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EXHIBIT 10.17  

 
 

LETTER AMENDMENT No. 1    
    

        March 18, 2004 

M&I
Marshall & Ilsley Bank

651 Nicollet Mall

Minneapolis, Minnesota 55402-1611 

Ladies/Gentlemen:

        We
refer to the Revolving Credit and Term Loan Agreement dated as of October 17, 2003 (the "Credit Agreement") between you and us (under our former name of
MedAmicus, Inc.). Unless otherwise defined in this letter amendment, terms defined in the Credit Agreement are used in this letter amendment as defined in the Credit Agreement. 

        It
is hereby agreed by you and us as follows: 

        The
Credit Agreement is, effective the date first above written, hereby amended as follows: 

	(a)
	Section 2.1
is amended by changing the Termination Date to be April 30, 2005.

	(b)
	Section 5.1(d)
is amended to provide that the compliance certificate described in that Section needs to be provided within 30 days after the end of each fiscal quarter
rather than within 30 days after the end of each month.

	(c)
	Section 5.1(g)
is amended to read in full to read as follows: 

        (g)    Senior Funded Debt Ratio.    Maintain as of the end of each fiscal quarter for the designated time period then
ended, a Senior Funded Debt Ratio of not more than the following: 

	Time Period
 
	 	Maximum Ratio

	For the six months ending at 3/31/04	 	2.75 to 1
	For the nine months ending at 6/30/04	 	2.0 to 1
	For the twelve months ending at 9/30/04 and at each fiscal quarter end thereafter	 	1.25 to 1

For
purposes of calculating the Senior Funded Debt Ratio for the periods ending March 31, 2004, June 30, 2004 and September 30, 2004, the Borrower may add back into EBITDA a
one-time intangible asset write-off expense in an amount of not more than $2,650,000 taken by the Borrower during 2003. 

        We
have requested that you waive our failure to comply with Section 5.1(g) [Senior Funded Debt Ratio] and Section 5.1(h) [Fixed Charge
Coverage Ratio] of the Credit Agreement as of December 31, 2003 and that you waive our failure to deliver compliance certificates under Section 5.1(d) of the Credit Agreement
as of November 30, 2003 and January 31, 2004. You have agreed to this request. We acknowledge that this waiver is subject to the provisions of Sections 7.1 and 7.2 of the Credit
Agreement. 

        On
and after the effective date of this letter amendment, each reference in the Credit Agreement to "this Agreement", "hereunder", "hereof", or words of like import referring to the
Credit Agreement, and each reference in the Notes and the Security Agreements to "the Credit Agreement", "thereunder", "thereof", or words of like import referring to the Credit Agreement, shall mean
and be a reference to the Credit Agreement as amended by this letter amendment. The Credit Agreement, as amended by this letter amendment, is and shall continue to be in full force and effect and is
hereby in all respects ratified and confirmed. 

 

        This
letter amendment may be executed in any number of counterparts and by any combination of the parties hereto in separate counterparts, each of which counterparts shall be an original
and all of which taken together shall constitute one and the same letter amendment. 

        If
you agree to the terms and provisions hereof, please evidence your agreement by executing and returning one counterpart of this letter amendment to us. This letter amendment shall
become effective as of the date first above written when and if counterparts of this letter amendment shall have been executed by you and us and the consent attached hereto shall have been executed by
Enpath Lead Technologies, Inc. (f/k/a Medacqusition, Inc.). 

	 	 	 	 	 	 	Very truly yours,
	

 	
 	

 	
 	

 	
 	

Enpath Medical, Inc.
	

 	
 	

 	
 	

 	
 	

By	
 	

    

	 	 	 	 	 	 	 	 	Its	 	    

	

Agreed as of the date

first above written:
	

M&I Marshall & Ilsley Bank
	

By	
 	

    
	
 	

 	
 	

 	
 	

 
	 	 	Its	 	    
	 	 	 	 	 	 
	

By	
 	

    
	
 	

 	
 	

 	
 	

 
	 	 	Its	 	    
	 	 	 	 	 	 

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CONSENT 

        The
undersigned, as Debtor under the Third Party Security Agreement dated as of October 17, 2003 (the "Pledge") in favor of M&I Marshall & Ilsley Bank referred to in the
foregoing letter amendment, hereby consents to such letter amendment and hereby confirms and agrees that the Pledge is, and shall continue to be, in full force and effect and is hereby ratified and
confirmed in all respects except that, on and after the effective date of such letter amendment, each reference in the Pledge to "the Credit Agreement", "thereunder", "thereof" or words of like import
referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by such letter amendment. 

