Document:

MXWL Ex 10.36 12.31.2014 10K

Exhibit 10.36

 
FIRST AMENDMENT TO SECURITY AGREEMENT
This First Amendment to Security Agreement (this “Amendment”) is entered into as of November 19, 2014 by and among WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”) and MAXWELL TECHNOLOGIES, INC. (“Debtor”).

RECITALS
Debtor and Bank are parties to that certain Security Agreement dated as of December 5, 2011, as amended from time to time (the “Agreement”).  Debtor and Bank desire to amend the Agreement in accordance with the terms of this Amendment.
NOW, THEREFORE, the parties agree as follows:
1.Schedule 5(b) attached to the Agreement hereby is replaced with Schedule 5(b) attached hereto. 
2.No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right.  Bank’s failure at any time to require strict performance by Debtor of any provision shall not affect any right of Bank thereafter to demand strict compliance and performance.  Any suspension or waiver of a right must be in writing signed by an officer of Bank.
3.Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement.  The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects.  Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof.
4.Debtor represents and warrants that the Representations and Warranties contained in the Agreement are true and correct as of the date of this Amendment, and that no Event of Default has occurred and is continuing.  
5.As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank:  
(a)    this Amendment, duly executed by Debtor; and 
(c)    the Seventh Amendment to Credit Agreement, duly executed by Debtor.
6.This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

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IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.
	
		
	MAXWELL TECHNOLOGIES, INC.
	WELLS FARGO BANK, NATIONAL ASSOCIATION

	By:      /s/ Kevin Royal                                       
Name:      Kevin Royal                                       
Title:         Sr. V.P. and Chief Financial Officer   
	By:           /s/ Dennis Kim                              
Name:          Dennis Kim                               
Title:             Vice President                           

[Signature Page to First Amendment to Security Agreement]MXWL Ex 10.37 12.31.2014 10K

Exhibit 10.37

SEVENTH AMENDMENT TO CREDIT AGREEMENT
This Seventh Amendment to Credit Agreement (this “Amendment”) is entered into as of November 19, 2014, by and between WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”) and MAXWELL TECHNOLOGIES, INC. (“Borrower”).
RECITALS
Borrower and Bank are parties to that certain Credit Agreement dated as of December 5, 2011, as amended from time to time, including but without limitation by that certain First Amendment to Credit Agreement dated as of October 31, 2013, that certain Second Amendment to Credit Agreement dated as of December 5, 2013, that certain Third Amendment and Waiver to Credit Agreement dated as of February 5, 2014, that certain Forbearance and Fourth Amendment to Credit Agreement dated as of April 30, 2014, that certain Forbearance and Fifth Amendment to Credit Agreement dated as of June 30, 2014 and that certain Sixth Amendment to Credit Agreement dated as of August 29, 2014 (the “Agreement”).  
Borrower is in default under the Agreement due to Borrower’s violation of Section 4.9(a) of the Agreement as a result of Borrower’s failure to maintain the required Quick Ratio for the quarter ending September 30, 2014 (the “Existing Default”).  The parties desire to amend the Agreement in accordance with the terms of this Amendment.
NOW, THEREFORE, the parties agree as follows:
1.Section 3.3(b) of the Agreement is hereby amended and restated in its entirety to read as follows: 
“(b)    By no later than November 30, 2014, a pledge of one hundred percent (100%) of the Shares of Maxwell Technologies SA.”
2.Section 4.9(a) of the Agreement is hereby amended and restated in its entirety to read as follows: 
“(a)    Quick Ratio not less than 1.125 to 1.000 at any time, measured as of the end of each fiscal quarter, with “Quick Ratio” defined as the ratio of (i) the sum of (1) consolidated unrestricted cash plus (2) net consolidated accounts receivable, and (ii) divided by the sum of (1) total consolidated current liabilities plus (2) outstanding advances under the Line of Credit (including the Letters of Credit Sublimit and Credit Card Sublimit but excluding any cash-secured Letter of Credit).”
3.The Compliance Certificate attached to the Agreement hereby is replaced with the Compliance Certificate attached hereto. 
4.Borrower acknowledges and Bank hereby waives the Existing Default.
5.No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right.  Bank’s failure at any time to require strict performance by Borrower of any provision shall not affect any right of Bank thereafter to demand strict compliance and performance.  Any suspension or waiver of a right must be in writing signed by an officer of Bank.
6.Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement.  The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects.  Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof.
7.Borrower represents and warrants that the Representations and Warranties contained in the Agreement are true and correct as of the date of this Amendment, and that no Event of Default (other than the Existing Default) has occurred and is continuing.  

8.As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank:
(a)this Amendment, duly executed by Borrower;
(b)Corporate Borrowing Resolutions in the form attached hereto; 
(c)First Amendment to Security Agreement, duly executed by Borrower; and
(d)all reasonable fees and expenses incurred through the date of this Amendment, which may be debited from any of Borrower's accounts.
9.This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

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IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.
	
		
	 
	MAXWELL TECHNOLOGIES, INC.

