Document:

exv10w26

Exhibit 10.26

AMENDMENT TO

AMENDED AND RESTATED SEPARATION BENEFITS AGREEMENT

     This Amendment to the Amended and Restated Separation Benefits Agreement (the
“Amendment”) is entered into as of November 16, 2009 (the “Effective Date”),
between David V. Smith (“Executive”) and Thoratec Corporation, a California corporation
(the “Company”).

RECITALS

     WHEREAS, on April 23, 2007, Executive and the Company entered into an Amended and Restated
Separation Benefits Agreement (the “Agreement”) which provides for separation and change of
control benefits upon the occurrence of certain terminations of Executive’s employment and/or a
change of control of the Company;

     WHEREAS, pursuant to Section 9(c) of the Agreement, the Agreement may be amended by a written
instrument signed by both Executive and a duly authorized officer of the Company; and

     WHEREAS, the parties wish to amend the Agreement in order to ensure that the benefits to be
provided by the Agreement comply with, or are exempt from, the provisions of Section 409A of the
United States Internal Revenue Code (“Section 409A”).

AGREEMENT

     NOW THEREFORE, in consideration of the foregoing and the mutual agreements contained herein,
the parties hereby agree as follows effective as of the Effective Date. Except as otherwise
defined herein, capitalized terms shall have the meanings assigned to them in the Agreement.

     1. Amendment. The Agreement is hereby amended to the extent necessary to provide the
following:

          1.1 Release; Payments upon Termination of Employment. To the extent the Agreement
requires that a release of claims be provided to the Company following a termination of employment
in order to receive a benefit under the Agreement, such release shall be delivered to the Company,
and shall become non-revocable, no later than fifty-two (52) days following such termination of
employment. Except as otherwise provided in this Amendment, any compensation provided under the
Agreement that is payable upon a termination of Employee’s employment, shall be paid within sixty
(60) days of such termination of employment.

          1.2 Definition of Good Reason. For purposes of the Agreement, “Good Reason” shall
mean (A) any material reduction in Executive’s duties or salary or bonus opportunity or (B) a
requirement that Executive works at a facility more than twenty-five (25) miles from the Company
facility where Executive is then employed without Executive’s written consent; provided, that (A)
and (B) shall not constitute grounds for Good Reason termination unless Executive gives the Company
written notice describing such Good Reason event within thirty (30) days after the event first
occurs, such event is not corrected by the Company within thirty (30) days after the Company’s
receipt of such notice and Executive terminates employment no later than one hundred eighty (180)
days after the expiration of such correction period.

          1.3 Section 7 of the Agreement. Section 7 of the Agreement is hereby amended and
restated in its entirety to read as follows:

 

 

          “7. Section 409A.

               1. Notwithstanding anything in the Agreement or this Amendment to the contrary, any
compensation or benefits payable under the Agreement that constitutes “nonqualified deferred
compensation” within the meaning of Section 409A and which are designated as payable upon
Executive’s termination of employment (other than accrued obligations which must be paid upon such
termination under applicable law) shall be payable upon Executive’s “separation from service” with
the Company within the meaning of Section 409A (a “separation from service”), regardless of
when the termination of employment occurs.

               2. To the maximum extent permitted by applicable law, amounts payable in connection with a
separation from service shall be paid in reliance upon Treasury Regulation 1.409A-1(b)(9)
(Separation Pay Plans) or Treasury Regulation 1.409A-1(b)(4) (Short-Term Deferrals). However,
notwithstanding anything to the contrary in the Agreement, if Executive is deemed by the Company at
the time of Executive’s separation from service to be a “specified employee” for purposes of
Section 409A, to the extent delayed commencement of any portion of the benefits to which Executive
is entitled under the Agreement is required in order to avoid a prohibited distribution under
Section 409A, such portion of Executive’s benefits shall not be provided to Executive prior to the
earlier of (i) the expiration of the six-month period measured from the date of Executive’s
separation from service with the Company or (ii) the date of Executive’s death. Upon the first
business day following the expiration of the applicable period, all payments deferred pursuant to
the preceding sentence shall be paid in a lump sum to Executive (or Executive’s estate or
beneficiaries), and any remaining payments due to Executive under this Agreement shall be paid as
otherwise provided herein.

