Document:

exv10w35

 

Exhibit
10.35

			
	
	 	

Plan: FY08 Executive Incentive Plan

Division: International Technidyne Corporation (ITC)

	I.	 	Objective

ITC’s Executive Incentive Plan, hereinafter referred to as EIP is intended to reward
executive employees who significantly impact and influence ITC’s productivity in proportion
to their accomplishment of specified objectives.
	 
	 	 	The purpose of the plan is to ensure maximum return to ITC by encouraging greater initiative,
resourcefulness, teamwork and efficiency on the part of senior management whose performance
and responsibilities directly affect company profits.
	 
	 	 	Awarding of the bonus will be based on company financial performance and by accomplishing a
set of annual objectives, determined by the Chief Executive Officer (“CEO”) and the Board of
Directors, typically at the beginning of the year. Bonus determinations and payouts will
take place after the financial statements have been prepared for the fiscal year.
	 
	II.	 	Determination Of The Fund

The availability of, and participants in, the fund will be set by the CEO and approved by the
Board of Directors as part of the annual budgeting process.
	 
	III.	 	Effective Date

The effective date of this program is December 30, 2007, the beginning of the plan year, and
will continue in effect until January 3, 2009, or until terminated or amended by the Board of
Directors. This plan supersedes all prior EIP plans.
	 
	IV.	 	Eligibility

Participation in the plan is limited to those in comparable levels of responsibility who have
a direct and significant influence on ITC’s growth and profitability. Employees must be
regular and not eligible for any other ITC commission, bonus or incentive plan in order to be
eligible to participate in the EIP.
	 
	 	 	Participating employees will be determined at the beginning of the fiscal year, or at such
time during the Fiscal Year that an employee achieves an eligible position. Employees will
be notified of their eligibility and plan objectives, as soon as possible after the
determination by the CEO or Board of Directors.
	 
	 	 	Individuals must be employed by ITC at the close of the fiscal year and the date of payment
in order to be eligible for an award under the EIP except participants who are involuntarily
terminated due to a divestiture, plant closing, reorganization or reduction in force during
the plan year may receive an award on the prorated basis described in Section VIII, Plan
Administration, Prorated Awards, (subject to approval by the CEO). These monies will
be paid out at the usual and customary time of payment of all bonuses. For purposes of this
plan, termination shall mean the day the employee leaves the job, which may not necessarily
be the last day on the payroll.
	 
	V.	 	Incentive Objectives

Objectives will be agreed to by the CEO with the Senior Management reporting to him and with
concurrence by the Board of Directors as necessary. Generally, there will be a minimum of
three up to a maximum of seven objectives, which will include two or more financial
objectives. Each objective will be weighted according to its importance, which weight will
determine the percentage of the bonus awarded for completion of that objective. (See Section
VI below.)
	 
	VI.	 	Bonus Opportunity and Award

The award opportunity will be expressed as a percentage of the participant’s base salary at
the close of the fiscal year. The award will be approved by the Board of Directors or the
CEO, and will be consistent with the participant’s peers within the company.
	 
	 	 	The amount that a participant actually receives for the full fiscal year will be based upon
the extent to which the set objectives have been achieved. The participant will receive a
percentage of the total award opportunity corresponding to the percentage of each objective
accomplished and the weight assigned to the objective. Evaluations of performance against
individual and financial objectives are made for the full year prior to fiscal year-end
payment.

1

 

	VII.	 	Performance Goal and Payout

In addition to your individual goals, everyone will have two company-oriented financial goals
that will be achieved according to the following guidelines:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	ITC	 	ITC          (1)
	 	 	Revenue	 	Non-GAAP Income Before Tax
	 	 	Goal	 	Award	 	Goal	 	Award
	 	 	 
	Threshold = to, or >
	 	$	*	 	 	 	50	%	 	$	*	 	 	 	50	%
	Target = to, or >
	 	$	*	 	 	 	100	%	 	$	*	 	 	 	100	%

Note: If revenue is less than $* (95% of target) no payment is earned for that objective.
If ITC NGIBT earnings is less than $* (90% of target), no payment is earned for that
objective. If actual results fall between threshold and target, interpolate between them to
get actual payout percentage. This percentage will be multiplied times the weight given the
objective in your individual plan to determine the achievement. Quarterly revenue and NGIBT
earnings income information may be released at the end of each quarter, after earnings have
been disclosed to the public.

