Document:

exv10w1

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (the “Agreement”), is made and entered into as
of September 30, 2003, between GRUBB & ELLIS COMPANY, a Delaware corporation
(the “Company”), and BRIAN D. PARKER (the “Executive”).

     1.     POSITION AND DUTIES. The Executive shall have the title and position
of Executive Vice President and Chief Financial Officer of the Company.
Subject to control of the Board of Directors of the Company (the “Board”), the
Executive shall have such duties and responsibilities commensurate with his
title and position, and shall report to the Chief Executive Officer of the
Company, or to the Board of Directors or one of its Committees, or to the
Chairman of the Board, as the Company may determine from time to time.
Executive’s employment is on a full-time basis, provided however, that
Executive may participate from time to time in civic, charitable and
educational activities, and may continue to be a member of the board of
directors of Joplin Advisors, Inc. (“Joplin”), and if approved in advance by
the Board, may become a member of one other for-profit board of directors, so
long as such activities do not materially interfere with his duties and
responsibilities to the Company.

     2.     LOCATION OF EMPLOYMENT. Executive’s principal place of employment
shall be Northbrook, Illinois.

     3.     PERIOD OF CONTRACT EMPLOYMENT. The term “Period of Contract
Employment,” as used in this Agreement, means the period beginning on October
1, 2003 and ending on the earlier of September 30, 2006 or, subject to the
terms hereof, upon termination of the Executive’s employment with the Company.

     4.     MONTHLY BASE SALARY. During the Period of Contract Employment, the
Company agrees to pay the Executive an annual base salary (the “Base Salary”)
in the amount of Three Hundred Twenty Four Thousand ($324,000) Dollars. The
Base Salary shall be payable as current salary, in installments (not less
frequently than monthly) subject to all applicable withholding and deductions,
in accordance with the Company’s customary payroll practices. The Company shall
review the Executive’s Base Salary annually and, if appropriate, increase it in
the Company’s discretion. The Company is currently engaged in a study of the
compensation of its senior management (the “Compensation Study”). The Company
agrees following completion of the Compensation Study to review the Executive’s
compensation and consider, in its sole discretion, adjusting same, if
appropriate.

     5.     BONUS COMPENSATION. During the Period of Contract Employment, the
Executive shall be eligible to receive target bonus compensation (“Bonus
Compensation”) of up to fifty percent (50%) of Base Salary. Bonus
Compensation shall be based upon the performance of both the Executive and the
Company of goals to be established by the Chief Executive Officer of the
Company, in consultation with the Executive, in December of each year
(commencing in December 2003) during the Period of Contract Employment in
respect of the applicable succeeding calendar year. Bonus Compensation for
calendar year 2003 shall be

 

 

payable as follows: (a) fifty percent (50%) of the Bonus Compensation
shall be guaranteed and shall be payable as current salary (at the rate of
$6,750 per month through February 2004), in installments (not less frequently
than monthly) subject to all applicable withholding and deductions, in
accordance with the Company’s customary payroll practices. The Executive
acknowledges receipt of guaranteed Bonus Compensation in respect of calendar
year 2003 for the period from March 1, 2003 to date; and (b) the remainder of
the Bonus Compensation for calendar year 2003, which is in the discretion of
the Company, shall be payable promptly after February 28, 2004 in one lump sum,
subject to all applicable withholding and deductions, in accordance with the
Company’s customary payroll and bonus payment practices. Bonus Compensation in
respect of calendar year 2004 and thereafter shall be payable entirely at the
discretion of the Company, and shall be payable promptly after February 28 of
the year following the calendar year in respect of which Bonus Compensation is
payable in one lump sum, subject to all applicable withholding and deductions,
in accordance with the Company’s customary bonus practices. All Bonus
Compensation shall be prorated, as applicable, by reference to the period
within such applicable calendar year that the Executive was employed by the
Company, except as otherwise provided herein.