               3. To the extent that the Agreement provides for the payment of any tax gross-up and/or any
related taxes, costs or expenses, all such payments shall be made by the Company promptly, but in
no event later than the end of Executive’s taxable year next following the Executive’s taxable year
in which Executive remits the related taxes.

               (A) To the extent applicable, the Agreement shall be interpreted in accordance with, and
incorporate the terms and conditions required by, Section 409A and Department of Treasury
regulations and other interpretive guidance issued thereunder, including without limitation any
such regulations or other guidance that may be issued after the effective date of this Amendment.
Notwithstanding any provision of the Agreement or the Amendment to the contrary, in the event that
the Company determines that any amounts payable hereunder will be immediately taxable to Executive
under Section 409A and related Department of Treasury guidance, to the extent permitted under
Section 409A, the Company may, to the extent permitted under Section 409A (i) cooperate in good
faith to adopt such amendments to the Agreement and appropriate policies and procedures, including
amendments and policies with retroactive effect, that they determine necessary or appropriate to
preserve the intended tax treatment of the benefits provided by the Agreement, preserve the
economic benefits of the Agreement and avoid less favorable accounting or tax consequences for the
Company and/or (ii) take such other actions as mutually determined necessary or appropriate to
exempt the amounts payable hereunder from Section 409A or to comply with the requirements of
Section 409A and thereby avoid the application of penalty taxes under such section.”

          1.4 Termination of Executive After a Change of Control. The first sentence of Section
2(b) of the Agreement shall be amended and restated in its entirety to read as follows:

2

 

          “Notwithstanding Section 2(a), if Executive would otherwise have been entitled to benefits
pursuant to Section 2(a) but Executive’s involuntary termination of employment without Cause by the
Company occurs on or within eighteen (18) months after a Change
of Control, or if Executive terminates employment with the Company for Good Reason during such period, Executive shall be paid
in lieu of the severance pay benefit described in Section 2(a) a Change of Control severance pay
benefit equal to two (2) times Executive’s then-current annual base salary plus two (2) times the
greatest of (a) the target bonus for the year preceding the year in which Executive’s termination
occurs, (b) the actual bonus for such prior year, or (c) the target bonus for the year in which the
termination of employment occurs.”

     2. Other Terms and Conditions. Except as set forth herein, all other terms and
conditions of the Agreement shall remain in full force and effect.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the Effective Date.

	 	 	 	 	 	 
	EXECUTIVE 	 	THORATEC CORPORATION

 	 
	/s/
David V. Smith	 	By:  	/s/ Gerhard F. Burbach
 	 
	David V. Smith	 	 	Name:  	Gerhard F. Burbach 	 
	 	 	 	Title:  	President & Chief Executive Officer 	 
	 

3Exhibit 4.1.2

EXHIBIT 4.1.2

PENSKE AUTOMOTIVE GROUP, INC.

as Issuer,

THE GUARANTORS NAMED HEREIN

as Guarantors,

and

BANK OF NEW YORK TRUST COMPANY, N.A.

as Trustee,

3.50% SENIOR SUBORDINATED CONVERTIBLE NOTES DUE 2026

AMENDED AND RESTATED SUPPLEMENTAL INDENTURE

Dated as of February 19, 2010

to

INDENTURE

Dated as of January 31, 2006

 

 

 

AMENDED AND RESTATED SUPPLEMENTAL INDENTURE

AMENDED AND RESTATED SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of February
19, 2010, among PAG NORTHERN CALIFORNIA MANAGEMENT, INC., PAG SANTA ANA AVW, INC., PAG WEST
ACQUISITION 1, INC. and PAG WEST ACQUISITION 2, INC. (each a “Guaranteeing Subsidiary”),
subsidiaries of Penske Automotive Group, Inc. (or its permitted successor), a Delaware corporation
(the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein)
and Bank of New York Trust Company, N.A., successor to J.P. Morgan Trust Company, National
Association, as trustee under the Indenture referred to below (the “Trustee”).

