Document:

Exhibit

            

Exhibit 10.8

CONFORMED COPY

FIRST AMENDMENT TO THE SIXTH AMENDED AND RESTATED CREDIT AGREEMENT 

FIRST AMENDMENT (this “Amendment”) dated as of July 29, 2015 relating to the Sixth Amended and Restated Credit Agreement dated as of April 22, 2015 (as heretofore amended or modified, the “Credit Agreement”) among Charles River Laboratories International, Inc. (the “Parent Borrower”), the Subsidiary Borrowers party thereto, the Lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) and the other agents party thereto.
RECITALS:
WHEREAS, the Borrowers wish to amend the definition of “Change in Control” in  the Credit Agreement with the consent of the Required Lenders to delete the existing clause (b) of such definition in the manner set forth below.
The parties hereto therefore agree as follows:
SECTION 21      Defined Terms. Unless otherwise specifically defined herein, each term used herein that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.
SECTION 2      Amendments to Section 1.01 (Defined Terms). The Borrowers and the Required Lenders party hereto hereby agree to amend Section 1.01 of the Credit Agreement as follows:
		
	(a)
	by deleting clause (b) in the definition of “Change in Control” in its entirety and inserting in lieu thereof the following new clause (b):  

“(b) the board of directors of Parent Borrower shall cease to consist of a majority of Continuing Directors”; and 
		
	(b)
	by inserting the following new defined term:

““Continuing Directors” means the directors of the Parent Borrower on the Sixth Amendment and Restatement Effective Date and each other director, if, in each case, such other director’s nomination for election to the board of directors of the Parent Borrower is approved by at least a majority of the then Continuing Directors.”” 
SECTION 3       Representations of the Borrowers. The Borrowers represent and warrant that:
(a)    each of the representations and warranties made by any Loan Party contained in the Credit Agreement or in the other Loan Documents is true and correct in all material respects (if not qualified as to materiality or Material Adverse Effect) or in any respect (if so qualified) on and as of the Effective Date (as defined below) after giving effect hereto;
(b)    no Default or Event of Default has occurred and is continuing on and as of the Effective Date after giving effect hereto 

1    
    
    

            

(c)    each Loan Party has the corporate power and authority, and the legal right, to make, deliver and perform this Amendment. Each Loan Party has taken all necessary corporate or other action to authorize the execution, delivery and performance of this Amendment. No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the execution, delivery, performance, validity or enforceability of this Amendment, except for such as have been obtained or made and are in full force and effect or to the extent failure to obtain such authorization or consent or to take such action could not reasonably be expected to result in a Material Adverse Effect.  This Amendment has been duly executed and delivered on behalf of each Loan Party.  This Amendment constitutes, and each other Loan Document as modified hereby constitutes, a legal, valid and binding obligation of each Loan Party that is a party hereto or thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law); and
(d)    the execution, delivery and performance of this Amendment (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect or those which the failure to obtain or make could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of any Consolidated Entity or any order or decree of any Governmental Authority binding on or affecting any Consolidated Entity where such violation of such order or decree, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Consolidated Entity or any of its assets, or give rise to a right thereunder to require any payment to be made by any Consolidated Entity, where such violation or result, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, and (d) will not result in the creation or imposition of any Lien on any asset of any Consolidated Entity, except pursuant to the terms of any Loan Document.
SECTION 4      Conditions.  This Amendment shall become effective as of the first date (the “Effective Date”) when each of the following conditions shall have been satisfied:
(a)    the Administrative Agent shall have received from the Required Lenders an executed counterpart hereof or other written confirmation (in form satisfactory to the Administrative Agent) that such party has signed a counterpart hereof;.
(b)    the Administrative Agent shall have received from the Borrowers an executed counterpart hereof or other written confirmation (in form satisfactory to the Administrative Agent) that such party has signed a counterpart hereof; and
(c)    the Administrative Agent shall have received all fees and other amounts due and payable by the Borrowers on the Effective Date, including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrowers (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent) under the Credit Agreement.
SECTION 5      Governing Law.  This Amendment shall be governed by and construed and interpreted in accordance with the laws of the State of New York.
SECTION 6      Counterparts.  This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
SECTION 7      Miscellaneous.  This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.  The Borrowers shall pay all reasonable out-of-pocket costs a

2    
    
    

            

nd expenses of the Administrative Agent incurred in connection with the negotiation, preparation and execution of this Amendment and the transactions contemplated hereby (including reasonable fees and expenses of Simpson Thacher & Bartlett LLP).
  