     6.     STOCK OPTIONS. Pursuant to the Company’s 2000 Stock Option Plan
(referred to herein as the “Plan”), the Company, subject to the approval of the
Board of Directors of the Company (the “Board”), to be obtained on the date of
the next most practicable meeting of the Board (or by written consent), shall
grant the Executive a stock option (the “Option” or “Options”) to purchase an
aggregate of one hundred fifty thousand (150,000) shares of the Company’s
common stock, $.01 par value per share (the “Common Stock”), at a per share
exercise price equal to the Fair Market Value (as such term is defined in the
Plan) of the Common Stock at the close of trading day immediately preceding the
date of the grant (the “Exercise Price”). The terms of the Options shall be
set forth in the Company’s standard form of option agreement to be entered into
between the Company and the Executive, and which shall reflect the terms set
forth herein (the “Option Agreement”). The Options shall become exercisable as
follows: Options to purchase up to 50,000 shares shall become exercisable on
the date of the grant; Options to purchase up to 50,000 shares shall become
exercisable on the first anniversary of the grant; and, Options to purchase up
to 50,000 shares shall become exercisable two years from the anniversary of the
grant. Subject to the terms of the Plan, the Option shall expire ten (10)
years after the date of grant.

     7.     BENEFITS. During the Period of Contract Employment, and as otherwise
provided in Section 8 hereof, the Executive shall be entitled to participate in
or receive benefits and perquisites equivalent to any employee benefit plan or
other arrangement, including but not limited to any medical, dental,
retirement, disability, life insurance, sick leave and vacation plans or
arrangements, and expense reimbursement policies generally made available by
the Company to its senior executives, subject to or on a basis consistent with
the terms, conditions and overall administration of such plans or arrangements;
PROVIDED, that such plans and arrangements are made available at the discretion
of the Company and nothing in this Agreement establishes any right of the
Executive to the availability or continuance of any such plan or arrangement.
The Company shall reimburse the Executive for up to five thousand dollars
($5,000) in attorneys’ fees reasonably expended in the negotiation of this
Agreement. To the extent permitted by law, Executive shall receive service
credit for his prior employment with the Company for purposes of future vesting
or accrual of benefits. Executive shall accrue vacation at the rate of three
(3)

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weeks per year and may carryover up to two (2) weeks per year of vacation.
Executive shall be indemnified by the Company in accordance with the Company’s
Bylaws, as amended from time to time, and the parties have, in furtherance
thereof, executed an indemnification agreement dated March 1, 2003 (the
“Indemnification Agreement”). Within ten (10) business days of the execution
and delivery of this Agreement, the Company shall reimburse Joplin for expenses
incurred by it in the amount of $16,000.00.

     8.     TERMINATION. The following termination provisions and benefits are in
lieu of the benefits available under the Company’s written policies and
procedures, as amended, and the Company’s Executive Change of Control Plan, as
amended, and the Company’s Executive Incentive Bonus and Severance Plan, as
amended. Executive agrees that his termination provisions and benefits shall
not be governed by such policies and plans.

		
	 	     (a) Termination by the Company Without Cause. The Company may
terminate the Executive’s employment under this Agreement without Cause
at any time by giving written notice to the Executive. Such termination
will become effective upon the date specified in such notice (the
“Effective Date”), provided that such date is at least ninety (90) days
after the date of such notice. Upon any such termination, the Company
will pay the Executive, within seven (7) days of the Effective Date of
termination and subject to the Executive’s execution and delivery of such
documents of mutual release as the parties may reasonably request and the
Executive’s continuing compliance with the provisions of Sections 9 and
10 hereof (the “Release”): (i) all earned but unpaid Base Salary,
guaranteed Bonus Compensation and any unused but accrued vacation through
the Effective Date, payable in a lump sum within seven (7) days after the
Effective Date (the “Earned Sums”); and (ii) all Base Salary payable in
accordance with the Company’s customary payroll practices, and benefits
provided for in Section 7 hereof for a period (the “Severance Period”) of
either twelve (12) months following the Effective Date if such
termination occurs prior to October 1, 2005 or six (6) months following
the Effective Date if such termination occurs on or after October 1, 2005
(the “Severance Benefit”). The Severance Benefit shall not be reduced in
the event the Executive obtains other employment or consulting work.

