with any dispute under this letter.

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

 

Comverse, Inc.

200 Quannapowitt Parkway ٠ Wakefield, Massachusetts 01880

Telephone: 1+781-224-9000

 

 

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	 	Sincerely,	 
	 	 	 
	
 

	/s/ Charles Burdick	 
	 	Chief Executive Officer	 
	 	Comverse, Inc.	 
	 	 	 

 

I have read the foregoing and agree to these terms of employment with Comverse, Inc.

	 /s/ Gabriel Matsliach	 
	
Gabriel Matsliach

	  
	
Date: 3/30/2011

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

Comverse, Inc.

200 Quannapowitt Parkway ٠ Wakefield, Massachusetts 01880

Telephone: 1+781-224-9000

 

 

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