	 	 	Enpath Lead Technologies, Inc.
 (f/k/a Medacqusition, Inc.)
	

 	
 	

By	
 	

    

	 	 	 	 	Its	 	    

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Exhibit 10.12    
    

 
 

SETTLEMENT AGREEMENT AND RELEASE    
    

        THIS SETTLEMENT AGREEMENT AND RELEASE (this "Agreement") dated this 28th day of June, 2002 is entered into by and between Goodrich Corporation
("Goodrich"), a New York corporation; and Noveon, Inc. (f/k/a PMD Group, Inc.) ("Noveon"), a Delaware corporation. All capitalized terms used herein and not otherwise defined herein
shall have the same definitions as in the Agreement for Sale and Purchase of Assets between Goodrich and Noveon dated November 28, 2000 (the "Asset Purchase Agreement"). Goodrich and Noveon are
referred to herein collectively as the "Parties" and individually as a "Party". 

RECITALS: 

        A.    Pursuant
to the Asset Purchase Agreement, Goodrich agreed to sell its Performance Materials Business (the "Company") to Noveon in a transaction that closed on
February 28, 2001. 

        B.    Section 1.9
of the Asset Purchase Agreement describes procedures for adjusting the Purchase Price after the Closing Date. 

        C.    On
May l, 2001, in accordance with Section 1.9 of the Asset Purchase Agreement, Goodrich submitted to Noveon a Closing Working Capital Statement of the Company as
of February 28, 2001 as well as a description of adjustments to be made to the Purchase Price (the "Seller's Statements"). 

        D.    On
June 28, 2001, in accordance with Section 1.9 of the Asset Purchase Agreement, Noveon submitted to Goodrich a letter disputing certain calculations set
forth in the Seller's Statements (the "Buyers Notice"). 

        E.    Each
Party is now willing to settle and compromise disputed claims arising pursuant to Section 1.9 of the Asset Purchase Agreement as well as settle and compromise
certain other disputed items and claims related to the Asset Purchase Agreement and the sale of the Company, in consideration of the mutual covenants contained herein and  provided that each obtains a
release from the other as hereinafter provided. 

        NOW,
THEREFORE, in consideration of the promises and mutual covenants as set forth below, the Parties agree as follows: 

AGREEMENTS  

        1.    Definitions.    For purposes of this Agreement: 

        (a)   "Claims"
shall mean any and all claims, actually asserted by Goodrich or Noveon, pursuant to Section 1.9 of the Asset Purchase Agreement as well as any and all
claims of any kind whatsoever, whether known or unknown which could have been asserted by either Party pursuant to Section 1.9 of the Asset Purchase Agreement, including, but not limited to,
those disputed items listed in the Seller's Statements or the Buyer's Notice and claims for real or personal property taxes associated with the Assets relating to taxable periods ending
December 31, 2000 or December 31, 2001. 

        (b)   "Goodrich"
means Goodrich Corporation, its subsidiaries, affiliates, and each of their predecessors, successors, assigns, present and former directors, officers,
employees, agents, and representatives. 

        (c)   "Noveon"
means Noveon, Inc., its parents, subsidiaries, affiliates, and each of their predecessors, successors,
assigns, present and former directors, officers, employees, agents, and representatives. 

 

        2.    Settlement of Purchase Price Adjustment.    Goodrich and Noveon hereby agree that Noveon will pay to Goodrich
the sum of $14,500,000 (the "Reduction Amount") in full and final settlement and discharge of all Claims, by either Goodrich or Noveon. The Reduction Amount shall be paid by wire transfer of
immediately available funds to an account designated in writing by Goodrich, on the same date as the execution of this Agreement. The Reduction Amount shall be treated for income tax purposes as an
adjustment to the Purchase Price. 

        3.    Settlement of Closing Working Capital Statement for Property and Real Estate Taxes Accrued    The Parties
hereby agree that, for all purposes of the Asset Purchase Agreement and the Supplemental Agreement between Goodrich and Noveon executed as of February 28, 2001, the amount of Property and Real
Estate Taxes Accrued reserved for on the Closing Working Capital Statement (as finally determined) shall be $6,800,000. 

        4.    Termination of Certain Representations and Warranties.    The Parties hereby agree that those certain
representations and warranties of each Party contained in the Asset Purchase Agreement that would otherwise expire eighteen (18) months following the Closing Date (the "Terminated
Representations and Warranties" shall expire coincident with the execution of this Agreement provided, however, that the representations contained in Section 2.17(a) of the Asset Purchase
Agreement shall continue in effect to the end of the eighteen (18) month period following the Closing Date and shall not be affected by this Agreement. 

