Document:

Exhibit
10.154

 

 

October 14, 2003

 

 

Mr. Michael Green

3452 Lady Hill Road

San Diego, CA 92130

 

Dear Mike,

 

As you are aware, we have been advised by counsel that it would be in
the best interests of the Company, due to SEC filing requirements, if your employment
start date (the “Effective Date”) could be adjusted from October 1, 2003.

 

As such, I want to make the following offer to you:

 

1.             The
revised Effective Date shall be October 10, 2003;

 

2.             The
Company shall pay you a signing bonus on the next earliest pay date in the
amount of $6,800;

 

3.             I will
request that the Board approve your option package with a vesting commencement
date of October 1, 2003;

 

4.             All
other terms and conditions of our original letter of offer dated September 30,
2003 shall remain in full force and effect.

 

Mike, I hope this meets with your approval and that you find this
adjustment satisfactory.  Please let me
know if you feel otherwise.

 

Sincerely,

 

 

John Bonfiglio, Ph.D.

Chief Executive OfficerExhibit 4.1.1

 

SUPPLEMENTAL
INDENTURE

(PATS Aircraft, LLC)

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of December 11, 2003 among PATS Aircraft,
LLC, a Delaware limited liability company (“Guarantor”),
a subsidiary of DeCrane Aircraft Holdings, Inc. (or its permitted successor), a
Delaware corporation (the “Issuer”),
the other Guarantors (as defined in the Indenture referred to herein) and U.S.
Bank National Association, as trustee under the Indenture referred to below
(the “Trustee”).

 

W I T N E S S
E T H

 

WHEREAS, the Issuer has heretofore executed and delivered to the
Trustee an indenture (the “Indenture”), dated as of October 5, 1998 providing for the issuance of an
aggregate principal amount of up to $100.0 million of 12% Senior Subordinated
Notes due 2008 (the “Notes”);

 

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

 

WHEREAS, pursuant to Section 9.06 of the Indenture, the Trustee is
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, Guarantor
and the Trustee mutually covenant and agree for the equal and ratable benefit
of the Holders of the Notes as follows:

 

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

 

2.             AGREEMENT TO
GUARANTEE.  The Guarantor
hereby agrees as follows:

 

(a)           Along
with all Guarantors named in the Indenture, to jointly and severally Guarantee
to each Holder of a Note authenticated and delivered by the Trustee and to the
Trustee and its successors and assigns, irrespective of the validity and
enforceability of the Indenture, the Notes or the obligations of Issuer
hereunder or thereunder, that:

 

(i)            the principal of and interest on the Notes
will be promptly paid in full when due, whether at maturity, by acceleration,
redemption or otherwise, and interest on the overdue principal of and interest on
the Notes, if any, is lawful, and all other obligations of the Issuer to the
Holders or the Trustee hereunder or thereunder will be promptly paid in full or
performed, all in accordance with the terms hereof and thereof; and

 

(ii)           in case of any extension of time of payment
or renewal of any Notes or any of such other obligations, that same will be
promptly paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at stated maturity, by acceleration or otherwise.
Failing payment when due of any amount so guaranteed or any performance so
guaranteed for whatever reason, the Guarantors shall be jointly and severally
obligated to pay the same immediately.

 

1

 

(b)           The
obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or the Indenture, the absence of any
action to enforce the same, any waiver or consent by any Holder of the Notes
with respect to any provisions hereof or thereof, the recovery of any judgment
against Issuer, any action to enforce the same or any other circumstance which
might otherwise constitute a legal or equitable discharge or defense of a
guarantor.

 

(c)           The
following is hereby waived: diligence, presentment, demand of payment, filing
of claims with a court in the event of insolvency or bankruptcy of the Issuer,
any right to require a proceeding first against the Issuer, protest, notice and
all demands whatsoever.

 

(d)           This
Note Guarantee shall not be discharged except by complete performance of the
obligations contained in the Notes and the Indenture.

 

(e)           If
any Holder or the Trustee is required by any court or otherwise to return to
the Issuer, the Guarantor, or any Custodian, trustee, liquidator or other
similar official acting in relation to either the Issuer or the Guarantor, any
amount paid by either to the Trustee or such Holder, this Note Guarantee, to
the extent theretofore discharged, shall be reinstated in full force and effect.