WITNESSETH

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of January 31, 2006 providing for the issuance of 3.50% Senior Subordinated
Convertible Notes due 2026 (the “Notes”);

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall
execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing
Subsidiary 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 10.01 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, the Guaranteeing Subsidiary 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 Guaranteeing Subsidiary hereby agrees to provide a Guarantee on the
terms and subject to the conditions set forth in the Guarantee and in the Indenture including but
not limited to Article 12 thereof, including the subordination provisions thereof.

4. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee,
incorporator, stockholder or agent of the Guaranteeing Subsidiary(ies), as such, shall have any
liability for any obligations of the Company or any Guaranteeing Subsidiary(ies) under the Notes,
any 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 or any Guarantee
by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes and this Guarantee.

5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO
CONSTRUE THIS SUPPLEMENTAL
INDENTURE 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.

 

 

 

6. 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.

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

8. 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 the Guaranteeing Subsidiary and the
Company.

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.

Dated as of February 19, 2010

	 	 	 	 	 
	 	SIGNATURES

PENSKE AUTOMOTIVE GROUP, INC.

 	 
	 	By:  	/s/ Robert O’Shaughnessy
 	 
	 	 	Name:  	Robert O’Shaughnessy 	 
	 	 	Title:  	Executive Vice President — Finance and
CFO 	 
	 	

GUARANTORS:

UAG MINNEAPOLIS B1, LLC

JS IMPORTS, LLC

PALM AUTO PLAZA, LLC

WEST PALM NISSAN, LLC

UAG BOSTON FMM, LLC

UAG BOSTON FMB, LLC

UAG BOSTON FML, LLC

UAG BOSTON FMR, LLC

UAG BOSTON BENTLEY, LLC

WEST PALM S1, LLC

 	 
	 	By:  	/s/ Robert O’Shaughnessy
 	 
	 	 	Name:  	Robert O’Shaughnessy 	 
	 	 	Title:  	Assistant Treasurer 	 

 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	SCOTTSDALE 101 MANAGEMENT, LLC

SCOTTSDALE PAINT & BODY, LLC

UAG ACQUISITION 1, LLC

UAG ACQUISITION 2, LLC

UAG ACQUISITION 3, LLC

UAG ACQUISITION 4, LLC

UAG ACQUISITION 5, LLC

TAMBURRO ENTERPRISES, INC.

CLASSIC SPECIAL ADVERTISING, INC.

CLASSIC SPECIAL, LLC

CLASSIC SPECIAL AUTOMOTIVE GP, LLC

 	 
	 	By:  	/s/ Robert O’Shaughnessy
 	 
	 	 	Name:  	Robert O’Shaughnessy 	 
	 	 	Title:  	Assistant Treasurer 	 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	CLASSIC OLDSMOBILE-PONTIAC-GMC, LTD. 

CLASSIC SPECIAL HYUNDAI, LTD. 

HILL COUNTRY IMPORTS, LTD.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	CLASSIC SPECIAL, LLC	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Robert O’Shaughnessy
 

Name: Robert O’Shaughnessy
	 	 
	 

	 	 	 	 	 	 	 	Title:    Assistant Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	CLASSIC SPECIAL AUTOMOTIVE, LTD.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	CLASSIC SPECIAL AUTOMOTIVE GP, LLC	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Robert O’Shaughnessy
 

Name: Robert O’Shaughnessy
	 	 
	 

	 	 	 	 	 	 	 	Title:    Assistant Treasurer	 	 

 

 

 

	 	 	 	 	 
	 	ADDITIONAL GUARANTORS

PAG LONG ISLAND M1, LLC

PAG LONG ISLAND A1, LLC

PAG LONG ISLAND B1, LLC

PAG LONG ISLAND L1, LLC

TURNERSVILLE AUTO OUTLET, LLC

SMART USA DISTRIBUTOR LLC

PAG NORTH SCOTTSDALE BE, LLC

PENSKE DIRECT, LLC

CYCLE HOLDINGS, LLC

PAG TURNERSVILLE AU, LLC

PAG ACQUISITION 15, LLC

PAG MICHIGAN S1, LLC

PAG AUSTIN S1, LLC

PAG CLOVIS T1, INC.