3    
    
    

            

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
CHARLES RIVER LABORATORIES 
INTERNATIONAL, INC.
		
	By:  /s/ Thomas F. Ackerman 
	 
Name:    Thomas F. Ackerman 
Title:    Corporate Executive Vice President    and CFO

CHARLES RIVER NEDERLAND B.V.
		
	By:  /s/ Thomas F. Ackerman 
	 
Name:    Thomas F. Ackerman 
Title:    Attorney-in-fact

CHARLES RIVER UK LIMITED
		
	By:  /s/ Thomas F. Ackerman 
	 
Name:    Thomas F. Ackerman 
Title:    Director

CHARLES RIVER LABORATORIES 
JAPAN, INC.
		
	By:  /s/ Thomas F. Ackerman 
	 
Name:    Thomas F. Ackerman 
Title:    Director

CHARLES RIVER LABORATORIES  
LUXEMBOURG S.A.R.L.
		
	By:  /s/ Thomas F. Ackerman 
	 
Name:    Thomas F. Ackerman 
Title:    A Manager

[CRL First Amendment Signature Page]

    

        

JPMORGAN CHASE BANK, N.A., 
as a Lender, Issuing Bank, Swingline Lender and as Administrative Agent
		
	By:  /s/ D. Scott Farquhar 
	 
Name:    D. Scott Farquhar 
Title:    Executive Director

J.P. MORGAN EUROPE LIMITED, 
as Administrative Agent
		
	By:  /s/ Atlan Kayaalp 
	 
Name:    Atlan Kayaalp 
Title:    Executive Director

JPMORGAN CHASE BANK, N.A., TOKYO 
BRANCH,  
as Administrative Agent
		
	By:  /s/ Satushi Yamamoto 
	 
Name:    Satushi Yamamoto  
Title:    Executive Director

[CRL First Amendment Signature Page]
    

        

    

BANK OF AMERICA, N.A., 
as a Lender, Issuing Bank and Co-Syndication 
Agent
		
	By:  /s/ Linda Alto 
	 
Name:    Linda Alto 
Title:    Senior Vice President

[CRL First Amendment Signature Page]
    
    

        

TD BANK, N.A., 
as a Lender, Issuing Bank and Co-Syndication 
Agent
		
	By:  /s/ Elizabeth Sullivan 
	 
Name:    Elizabeth Sullivan 
Title:    Senior Vice President

[CRL First Amendment Signature Page]
    
    

        

WELLS FARGO BANK, NATIONAL 
ASSOCIATION, 
as a Lender, Issuing Bank and Co-Syndication 
Agent
		
	By:  /s/ Christopher M. Johnson 
	 
Name:    Christopher M. Johnson 
Title:    Assistant Vice President

[CRL First Amendment Signature Page]
    
    

        

Signature Page to 
Charles River Laboratories International, Inc. 
First Amendment to Sixth Amended and Restated Credit Agreement

U.S. Bank National Association, as a Lender
		
	By:  /s/ Jennifer Hwang
	 
Name:    Jennifer Hwang 
Title:    Senior Vice President

[CRL First Amendment Signature Page]
    
    

        

Signature Page to 
Charles River Laboratories International, Inc. 
First Amendment to Sixth Amended and Restated Credit Agreement

The Bank of Tokyo-Mitsubishi UFJ, Ltd, as a  
Lender
		
	By:  /s/ Teuta Ghilaga
	 
Name:    Teuta Ghilaga 
Title:    Director

[CRL First Amendment Signature Page]
    
    

        

Signature Page to 
Charles River Laboratories International, Inc. 
First Amendment to Sixth Amended and Restated Credit Agreement

Sumitomo Mitsui Banking Corporation, as a Lender
		
	By:  /s/ David Kee
	 
Name:    David Kee 
Title:    Managing Director

[CRL First Amendment Signature Page]Exhibit

Exhibit 10.16

March 3, 2015
CONFIDENTIAL

Mr. David Smith
Church Lane House
Church Lane
Westley Waterless CB8 0RL
UK

Dear David:

Congratulations on your pending promotion to Corporate Executive Vice President & Chief Financial Officer.  In this position, you will be reporting directly to Jim Foster, Chairman, President & CEO.