		
	 	     (b) Termination by the Company for Cause. The Company may
immediately terminate the Executive’s employment at any time for Cause by
giving written notice to the Executive. Upon any such termination for
Cause, the Executive shall have no right to compensation under Section
8(a)(ii), including, without limitation, and except as required by law,
to participate in any employee benefit programs under Section 7 for any
period subsequent to the date of termination. For purposes of this
Section 8(b), “Cause” shall mean: (i) the Executive is convicted of or
pleads guilty or nolo contendere to a felony; (ii) the Executive, in
carrying out his duties hereunder, commits acts involving dishonesty or
fraud or is guilty of gross negligence or willful misconduct; (iii) the
Executive refuses to comply with any lawful directive of the Board that
is commensurate with the Executive’s titles within 15 days after written
notice has been given to the Executive by the Company; or (iv) there is a
material breach by the Executive of this Agreement that, to the extent
curable, is not cured by the Executive within 15 days of written notice
to the Executive thereof by the Company.

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	 	     (c) Death or Disability. This Agreement and the obligations of the
Company hereunder will, upon the Company’s election in writing to the
Executive within thirty (30) days thereafter, terminate upon the death or
disability of the Executive. For purposes of this Section 8(c),
“disability” shall mean that for a period of more than three (3) months
the Executive is unable to perform the essential functions of his duties
because of physical, mental or emotional incapacity resulting from
injury, sickness or disease. Upon the Executive’s death or in the event
that the Company elects to terminate the Executive’s employment in the
event of his disability, in addition to the payments and/or rights set
forth in Section 8(g) hereof, the Executive or his personal
representatives shall be paid in a lump sum within seven (7) days of the
execution and delivery of a Release a prorated portion of his targeted
Bonus Compensation as though the same were guaranteed for the calendar
year during which the Executive shall die or become disabled.

		
	 	     (d) Termination by the Executive for Good Reason. The Executive may
terminate his employment under this Agreement at any time for Good Reason
by giving sixty (60) days written notice to the Company. For purposes of
this Section 8(d), “Good Reason” shall mean: (i) the Executive’s
principal place of employment is moved to a location other than in the
Chicago, Illinois metropolitan area; (ii) the Executive suffers a
reduction in title or is required to report to other than one of the
following: the Chief Executive Officer of the Company, the Chairman of
the Board of Directors of the Company or the Board of Directors of the
Company or one of its committees; or (iii) a material breach of the
Agreement by the Company that is not cured fifteen (15) days after
written notice of the breach has been given to the Company by the
Executive. In the event of such a termination, the Executive shall be
entitled to the Severance Benefit set forth in Section 8(a) and benefits
set forth in Section 7 during the Severance Period.

		
	 	     (e) Termination by the Executive Without Good Reason. The Executive
may terminate his employment under this Agreement at any time by giving
written notice to the Company. Such termination will become effective
upon the date specified in such notice, provided that such date is at
least ninety (90) days after the date of delivery of the notice. Upon
any such termination, the Company shall be relieved of all of its
obligations under this Agreement, except for the payments and the
provision of benefits set forth in Section 8(g) hereof.

		
	 	     (f) Termination of the Executive Upon a Change of Control. Upon a
“Change of Control” (as such term is defined herein), (i) the Company may
terminate the Executive’s employment simultaneously with such Change of
Control or within thirty (30) days thereafter or (ii) the Executive may
resign his employment with the Company effective during the thirty (30)
day period after the ninetieth (90th) day after such Change of Control.
In the event that the Executive’s employment is terminated or he resigns
pursuant to this Section 8(f), in addition to the payments and benefits
set forth in Section 8(g) hereof, the Executive shall be paid in a lump
sum within seven (7) days following execution of the Release twelve (12)
months Base Salary and Bonus Compensation in respect of the succeeding
twelve (12) month period at target as though guaranteed, less applicable
withholding and deductions, in accordance with the Company’s customary
payroll and bonus payment practices. In addition, the Executive shall be
provided the

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	 	benefits set forth in Section 7 hereof, for the succeeding twelve
(12) month period, at the active employee contribution rate, if any, in
effect at such time. For purposes of this Section 8(f) and the Option
Agreement, the term “Change of Control” shall have the meaning given to
it on Exhibit A annexed hereto.