	 
	 

	 
	 

	 
	By:     /s/ Kevin Royal                                                

	 
	 

	 
	Title:   Sr. V.P. and Chief Financial Officer                

	 
	 

	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION 

	 
	 

	 
	 

	 
	By:    /s/ Dennis Kim                                                     

	 
	 

	 
	Title:  Vice President                                                     

[Signature Page to Seventh Amendment to Credit Agreement]Exhibit 101 Second Amendment CY

		
			SECOND AMENDMENT TO
EMPLOYMENT AGREEMENT
		

		
			 
		

		
			This EMPLOYMENT AGREEMENT AMENDMENT (this “Amendment”) between R. Craig Yoder (the “Executive”) and Landauer, Inc., a Delaware corporation (the “Company”) is dated February 6, 2015.
		

		
			 
		

		
			WHEREAS, the Executive and the Company entered into an Employment Agreement dated as of February 29, 1996 and amended on May 2, 2006 (the “Employment Agreement”); 
		

		
			 
		

		
			WHEREAS, the Executive and the Company have agreed to adjust the Executive’s employment arrangement with the Company and desire to amend the Employment Agreement to reflect the terms of such agreement, including the Executive’s revised title and responsibilities and modified compensation; and
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein, the parties hereby agree as follows:
		

			
	
			
				 1.
			Unless otherwise indicated, capitalized terms shall have the same meaning as referenced in the Employment Agreement.

			
	
			
				 2.
			Term. The Term of the Employment Agreement shall continue until February 8, 2017 unless the Executive’s employment with the Company terminates earlier pursuant to Section 4 of the Employment Agreement. 

			
	
			
				 3.
			Position; Duties; Responsibilities. Effective February 9, 2015, the Company shall employ the Executive as a Senior Technical Advisor. The Executive shall faithfully and loyally perform to the best of his abilities all of the duties reasonably assigned to him and shall devote, on a weekly basis at least 30 hours over no less than three business days to the affairs of the Company during the Term.  In connection with the change in Executive’s position, the Executive shall resign from any and all officer, director and manager positions held by the Executive with the Company and its affiliates, and from any and all committee positions of the Company and its affiliates.   Executive agrees to sign any documentation or take other action necessary or advisable to effectuate the foregoing.

			
	
			
				 4.
			Compensation.  

			
	
			
				 (a)
			Annual Cash Compensation. During the Term, the Company shall pay to the Executive an annual base salary at the rate of $280,595 per annum, payable in accordance with the Company’s payroll policy.

			
	
			
				 (b)
			Incentive Compensation. Effective on or around February 9, 2015, the Company shall grant Executive shares of Company common stock with a value of $109,900 (determined as of the date of such grant) pursuant to the terms and vesting conditions of the Performance-Based Restricted Stock Award Agreement attached hereto as Exhibit A.  Except for the forgoing award, the Executive shall not be eligible to receive any annual or long-term incentive awards.

		 

 

			
	
			
				 (c)
			Benefits, Vacation & Non-Qualified Excess Plan. During the Term, the Executive shall remain eligible to participate in the Company’s employee benefit plans and programs, including the Landauer, Inc. Non-Qualified Excess Plan (the “Excess Plan”), the Landauer Inc. 401(k) Plan and the Landauer, Inc. Executive Special Severance Plan (the “Special Severance Plan”), subject to the terms of such plans and programs. Eligibility for severance benefits not governed by the Special Severance Plan will continue to be governed by the Section 4 of the Employment Agreement (and not the Landauer, Inc. Executive Severance Plan). The Company will contribute to the Excess Plan 7.5% of the base salary paid to the Executive through the end of each fiscal year. The Executive will be named a Tier III participant in the Special Severance Plan (as defined in such plan).  The Executive agrees that the change to a Tier III participant shall be effective February 9, 2015.  The Executive shall be entitled to four (4) weeks of paid vacation annually, subject to the terms of the Company’s vacation policy.

			
	
			
				 5.
			Noncompetition. The Executive agrees that his noncompetition agreement with the Company shall be amended to provide that, in the event of a change in control (as such term is defined in the Landauer Inc. Incentive Compensation Plan), the noncompetition period shall end on the one-year anniversary of the last date on which the Company is required to make payments to the Executive on account of Base Salary or severance pay; provided however, that if following a change in control, the Company or its successor breaches the terms of the Employment Agreement, the noncompetition period shall end on the day immediately following such breach.

			
	
			
				 6.
			The Executive agrees and acknowledges that (i) the entering into of this Amendment and the related modifications to the Employment Agreement and the Executive’s employment arrangement with the Company do not constitute Good Reason, do not entitle the Executive to terminate employment for Good Reason and do not otherwise entitle the Executive to any severance, separation or similar benefits and (ii) the Executive shall not be entitled to any severance, separation or similar benefits (under Section 4 of the Employment Agreement, any employee benefit plan or otherwise) in connection with his termination of employment upon or following the expiration of the Term.

			
	
			
				 7.
			All provisions of the Employment Agreement not amended or replaced hereby shall remain unchanged and in full force and effect. 

		
			IN WITNESS WHEREOF, the parties hereto have executed this Amendment to Employment Agreement as of the day and year first above written.
		

		
			LANDAUER, INC.
		

		
			 
		

		
			 
		

		
			By /s/ Michael T. Leatherman
		

		
			
		

		
			EXECUTIVE:
		

		
			 
		

		
			/s/ R. Craig Yoder
		

		
			 R. Craig Yoder
		

		 

		

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