As previously discussed, effective March 1, 2015, your salary will be increased to £277,300 (or approximately USD $425,000 at current exchange rates).  At the time you fully assume your new position responsibilities, your base salary will be increased once more to £305,000 (or approximately USD $470,000 at current exchange rates) unless, in either case, your employment should cease for any reason.  Future annual salary increases will accrue to you, dependent upon your performance, beginning in 2016 and will be consistent with the parameters of Charles River's salary administration program at that time.

Your new position is classified as Officer Level 5, which entitles you to continue to participate in the Charles River Executive Incentive Bonus Program (EICP).  Your targeted bonus under this program will initially be adjusted to equate to 60% of your base salary and will be increased to 70% upon you fully assuming your new position responsibilities.  Your annualized base salary and target bonus percentage, as of December 31, 2015, will be used in computing bonus calculations for the 2015 Plan year.  You will have an opportunity to earn up to 250% of your target bonus, subject to the terms and conditions of the EICP program.  

You will continue to be eligible to receive an annual stock option grant when Charles River’s Board of Directors authorizes such grants to other members of senior management, consistent with an Executive Vice President salary grade at Officer Level 5.  We anticipate making two separate stock awards to you in 2015.  The first will be made in February, 2015 at an elevated level in anticipation of your pending promotion with an award value of USD $700,000.  A second award with an award value of USD $300,000 will be made to you at the time you fully assume your new position responsibilities.

To assist in your future relocation to the Wilmington, Massachusetts area, Charles River will share in your relocation costs by providing relocation benefits at a level appropriate for your senior executive position.  When you are prepared to explore relocation to Massachusetts, we will contract Coldwell Banker Residential Brokerage and Moving Services (CBRB) who will be your single point of coordination for all relocation related services.  In order to receive reimbursement for any relocation related items, you must work through our managed relocation program with CBRB.  It is expected that your relocation to the Wilmington, Massachusetts area will be completed sometime in 2015 and Mike Mikson is available to facilitate all aspects of your move.  If, at the time you are prepared to physically relocate to Massachusetts, your personal circumstances require an interim step, the company will ensure that your relocation package is appropriately adjusted to take into account any temporary housing costs that may be associated with your move.

Additionally, the company agrees to cover the normal and customary costs associated with the sale of your property through the Buyer Value Option (BVO) home sale program (or UK equivalent), managed through our relocation provider (CBRB), or through an equivalent UK program.  

The Company will also pay for all reasonable costs associated with the preparation of your personal tax filings, both in the US and the UK, using our selected tax preparation provider, Ernst & Young.  This benefit will be provided so long as you are filing in two separate tax jurisdictions.  We will also provide all required assistance and pay all 

251 Ballardvale Street, Wilmington, Massachusetts 01887_781.222.6000_Fax: 978.694.9504_www.criver.com

Page 2 of 2

reasonable costs associated with obtaining any required visas and/or other documentation required in connection with your family’s emigration to the United States.

So that you and your family can familiarize yourselves with the Massachusetts/New Hampshire areas and conduct a home search, Charles River will reimburse you for reasonable airfare and related travel expenses for you and your family (up to three visits this calendar year) until your relocation is completed.

Should you choose to leave the company or be terminated for cause within two (2) years of relocating to the area, you will be required to repay the Company the total relocation costs reimbursed to you.  Should such circumstances occur, by signature of this letter you hereby authorize payroll to withhold monies from any compensation payments due you as partial or completed repayment of such relocation expenses.  Please note, some relocation expenses are taxable, and will be your responsibility.

If you are in agreement with the terms of employment set forth in this letter, please sign and return one copy of the letter; the second copy is for your personal files.  This letter does not constitute an employment contract and you are, at all times, an employee at will.  

If I can answer any questions you might have, please feel free to call me at 781-222-6293.  

David, again, congratulations on your well-deserved promotion.

Sincerely,
ACKNOWLEDGED:

/s/ David P. Johst_________________    /s/ David R. Smith_______________
David P. Johst        
Corporate Executive Vice President,    David Smith
HR, General Counsel & CAO
03/03/2015    
Date

251 Ballardvale Street, Wilmington, Massachusetts 01887_781.222.6000_Fax: 978.694.9504_www.criver.com

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}]]