		
	 	     (g) Termination Payment/Benefits. In addition to the payments and
benefits otherwise set forth in this Section 8 payable to or to be
provided to the Executive following the termination of Executive’s
employment with the Company, the Executive shall be entitled to receive:
(i) the Earned Sums; (ii) subject to the terms and conditions of the
applicable plans, vested benefits under any of the Company’s benefit
plans in which the Executive participates; and (iii) subject to the terms
and conditions of the applicable plans, such benefit continuation and
conversion rights as may be afforded former employees of the Company
under plans in which the Executive participates.

     9.     NON-COMPETITION; NON-SOLICITATION

               (a) Executive hereby agrees and covenants that during the period of
Executive’s employment with the Company, Executive will not directly or
indirectly engage in or become interested (whether as an owner, principal,
agent, stockholder, member, partner, trustee, venturer, lender or other
investor, director, officer, employee, consultant or through the agency of any
corporation, limited liability company, partnership, association or agent or
otherwise) in any business or enterprise that shall, at the time, be in whole
or in substantial part competitive with any material part of the business
conducted by the Company (a “Competitor”) (which, for purposes of this Section
9 shall include the Company’s subsidiaries and affiliates) during the period of
Executive’s employment with the Company (except that ownership of not more than
1% of the outstanding securities of any class of any entity that is listed on a
national securities exchange or traded in the over-the-counter market shall not
be considered a breach of this Section 9(a)). The Company acknowledges that
Executive is a principal of Joplin, a management consulting firm. While
Executive will work full time for the Company during the Period of Contract
Employment, it is acknowledged that Executive may need to address certain
issues in respect of Joplin from time to time, provided that (i) it does not
interfere with his duties and responsibilities for the Company and (ii) neither
Executive nor Joplin will engage in any activities on behalf of a Competitor.

               (b) Executive agrees and covenants that for the period commencing on the
date hereof and ending twelve (12) months following the termination of
Executive’s employment with the Company (the “Limited Period”), Executive will
not (without first obtaining the written permission of the Company) directly or
indirectly divert or attempt to divert from the Company any business of any
kind in which the Company or its subsidiaries or affiliates is engaged.

               (c) Executive agrees and covenants that for the Limited Period, Executive
will not (without first obtaining the written permission of the Company) for
himself or any third party, directly or indirectly, recruit for employment, or
induce or seek to cause such person to terminate his or her employment or
association with the Company, any person who then is an employee, consultant or
independent contractor salesperson of the Company.

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     10.     CONFIDENTIALITY. The Executive hereby covenants and agrees, for a
period of five (5) years from the date hereof (the “Restricted Period”), he
will not, directly or indirectly, make use of or divulge to any other person,
firm or corporation any trade or business secret, process, method or means or
any other confidential information concerning the business or policies of the
Company or any subsidiary thereof. The Executive’s obligations shall not apply
to any information which (i) is known publicly; (ii) is in the public domain or
hereafter enters the public domain without the fault of the Executive; (iii) is
known to the Executive prior to his receipt of such information from the
Company or any of its subsidiaries, as evidenced by the Executive’s written
records; or (iv) is disclosed to the Executive by a third party not under an
obligation of confidence to the Company.

     11.     SEVERABILITY, ENFORCEABILITY. In the event that the provisions of the
Section captioned “Non-Competition; Non-Solicitation” or “Confidentiality”, or
any portion thereof, should ever be adjudicated by a court of competent
jurisdiction in proceedings to which the Company is a proper party to exceed
the time or geographic or other limitations permitted by applicable law, then
such provisions will be deemed reformed to the maximum time or other
limitations permitted by applicable law, as determined by such court in such
action, the parties hereby acknowledging their desire that in such event such
action be taken. Without limiting the foregoing, the covenants contained
herein will be construed as separate covenants covering their respective
subject matters, including, without limitation, with respect to (a) each
business now conducted by the Company or its successors, and (b) the Company
and its successors separately. In addition to the above, all provisions of
this Agreements are severable, and the invalidity or unenforceability of any
provision or provisions of this Agreement or portions or aspects thereof will
not affect the validity or enforceability of any other provision, or portion of
this Agreement, which will remain in full force and effect as if executed with
the unenforceable or invalid provision or portion or aspect thereof modified,
as set forth above.