        5.    No Further Claims Under Terminated Representations and Warranties.    From and after the date hereof, no claims
for indemnification shall be made by either party with respect to the Terminated Representations and Warranties. Notwithstanding the termination of the Terminated Representations and Warranties, if a
Claim Notice (as defined in the Asset Purchase Agreement) has been given by Noveon to Goodrich with respect to any of such Terminated Representations and Warranties prior to the date hereof, then such
representation and warranty shall survive solely as to such claim as is asserted in the Claim Notice, until such claim has been finally resolved. 

        6.    Deloitte & Touche Fees.    The Parties hereby agree that each shall pay for one-half the
amount of any fees charged by Deloitte & Touche in connection with resolving disputed matters pursuant to Section 1.9 of the Asset Purchase Agreement. 

        7.    Release by Noveon.    Effective upon signing this Agreement, and in exchange for the consideration received
under this Agreement, Noveon hereby releases Goodrich and each of its subsidiaries, parents, successors and assigns from the Claims, which Noveon now has, or which it or its successors or assigns may
have, including, without limitation, any acts, failures to act, omissions, misrepresentations, courses of conduct, facts, events, transactions, occurrences or other subject matters set forth, alleged,
embraced or otherwise referred to, or which could have been alleged, embraced or otherwise referred to, in the Claims including all claims for violations of federal, state, common or other law.
Excepted from this release are all rights and obligations arising from this Agreement. 

        8.    Release by Goodrich.    Effective upon signing this Agreement, and in exchange for the consideration received
hereunder, Goodrich hereby releases and discharges Noveon and each of its subsidiaries, parents, successors and assigns from the Claims which Goodrich now has, or which it or its successors or assigns
may have, including, without limitation, any acts, failures to act, omissions, misrepresentations, courses of conduct, facts, events, transactions, occurrences or other subject matters set forth,
alleged, embraced or otherwise referred to, or which could have been alleged, embraced or otherwise referred to, in the Claims, including all claims for violations of federal, state, common or other
law. Excepted from this release are all rights and obligations arising from this Agreement. 

        9.    Further Assurances.    Each Party hereby agrees to execute and file all documents, including but not limited to
stipulations and motions, necessary to accomplish the settlement of any Claims against the other Party or to effect the foregoing releases. 

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        10.    Miscellaneous Provisions.    

        (a)   Except
as specifically provided herein, this Agreement does not constitute an admission by either of the Parties that any of the Claims, or any facts alleged in the
Claims are true or correct; the basis of this Agreement is the Parties' desire to resolve all Claims without litigation, arbitration, alternative dispute resolution or any other legal proceedings. 

        (b)   Except
as to the obligations set forth above and agreed to by the Parties, this Agreement is intended to accomplish the prompt, complete, and permanent disengagement of
the Parties from any and all litigation, arbitration, alternative dispute resolution or other legal proceedings arising out of or resulting from the Claims. Notwithstanding anything to the contrary
contained herein, nothing contained in this Agreement shall affect (i) either Party's ability to pursue claims under any section of the Asset Purchase Agreement other than Section 1.9
and the Terminated Representations and Warranties, even if such a claim could have been brought under Sections 1.9 or the Terminated Representations and Warranties, or (ii) Goodrich's ability
to pursue its claim for a payment from Noveon related to the costs associated with paying off indebtedness of Goodrich's affiliates in Spain, regardless whether such claim for payment is made pursuant
to Section 1.9 or made pursuant to some other section of the Asset Purchase Agreement. 

        (c)   The
terms of this Agreement are contractual and not a mere recital. The Parties have each read this Agreement in full and they understand and agree with its terms and
have executed this Agreement of their own free act and deed and with advice of counsel. 

        (d)   This
Agreement shall be construed in accordance with and governed by the laws of the State of New York, and may be executed in separate counterparts, and by each party
on a separate counterpart, each such counterpart, when so executed and delivered, to be an original. Such counterparts shall together constitute but one of the same instrument. 

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

	 	 	GOODRICH CORPORATION
	

 	
 	
By:	

/s/  SCOTT E. KUECHLE      
 Name: Scott E. Kuechle

Title: Vice President & Treasurer
	

 	
 	
NOVEON, INC.
	

 	
 	
By:	

/s/  CHRISTOPHER R. CLEGG      
 Name: Christopher R. Clegg

Title: Senior V.P., General Counsel & Secretary

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Exhibit 10.12

SETTLEMENT AGREEMENT AND RELEASE

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