	 	(1)	 	ITC NGIBT earnings is defined as GAAP net income before taxes for the ITC
Division excluding, as applicable, amortization of intangibles, in-process R&D,
impairment of intangibles, certain litigation, restructuring and CEO transition expenses
and certain other unusual or non-recurring costs, and also excluding share-based
compensation expense under SFAS No. 123R and changes in the value of the “make-whole”
provision of our convertible notes and special incentive awards.

	VIII.	 	Over-Achievement Award Opportunity/Performance Accelerator

In addition, each EIP participant will receive a [x]*% increase for every [y]*% increase in
ITC NGIBT earnings over the target level. For example, if you earned 85% of your total
objectives for the year, and the ITC Division earned $* of NGIBT earnings (a *%
over-achievement) your award would be calculated as follows:

Annualized base salary ($50,000) x target bonus (20%) x

(30% financial and 55% individual accomplishment for 85% total) x 1.* = $*

	IX.	 	Plan Administration

Prorated Awards. Individuals who are promoted to eligible positions during the plan
year, new hires into eligible positions and eligible employees who are either on
leave or on active written warning for part of the year may be awarded partial bonuses
under this program, based on the accomplished objectives and their respective weights,
subject to the approval of the CEO.
	 
	 	 	Transfers. In the event of transfer of an eligible participant to another position or
department, the transferring manager will evaluate EIP results for prorated award (see
Prorated Awards above) at the end of the year, and forward to the Human Resources Department.
The hiring manager will be responsible for setting the key business plan objectives for the
balance of the year, if applicable, and forwarding to Human Resources for approval. Awards
based on these objectives will be prorated (see Prorated Awards above) as well, for end of
the year payment.
	 
	 	 	Authority. The Board of Directors shall have the full power and authority to construe,
interpret and administer the plan. All decisions, actions or interpretations of the Board of
Directors shall be final and conclusive and binding on all parties. This program shall be
administered by the Human Resources Department.
	 
	X.	 	General Provisions

	 	•	 	The Executive Incentive Plan for 2008 may be reviewed and revised at the Board’s
discretion.
	 
	 	•	 	Nothing in this plan shall be construed to limit in any way the right of
International Technidyne Corporation to terminate an employee’s employment at any time,
with or without cause or notice, nor shall it be evidence of any agreement or
understanding, expressed or implied, that Thoratec or any of its subsidiaries will
employ an employee in any particular position, for any particular period of time, ensure
participation in any incentive programs, or the granting of awards from such programs as
they may from time to time exist or be constituted. ITC reserves the right to
discontinue or alter the plan at its sole discretion at any time with or without notice.

 

			
	*	 	Amounts and percentages to be determined by the Compensation and
Option Committee of the Board of Directors.

2exv10w1

 

Exhibit 10.1

FOURTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

     THIS FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (herein called this
“Amendment”) dated as of April 7, 2008, by and among Devon Energy Corporation, a Delaware
corporation (the “US Borrower”), Northstar Energy Corporation, a Nova Scotia unlimited company, and
Devon Canada Corporation, a Nova Scotia unlimited company (the “Canadian Borrowers” and, together
with the US Borrower, the “Borrowers”), Bank of America, N.A., individually and as administrative
agent (the “Administrative Agent”), and the Lenders party to this Amendment.

WITNESSETH:

     WHEREAS, the Borrowers, the Administrative Agent and the Lenders entered into that certain
Amended and Restated Credit Agreement effective as of April 7, 2006 (as amended or supplemented to
the date hereof, the “Original Agreement”), for the purpose and consideration therein expressed,
whereby the Lenders became obligated to make loans to the Borrowers as therein provided; and

     WHEREAS, the Borrowers, the Administrative Agent and the Lenders party to this Amendment
desire to amend the Original Agreement as set forth herein;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
contained herein and in the Original Agreement, in consideration of the Loans which may hereafter
be made by the Lenders to the Borrowers, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

ARTICLE I.

DEFINITIONS AND REFERENCES

     § 1.1. Terms Defined in the Original Agreement. Unless the context otherwise requires
or unless otherwise expressly defined herein, the terms defined in the Original Agreement shall
have the same meanings whenever used in this Amendment.