     12.     GOVERNING LAW. This Agreement is being made and executed in and is
intended to be performed in the State of Illinois and shall be governed,
construed, interpreted and enforced in accordance with the substantive laws of
the State of Illinois, without regard to the conflict of laws principles
thereof.

     13.     ENTIRE AGREEMENT. This Agreement (together with the Indemnification
Agreement) comprises the entire agreement between the parties hereto relating
to the subject matter hereof and, as of the date hereof, supersede, cancel and
annul all previous employment agreements between the Company (and/or its
predecessors) and the Executive (including, without limitation, the Employment
Agreement dated as of March 1, 2003 between the parties), as the same may have
been amended or modified, and any right of the Executive thereunder other than
for compensation accrued thereunder as of the date hereof, and supersede,
cancel and annul all other prior written and oral agreements between the
Executive and the Company or any predecessor to the Company, except that the
Indemnification Agreement shall hereafter continue to be in full force and
effect. The terms of this Agreement are intended by the parties to be the
final expression of their agreement with respect to the employment of the
Executive by the Company and may not be contradicted by evidence of any prior
or contemporaneous agreement.

     14.     DISPUTES. Any dispute or controversy arising under, out of, in
connection with or in relation to this Agreement shall be finally determined
and settled by arbitration. Arbitration

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shall be initiated by one party making written demand upon the other party
and simultaneously filing the demand together with required fees in the office
of the American Arbitration Association in Chicago, Illinois. The arbitration
proceeding shall be conducted in Chicago, Illinois by a single arbitrator in
accordance with the Expedited Procedures of the Employment Dispute Resolution
Rules required by the arbitrator, and the parties shall have no obligation to
comply with discovery requests made in the arbitration proceeding. The
arbitration award shall be a final and binding determination of the dispute and
shall be fully enforceable as an arbitration award in any court having
jurisdiction and venue over such parties. Attorneys’ fees and costs shall be
awarded to the prevailing party, as determined by the arbitrator.
Notwithstanding the foregoing, in the event that hereafter the Company enters
into an employment agreement with a Chief Executive Officer of the Company that
provides for judicial dispute resolution, then in such event, at the Company’s
option, this Agreement shall be deemed to be automatically amended to provide
for an identical means of dispute resolution.

     15.     NOTICES. Any notice, request, claim, demand, document and other
communication hereunder to any party will be effective upon receipt (or refusal
of receipt) and will be in writing and delivered personally or sent by
telecopy, overnight delivery service (such as Fed Ex) or certified or
registered mail, postage prepaid, as follows: if to the Company, addressed to
the attention of its General Counsel at 2215 Sanders Road, Suite 400,
Northbrook, IL 60062; and if to the Executive, at:

	 	 	Brian D. Parker
	 	 	6513 Lyons Street
	 	 	Morton Grove, IL 60053

     Either party may change the notice address by notifying the other party in
writing.

     16.     AMENDMENTS; WAIVERS. This Agreement may not be modified, amended, or
terminated except by an instrument in writing, approved by the Board and signed
by the Executive and the Company. By an instrument in writing similarly
executed, the Executive or the Company may waive compliance by the other party
with any provision of this Agreement that such other party was or is obligated
to comply with or perform; provided, that such waiver shall not operate as a
waiver of, or estoppel with respect to, any other or subsequent failure. No
failure to exercise and no delay in exercising any right, remedy or power
hereunder shall preclude any other or further exercise of any other right,
remedy or power provided herein or by law or in equity.

     17.     MISCELLANEOUS. Executive acknowledges that the services to be
rendered by Executive are unique and personal and Executive may not assign his
rights or delegate his duties or obligations under this Agreement without the
prior approval of the Company. The rights and obligations of the Company under
this Agreement shall inure and be binding upon its legal representatives,
successors and assigns, including without limitation, successors by merger,
sale of assets or otherwise, provided however that an assignment to a shell
company without a reasonable amount of assets is not permitted.