PAG ORLANDO LIMITED, INC.

PAG ORLANDO GENERAL, INC.

 	 
	 	By:  	/s/ Robert O’Shaughnessy
 	 
	 	 	Name:  	Robert O’Shaughnessy 	 
	 	 	Title:  	Assistant Treasurer 	 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	PAG ORLANDO PARTNERSHIP, LTD.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By: PAG ORLANDO GENERAL, INC.	 	 
	 	 	 	 	Its: General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Robert O’Shaughnessy
 

Name: Robert O’Shaughnessy
	 	 
	 

	 	 	 	 	 	 	 	Title:    Assistant Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	HBL, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By: Penske Automotive Group, Inc.	 	 
	 	 	 	 	Its: Sole Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Robert O’Shaughnessy
 

Name: Robert O’Shaughnessy
	 	 
	 

	 	 	 	 	 	 	 	Title:    Executive Vice President-Finance	 	 

	 	 	 	 	 
	 	PETER PAN MOTORS, INC.

 	 
	 	By:  	/s/ Robert O’Shaughnessy
 	 
	 	 	Name:  	Robert O’Shaughnessy 	 
	 	 	Title:  	Assistant Treasurer 	 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	UAG MENTOR ACQUISITION, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By: Penske Automotive Group, Inc.	 	 
	 	 	 	 	Its: Sole Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Robert O’Shaughnessy
 

Name: Robert O’Shaughnessy
	 	 
	 

	 	 	 	 	 	 	 	Title:    Executive Vice President-Finance	 	 

 

 

 

	 	 	 	 	 	 	 
	 	 	PAG SAN JOSE S1, INC.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert O’Shaughnessy
 

Name: Robert O’Shaughnessy
	 	 
	 

	 	 	 	Title:    Assistant Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	AUTOMOTIVE MEDIA HOLDINGS, LLC
	 	 	PAG ACQUISITION 20, LLC
	 	 	PAG ACQUISITION 21, LLC
	 	 	PAG ACQUISITION 22, LLC
	 	 	PAG ACQUISITION 23, LLC
	 	 	PAG ACQUISITION 24, LLC
	 	 	PAG ACQUISITION 25, LLC
	 	 	PAG ACQUISITION 26, LLC
	 
	 	 	 	 	 	 
	 	 	By: PENSKE AUTOMOTIVE GROUP, INC.
	 	 	Its: Sole Member
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert O’Shaughnessy
 

Name: Robert O’Shaughnessy
	 	 
	 

	 	 	 	Title:    Executive Vice President-Finance and
CFO	 	 
	 
	 	 	 	 	 	 
	 	 	PAG NORTHERN CALIFORNIA MANAGEMENT, INC.
	 	 	PAG SANTA ANA AVW, INC.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert O’Shaughnessy
 

Name: Robert O’Shaughnessy
	 	 
	 

	 	 	 	Title:    Assistant Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	PAG WEST ACQUISITION 1, LLC
	 	 	PAG WEST ACQUISITION 2, LLC
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert O’Shaughnessy
 

Name: Robert O’Shaughnessy
	 	 
	 

	 	 	 	Title:    Treasurer	 	 

 

 

 

THE BANK OF NEW YORK TRUST COMPANY, N.A., as Trustee,

as successor in interest to

J.P. Morgan Trust Company, N.A.

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ D.G. Donovan
 	 
	 	 	Name:  	D.G. Donovan 	 
	 	 	Title:  	Vice President

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