     § 1.2. Other Defined Terms. Unless the context otherwise requires, the following
terms when used in this Amendment shall have the meanings assigned to them in this section.

     “Amendment” means this Fourth Amendment to the Original Agreement.

     “Credit Agreement” means the Original Agreement as amended hereby.

 Fourth Amendment to Credit Agreement

 

 

ARTICLE II.

     § 2.1 Defined Terms. The following definition in Section 1.1 of the Original
Agreement is hereby amended in its entirety to read as follows:

     “Canadian L/C Issuer” means (i) Bank of America, (ii) The Bank of Nova Scotia,
(iii) Royal Bank of Canada, but Royal Bank of Canada shall be a Canadian L/C Issuer only
until all Canadian Letters of Credit issued by Royal Bank of Canada as of April 7, 2008
have expired or otherwise been terminated; or (iv) any other Canadian Lender that may issue
Canadian Letters of Credit hereunder, as mutually agreed to by Administrative Agent and
Canadian Borrowers and such Lender, in such Person’s capacity as issuer of Canadian Letters
of Credit hereunder, or any successor issuer of Canadian Letters of Credit hereunder;
provided that after April 7, 2008, Royal Bank of Canada shall have no obligation to
issue any new Canadian Letter of Credit or to amend or extend any existing Canadian Letter
of Credit.

ARTICLE III.

CONDITIONS OF EFFECTIVENESS

     §3.1. Documents to be Delivered.

     (a) This Amendment shall become effective as of the date set forth in the introductory
paragraph of this Amendment (the “Effective Date”) when the Administrative Agent shall have
received all of the following, at the Administrative Agent’s office:

     (i) This Amendment duly executed and delivered by the Borrowers, the Administrative
Agent and the Required Canadian Lenders.

     (ii) The Consent and Agreement attached hereto duly executed and delivered by Devon
Financing, U.L.C.

     (iii) A Certificate of the US Borrower of even date herewith signed by a Responsible
Officer of the US Borrower (i) certifying that Borrowers have taken all action necessary to
authorize the execution and delivery of this Amendment and (ii) certifying that before and
after giving effect to this Amendment, (A) the representations and warranties contained in
Article IV of this Amendment, in Article VII of the Original Agreement and in the other Loan
Documents made by it are true and correct in all material respects on and as of the date
hereof, except to the extent that such representations and warranties specifically refer to
an earlier date, in which case they were true and correct in all material respects as of
such earlier date, and (B) no Default exists.

     (b) All commitment, facility, agency, and to the extent invoiced prior to the Effective Date,
legal and other fees that are due on or before the date hereof and are required to be paid or
reimbursed to any Lender pursuant to any Loan Documents or any commitment agreement heretofore
entered into shall have been paid.

     (c) The Bank of Nova Scotia Bank shall have become a Canadian Lender.

 Fourth Amendment to Credit Agreement

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ARTICLE IV.

REPRESENTATIONS AND WARRANTIES

     § 4.1. Representations and Warranties of the Borrowers. In order to induce each
Lender to enter into this Amendment, each Canadian Borrower represents and warrants to each Lender
with respect to the following matters applicable to it and its Subsidiaries that, and the US
Borrower represents and warrants to each Lender with respect to all of the following matters that:

     (a) The representations and warranties contained in Article VII of the Original Agreement and
the other Loan Documents made by it are true and correct in all material respects on and as of the
Effective Date, except to the extent that such representations and warranties specifically refer to
an earlier date, in which case they were true and correct in all material respects as of such
earlier date.

     (b) Each Borrower is duly authorized to execute and deliver this Amendment and is duly
authorized to borrow monies and to perform its obligations under the Original Agreement. Each
Borrower has duly taken all corporate action necessary to authorize the execution and delivery of
this Amendment and to authorize the performance of the obligations of such Borrower hereunder.