 

(f)            The
Guarantor shall not be entitled to any right of subrogation in relation to the
Holders in respect of any obligations guaranteed hereby until payment in full
of all obligations guaranteed hereby.

 

(g)           As
between the Guarantor, on the one hand, and the Holders and the Trustee, on the
other hand, (x) the maturity of the obligations guaranteed hereby may be
accelerated as provided in Article 6 of the Indenture for the purposes of this
Note Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby,
and (y) in the event of any declaration of acceleration of such obligations as
provided in Article 6 of the Indenture, such obligations (whether or not due
and payable) shall forthwith become due and payable by the Guarantor for the
purpose of this Note Guarantee.

 

(h)           The
Guarantor shall have the right to seek contribution from any non-paying
Guarantor so long as the exercise of such right does not impair the rights of
the Holders under the Guarantee.

 

(i)            Pursuant
to Section 11.03 of the Indenture, after giving effect to any maximum amount
and any other contingent and fixed liabilities that are relevant under any
applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to
any collections from, rights to receive contribution from or payments made by
or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under Article 11 of the Indenture shall result in the obligations of
such Guarantor under its Note Guarantee not constituting a fraudulent transfer
or conveyance.

 

3.             EXECUTION
AND DELIVERY.   The Guarantor
agrees that the Note Guarantees shall remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of such Note
Guarantee.

 

4.             GUARANTOR
MAY CONSOLIDATE ETC. ON CERTAIN TERMS.

 

(a)           Guarantor
may not consolidate with or merge with or into (whether or not Guarantor is the
surviving Person), another corporation, Person or entity whether or not
affiliated with Guarantor unless:

 

(i)            subject to Section 5(a) hereof, the Person
formed by or surviving any such consolidation or merger (if other than
Guarantor) assumes all the obligations of Guarantor pursuant to a supplemental
indenture in form and substance reasonably

 

2

 

satisfactory to the Trustee, under the Notes, the Indenture and the
Registration Rights Agreement;

 

(ii)           immediately after giving effect to such
transaction, no Default or Event of Default exists; and

 

(iii)          Issuer would, at the time of such transaction
and after giving pro forma effect thereto as if such transaction had occurred
at the beginning of the applicable four-quarter period, be permitted to incur
at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 4.09 of the Indenture;

 

provided that, the
requirements of clause (iii) of this Section 4(a) will not apply in the case of
a consolidation with or merger with or into the Issuer or another Guarantor.

 

(b)           In
case of any such consolidation, merger, sale or conveyance and upon the
assumption by the successor Person, by supplemental indenture executed and
delivered to the Trustee in the form of Exhibit E to the Indenture or otherwise
satisfactory in form to the Trustee, of the Note Guarantee and the due and
punctual performance of all of the covenants and conditions of the Indenture to
be performed by the Guarantor, such successor Person shall succeed to and be
substituted for the Guarantor with the same effect as if it had been named
herein as a Guarantor. All the Note Guarantees so issued shall in all respects
have the same legal rank and benefit under the Indenture as the Note Guarantees
theretofore and thereafter issued in accordance with the terms of the Indenture
as though all of such Note Guarantees had been issued at the date of the
execution hereof.

 

(c)           Except
as set forth in Articles 4 and 5 of the Indenture, and notwithstanding clauses
(a) and (b) above, nothing contained in the Indenture or in any of the Notes
shall prevent any consolidation or merger of Guarantor with or into the Issuer
or another Guarantor, or shall prevent any sale or conveyance of the property
of Guarantor as an entirety or substantially as an entirety to the Issuer or
another Guarantor.

 

5.                                       RELEASES.

 

(a)           In
the event of a sale or other disposition of all of the assets of Guarantor, by
way of merger, consolidation or otherwise, or a sale or other disposition of
all of the capital stock of Guarantor, Guarantor (in the event of a sale or
other disposition, by way of such a merger, consolidation or otherwise, of all
of the capital stock of Guarantor) or the corporation acquiring the property
(in the event of a sale or other disposition of all of the assets of Guarantor)
will be released and relieved of any obligations under its Note Guarantee; provided
that the Net Proceeds of such sale or other disposition are applied in
accordance with the applicable provisions of the Indenture, including without
limitation Section 4.10 of the Indenture. 
Upon delivery by the Issuer to the Trustee of an Officers’ Certificate
and an Opinion of Counsel to the effect that such sale or other disposition was
made by the Issuer in accordance with the applicable provisions of the
Indenture, including, without limitation, Section 4.10 of the Indenture, the
Trustee shall execute any documents reasonably required in order to evidence
the release of Guarantor from its obligations under its Note Guarantee.