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     18.     SURVIVAL. The obligations of the parties shall survive the
termination of this Agreement to the extent necessary to carry out the intent
of the parties.

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

	 	 	 	 	 
	GRUBB & ELLIS COMPANY	 	 
	 	 	 	 	 
	By:	 	/s/ C. Michael
Kojaian	 	/s/ Brian D. Parker
	 	 	

	 	

	 	 	C. Michael Kojaian	 	Brian D. Parker

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Exhibit A

Change of Control

     For purposes of this Agreement and the Option Agreement, a “Change of
Control” shall mean the occurrence of any of the following: (a) a majority of
the members of the Board are representatives or designees of any “Person” or
“Group” (as such terms are used in Section 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), excluding
representatives, designees or affiliates of Warburg Pincus Investors, L.P.
(“Warburg”), The Goldman Sachs Group, Inc. (“GS Group”) or C. Michael Kojaian
and Mike Kojaian (the “Kojaian Investors”); it being understood that it shall
not be deemed to be a Change of Control if no Person or Group shall have
designated or nominated a majority of the members of the Company Board; (b) any
“Person” or “Group”, other than Warburg, the GS Group or the Kojaian Investors
is or becomes the “beneficial owner” (as defined in Rule 13D-3 under the
Exchange Act as in effect on the date hereof, except that a Person shall be
deemed to be the “beneficial owner” of all shares that any such Person or Group
has the right to acquire pursuant to any agreement or arrangement or upon
exercise of conversion rights, warrants, options or otherwise, without regard
to the sixty (60) day period referred to in such Rule), directly or indirectly,
of securities representing more than fifty percent (50%) of the combined voting
power of the Company’s then outstanding securities, or (c) the Company shall
consolidate, merge or exchange securities with any other entity and the
stockholders of the Company immediately before the effective time of such
transaction do not beneficially own, immediately after the effective time of
such transaction, shares entitling such stockholders to a majority of all votes
(without consideration of the rights of any class of stock entitled to elect
directors by a separate class vote) to which all stockholders of the
corporation issuing cash or securities in the consolidation, merger or share
exchange would be entitled for the purpose of electing directors, or d) the
sale of all or substantially all of the assets of the Company and its
subsidiaries. Notwithstanding anything set forth herein to the contrary, in
the event that immediately subsequent to the occurrence of any of the events
set forth in subclauses (b) through (d) immediately proceeding, (i) the Company
is an entity whose equity securities are registered under Section 12(b) or
12(g) of the Exchange Act, or the Company is a reporting entity under Section
15(d) of the Exchange Act as a result of its outstanding equity securities, and
(ii) no Person or Group owns shares of the Company representing more than fifty
percent (50%) of all shares entitled to vote for the purpose of electing
directors (without consideration of the rights of any class of stock entitled
to elect directors by a separate class vote), then for purposes of this
Agreement and the Option Agreement, no Change in Control shall be deemed to
have occurred. For purposes hereof, the term “affiliate” shall include all
Persons controlled by or under common control with any other Person, or any
trusts, partnerships or other entity for the benefit of any Person which is an
individual or for the benefit of such individual’s family members.exv10w2

 

EXHIBIT 10.2

AMENDMENT No. 3 TO

LETTER AGREEMENT

          THIS AMENDMENT NO. 3 TO LETTER AGREEMENT (“Amendment”) is made as of July
31, 2003, by and between ZIMMER HOLDINGS, INC., a Delaware corporation and
successor-in-interest to Zimmer, Inc. (the “Parent Borrower”) and BANK OF
AMERICA, N.A., a national banking association (the “Bank”).

Recitals

          A. The Parent Borrower and the Bank are parties to that certain Letter
Agreement dated as of July 17, 2001, as amended from time to time (the “Letter
Agreement”), pursuant to which the Bank has made a $26,000,000 uncommitted
standard instrument credit facility available to the Parent Borrower and
certain designated subsidiaries of the Parent Borrower.