     (c) The execution and delivery by each Borrower of this Amendment, the performance by such
Borrower of its obligations hereunder and the consummation of the transactions contemplated hereby
do not and will not (i) conflict with any provision of (A) any Law, (B) the Organization Documents
of such Borrower, or (C) any agreement, judgment, license, order or permit applicable to or binding
upon such Borrower unless such conflict would not reasonably be expected to have a Material Adverse
Effect, or (ii) result in the acceleration of any Indebtedness of such Borrower which would
reasonably be expected to have a Material Adverse Effect, or (iii) result in or require the
creation of any Lien upon any assets or properties of such Borrower which would reasonably be
expected to have a Material Adverse Effect, except as expressly contemplated or permitted in the
Loan Documents. Except as expressly contemplated in the Loan Documents, no consent, approval,
authorization or order of, and no notice to or filing with, any Governmental Authority or third
party is required in connection with the execution, delivery or performance by such Borrower of
this Amendment or to consummate any transactions contemplated by this Amendment, unless failure to
obtain such consent would not reasonably be expected to have a Material Adverse Effect.

     (d) When duly executed and delivered, each of this Amendment and the Original Agreement (as
amended by this Amendment) will be a legal and binding obligation of each Borrower, enforceable in
accordance with its terms, except as limited by Debtor Relief Laws.

     (e) No Default exists on the Effective Date.

 Fourth Amendment to Credit Agreement

3

 

ARTICLE V.

MISCELLANEOUS

     § 5.1. Ratification of Agreements. The Original Agreement, as hereby amended, is
hereby ratified and confirmed in all respects. The Loan Documents, as they may be amended or
affected by this Amendment, are hereby ratified and confirmed in all respects. Any reference to
the Credit Agreement in any Loan Document shall be deemed to be a reference to the Original
Agreement, as hereby amended. 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 under the Original Agreement or any other Loan Document nor constitute a waiver of any
provision of the Original Agreement or any other Loan Document.

     § 5.2. Survival of Agreements. All representations, warranties, covenants and
agreements of the Borrowers herein shall survive the execution and delivery of this Amendment and
the performance hereof, including without limitation the making or granting of the Loans, and shall
further survive until all of the Obligations are paid in full. All statements and agreements
contained in any certificate or instrument delivered by any Loan Party hereunder or under the
Original Agreement to any Lender shall be deemed to constitute representations and warranties by,
and/or agreements and covenants of, such Loan Party under this Amendment and under the Original
Agreement.

     § 5.3. Loan Documents. This Amendment is a Loan Document, and all provisions in the
Original Agreement pertaining to Loan Documents apply hereto.

     § 5.4. Governing Law. This Amendment shall be governed by, and construed in
accordance with, the law of the state of New York; provided that the Administrative Agent
and each Lender shall retain all rights arising under federal law.

     § 5.5. Counterparts; Fax. This Amendment may be separately executed in counterparts
and by the different parties hereto in separate counterparts, each of which when so executed shall
be deemed to constitute one and the same Amendment. This Amendment may be validly executed by
facsimile or other electronic transmission.

     § 5.5. Ratification of Canadian Guaranty of Devon Energy Corporation. Devon Energy
Corporation, a Delaware corporation, hereby (i) ratifies and confirms the Canadian Guaranty
effective as of April 7, 2006 made by it for the benefit of the Administrative Agent and the
Canadian Lenders, (ii) agrees that all of its respective obligations and covenants thereunder shall
remain unimpaired by the execution and delivery of this Amendment and the other documents and
instruments executed in connection herewith, and (iii) agrees that such Canadian Guaranty shall
remain in full force and effect.

     THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF
THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.

 Fourth Amendment to Credit Agreement

4

 

     IN WITNESS WHEREOF, this Amendment is executed as of the date first above written.

	 	 	 	 	 
	 	DEVON ENERGY CORPORATION,

as the US Borrower

 	 
	 	By:  	/s/ Jeffrey A. Agosta
 	 
	 	 	Name:  	Jeffrey A. Agosta 	 
	 	 	Title:  	Vice President—Corporate Finance, Treasurer 	 
	 
	 	NORTHSTAR ENERGY CORPORATION,

as a Canadian Borrower

 	 
	 	By:  	/s/ Murray Brown
 	 
	 	 	Name:  	Murray Brown 	 
	 	 	Title:  	Vice President, Land and General Counsel 	 
	 
	 	DEVON CANADA CORPORATION,

as a Canadian Borrower

 	 
	 	By:  	/s/ Paul F. Brereton
 	 
	 	 	Name:  	Paul F. Brereton 	 
	 	 	Title:  	Vice President, Finance 	 

 Fourth Amendment to Credit Agreement

 

 

	 	 	 	 	 

CONSENT AND AGREEMENT

     Devon Financing Corporation, U.L.C., a Nova Scotia unlimited company, hereby (i) consents to
the provisions of this Amendment and the transactions contemplated herein, (ii) ratifies and
confirms the Guaranty effective as of April 7, 2006 (the “Guaranty”) made by it for the benefit of
the Administrative Agent and the Lenders, (iii) agrees that all of its respective obligations and
covenants thereunder shall remain unimpaired by the execution and delivery of this Amendment and
the other documents and instruments executed in connection herewith, and (iv) agrees that the
Guaranty shall remain in full force and effect.