 

(b)           Any
Guarantor not released from its obligations under its Note Guarantee shall
remain liable for the full amount of principal of and interest on the Notes and
for the other obligations of any Guarantor under the Indenture as provided in
Article 11 of the Indenture.

 

6.             NO RECOURSE
AGAINST OTHERS.  No past,
present or future director, officer, employee, incorporator, stockholder or
agent of the Guarantor, as such, shall have any liability for any obligations
of the Issuer or Guarantor under the Notes, any Note Guarantees, the Indenture
or this Supplemental Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. 
Each Holder of the Notes by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for
issuance of the

 

3

 

Notes.  Such waiver may not be effective to waive
liabilities under the federal securities laws and it is the view of the
Commission that such a waiver is against public policy.

 

7.             NEW YORK LAW
TO GOVERN.   THE INTERNAL LAW
OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL
INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF
LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

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.           THE TRUSTEE.
 The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made solely by Guarantor and the
Issuer.

 

	
  Dated as of
  December 11, 2003

  	
  AUDIO
  INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/  Richard J. Kaplan

  	
   

  
	
   

  	
   

  	
  Name: Richard
  J. Kaplan

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CARL F.
  BOOTH & CO., LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/  Richard J. Kaplan

  	
   

  
	
   

  	
   

  	
  Name:
  Richard J. Kaplan

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CUSTOM
  WOODWORK & PLASTICS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/  Richard J. Kaplan

  	
   

  
	
   

  	
   

  	
  Name:
  Richard J. Kaplan

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DAH-IP
  HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/  Richard J. Kaplan

  	
   

  
	
   

  	
   

  	
  Name:
  Richard J. Kaplan

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  

 

4

 

	
   

  	
  DAH-IP
  INFINITY, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/  Richard J. Kaplan

  	
   

  
	
   

  	
   

  	
  Name:
  Richard J. Kaplan

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DECRANE
  AIRCRAFT FURNITURE CO., L.P.

  a Texas limited partnership,

  
	
   

  	
  By:

  	
  DAH-IP
  Holdings, Inc., a Delaware

  
	
   

  	
   

  	
  corporation,
  its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/  Richard J. Kaplan

  	
   

  
	
   

  	
   

  	
  Name:
  Richard J. Kaplan

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DECRANE
  AIRCRAFT SEATING COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/  Richard J. Kaplan

  	
   

  
	
   

  	
   

  	
  Name:
  Richard J. Kaplan

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DECRANE
  CABIN INTERIORS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/  Richard J. Kaplan

  	
   

  
	
   

  	
   

  	
  Name:
  Richard J. Kaplan

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HOLLINGSEAD
  INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/  Richard J. Kaplan

  	
   

  
	
   

  	
   

  	
  Name:
  Richard J. Kaplan

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PATS
  AIRCRAFT, LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/  Richard J. Kaplan

  	
   

  
	
   

  	
   

  	
  Name:
  Richard J. Kaplan

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PCI NEWCO,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/  Richard J. Kaplan

  	
   

  
	
   

  	
   

  	
  Name:
  Richard J. Kaplan

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  

 

5

 

	
   

  	
  PPI
  HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/  Richard J. Kaplan

  	
   

  
	
   

  	
   

  	
  Name:
  Richard J. Kaplan

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PRECISION PATTERN, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/  Richard J. Kaplan

  	
   

  
	
   

  	
   

  	
  Name:
  Richard J. Kaplan

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE INFINITY
  PARTNERS, LTD.

  a Texas limited partnership,

  
	
   

  	
  By:

  	
  DAH-IP
  Holdings, Inc., a Delaware

  corporation, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  /s/  Richard J. Kaplan

  	
   

  
	
   

  	
   

  	
  Name: Richard
  J. Kaplan

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  

 

6

 

	
   

  	
  U.S. BANK
  NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]