          B. The Parent Borrower has requested certain changes in the terms of the
Letter Agreement, and the Bank is willing to agree to those changes on the
terms and conditions set forth herein.

Agreement

          NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the parties do hereby agree as follows:

          1. Capitalized terms used but not defined in this Amendment shall have the
meanings given them in the Letter Agreement.

          2. The Letter Agreement is hereby amended as follows:

          (a) The subject line on page 1 of the Letter Agreement is hereby amended
and restated in its entirety to read as follows:

“Re: $15,000,000 Uncommitted Standard Instrument Line of Credit”

          (b) The last sentence of Paragraph I.E of the Letter Agreement is hereby
amended and restated in its entirety to read as follows:

“This Agreement (including without limitation the obligations of
Zimmer under Paragraph I.C(2) hereof) shall remain in full force
and effect so long as either (a) any Standard Instrument is
outstanding, or (b) the Bank has any obligation to, or for the
benefit of, Zimmer in connection with this Agreement.”

 

 

          (c) Schedule A to the Letter Agreement is hereby amended and restated in
its entirety to read as follows:

	 	 	 	 	 	 
	Subsidiary Borrower 	 	Advised Sublimit	 
	Zimmer CIS (Russia)
	 	$	2,000,000	 
	Zimmer Korea
	 	$	5,000,000	 
	Zimmer Taiwan Co. Ltd.
	 	$	4,000,000	 
	Zimmer Pte, Ltd. — Singapore
	 	$	2,000,000	 
	Zimmer (Shanghai) Medical International

Trading Co. Ltd.
	 	$	2,000,000	 
	 	Total Uncommitted Standard Instrument

Line of Credit
	 	$	15,000,000	 

          (d) Exhibit A to the Letter Agreement is hereby amended as follows:

     (i) The definition of “Availability Termination Date” is hereby amended
and restated in its entirety to read as follows:

     “’Availability Termination Date’ means August 1, 2004.”

     (ii) The definition of “Obligation Cutoff Date” is hereby amended and
restated in its entirety to read as follows:

     “’Obligation Cutoff Date’ means August 1, 2005.”

     3. The Parent Borrower hereby represents and warrants to the Bank that:

     (a) this Amendment has been duly authorized, executed and delivered on its
behalf, and the Letter Agreement, as amended hereby, constitutes its legal,
valid and binding obligation enforceable against it in accordance with its
terms, except as limited by: (i) the Bankruptcy Code of the United States of
America and all other applicable liquidation, conservatorship, bankruptcy,
moratorium, rearrangement, receivership, insolvency, reorganization, suspension
of payments, or similar debtor relief laws from time to time in effect
affecting the rights of creditors generally; and (ii) general principles of
equity;

     (b) the representations and warranties of Parent Borrower set forth in
Paragraph III of the Letter Agreement (other than any representations and
warranties that relate exclusively to a prior date, which representations and
warranties were true and correct in all material respects as of such prior
date), are true and correct in all material respects on and as of the date
hereof with the same force and effect as if made on and as of such date; and

     (c) no Default or Event of Default under the Letter Agreement has occurred
and is continuing or will result from the execution and delivery of this
Amendment.

     4. This Amendment shall be governed by and construed in accordance with
the laws of the State of New York. As expressly amended hereby, the Letter
Agreement is hereby ratified and confirmed and shall continue in full force and
effect.

 

 

     IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
by their duly authorized officers as of the date first written above.

	 	 	 
	 	 	
ZIMMER HOLDINGS, INC.
	 	 	 
	 	 	
By:  /s/ James T. Crines
	 	 	

	 	 	
Name:   James T. Crines
	 	 	

	 	 	
Title:   Vice President and Controller
	 	 	

	 	 	 
	 	 	
BANK OF AMERICA, N.A.
	 	 	 
	 	 	
By:  /s/Kevin P. Bertelsen
	 	 	

	 	 	
Name:  Kevin P. Bertelsen
	 	 	

	 	 	
Title:  Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00058-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00058-of-00352.parquet"}]]