	 	 	 	 	 
	 	DEVON FINANCING CORPORATION, U.L.C.

 	 
	 	By:  	/s/ Jeffrey A. Agosta
 	 
	 	 	Name:  	Jeffrey A. Agosta 	 
	 	 	Title:  	Vice President 	 

 Fourth Amendment to Credit Agreement

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Administrative Agent

 	 
	 	By:  	/s/ Renita Cummings
 	 
	 	 	Name:  	Renita Cummings 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	BANK OF AMERICA, N.A., by its Canada 

branch, as Administrative Agent

 	 
	 	By:  	/s/ Medina Sales de Andrade
 	 
	 	 	Name:  	Medina Sales de Andrade 	 
	 	 	Title:  	Vice President 	 
	 
	 	BANK OF AMERICA, N.A., by its Canada 

branch, as a Canadian Lender, a Canadian L/C Issuer, and a
Canadian Swing Line Lender

 	 
	 	By:  	/s/ Media Sales de Andrade
 	 
	 	 	Name:  	Media Sales de Andrade 	 
	 	 	Title:  	Vice President 	 
	 
	 	THE BANK OF NOVA SCOTIA, as a Canadian 

L/C Issuer and
a Canadian Lender

 	 
	 	By:  	/s/ Andrew Kellock
 	 
	 	 	Name:  	Andrew Kellock 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	/s/ Todd Kennedy
 	 
	 	 	Name:  	Todd Kennedy 	 
	 	 	Title:  	Associate 	 

 Fourth Amendment to Credit Agreement

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., Toronto Branch,

as a Canadian Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	ABN AMRO BANK N.V., as a Canadian Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK OF MONTREAL, as a Canadian Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 Fourth Amendment to Credit Agreement

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BNP PARIBAS (CANADA), as a Canadian Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CITIBANK N.A., CANADIAN BRANCH, as a Canadian Lender

 	 
	 	By:  	/s/ Niyousha Zarinpour
 	 
	 	 	Name:  	Niyousha Zarinpour 	 
	 	 	Title:  	Authorized Signer 	 
	 
	 	CREDIT SUISSE TORONTO BRANCH, as a Canadian Lender

 	 
	 	By:  	/s/ Alain Daoust
 	 
	 	 	Name:  	Alain Daoust 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                         /s/ Steve W. Fuh
 	 
	 	 	Name:  	Steve W. Fuh 	 
	 	 	Title:  	Vice President 	 

 Fourth Amendment to Credit Agreement

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	DEUTSCHE BANK AG CANADA BRANCH, as a Canadian Lender

 	 
	 	By:  	/s/ Robert A. Johnston
 	 
	 	 	Name:  	Robert A. Johnston 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                     /s/ Marcellus Leung
 	 
	 	 	Name:  	Marcellus Leung 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	ROYAL BANK OF CANADA, as a Canadian Lender

 	 
	 	By:  	/s/ Debra A. Giles
 	 
	 	 	Name:  	Debra A. Giles 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	SOCIETE GENERALE (CANADA BRANCH), as a Canadian
Lender

 	 
	 	By:  	/s/ Benoit Desmarais
 	 
	 	 	Name:  	Benoit Desmarais 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	                       /s/ Paul Primavesi
 	 
	 	 	Name:  	Paul Primavesi 	 
	 	 	Title:  	Vice President 	 

 Fourth Amendment to Credit Agreement

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	UBS AG CANADA BRANCH, as a Canadian Lender

 	 
	 	By:  	/s/ Amy Fung
 	 
	 	 	Name:  	Amy Fung 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                         /s/ Stephen Gerry
 	 
	 	 	Name:  	Stephen Gerry 	 
	 	 	Title:  	Director 	 
	 

Fourth Amendment to Credit Agreement

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