Document:

ex10x15.htm

    Exhibit 10.15

     

    
 

    
       

      Non-Employee
Director Compensation

       

      
        
          	
                  Type
      of Compensation

                	
                   

                  Amount

                   

                
	
                  Monthly
      Retainer for Non-Employee Directors

                	
                  $  1,000

                
	
                  Stock
      Option Awards

                	
                  (1)

                
	
                  Other
      Compensation

                	
                  (2)

                

        

      

       

       

      ______________

      

      
        	
                (1)

              	
                Non-employee
      directors typically receive a stock option award upon joining the Board,
      and then typically receive annual grants.  In 2009, the annual
      grant was 50,000 stock options.

              

      

      

      
        	
                (2)

              	
                Directors
      are reimbursed for out-of-pocket
expenses.utmd10k20091231ex10-1.htm

    
      

      

    

    EXHIBIT
12

    

    SUMMARY
OF OFFICER AND DIRECTOR COMPENSATION

    

    

    Except
for the Employment Agreement in Exhibit 6 of this report, the Company does not
have any written contractual compensation arrangements with any of its employees
or directors, including Executive Officers.

    

    During
2010, the Company’s Chief Executive and Principal Financial Officers (the
Company’s “Named Executive Officers”) are scheduled to receive the following
compensation from the Company:

    
      	
               

              Compensation
      Arrangement

            	 
      	
               

              2010
      Scheduled Amount

            
	
              Base
      salary

            	 
      	
              $  256,100
      (CEO); $101,000 (PFO)

            
	
              401(k)
      matching contributions

            	 
      	
                      5,880
      (maximum)

            
	
              Section
      125 plan matching contributions (1)

            	 
      	
                         450
      (maximum)

            
	
              Management
      bonus

            	 
      	
              will
      be determined at year-end

            
	
              Pet
      health benefits (1)

            	 
      	
                         500
      (maximum)

            
	
              Family
      medical benefits (1)

            	 
      	
              will
      depend on future events

            
	
              Travel
      expense reimbursement (2)

            	 
      	
                     8,000
      (CEO); 2,000 (PFO)

            

    

    

    

    During
2010, the Company’s Directors are scheduled to receive the following
compensation from the Company:

    

    
      	
              Compensation
      Arrangement

            	 	
              Ernst
      Hoyer

            	 	 	
              Barbara
      Payne

            	 	 	
              James
      Beeson

            	 
	
              Base

            	 	$	21,000	 	 	$	21,000	 	 	$	21,000	 
	
              Executive
      Committee

            	 	 	4,000	 	 	 	-	 	 	 	-	 
	
              Audit
      Committee Chairman

            	 	 	2,000	 	 	 	-	 	 	 	-	 
	
              Travel
      Expense Reimbursement (2)

            	 	 	500	 	 	 	700	 	 	 	500	 

    

    

    (1)   CEO
and PFO participate on the same basis as other eligible employees.

    (2)   Estimated
2010 travel expenses on behalf of UTMD business.  The Company
reimburses its employees and directors for authorized business
expenses.Exhibit
4.1

 

ISDA®

International
Swaps and Derivatives Association, Inc.

 

NOVATION
AGREEMENT

 

dated
as of March 5, 2010 among:

 

GE
CAPITAL CREDIT CARD MASTER NOTE TRUST (the “Remaining
Party”),

THE
ROYAL BANK OF SCOTLAND N.V. (the “Transferor”)
AND

THE ROYAL
BANK OF SCOTLAND PLC (the “Transferee”)

 

The parent group of the Transferee has agreed, pursuant to a separate
agreement, to purchase the wholesale businesses of the Transferor. The Transferor and the
Remaining Party have entered into one or more Transactions as identified in Exhibit 1
(each an “Old Transaction”), each evidenced by a
Confirmation which, for the avoidance of doubt, shall include, without
limitation, any master confirmation agreement or long-form confirmation which
may or may not reference a master agreement (an “Old
Confirmation”) subject to a 2002 ISDA Master Agreement dated as of June 30,
2005 (the “Old Agreement”). Pursuant to the
terms of this Novation Agreement (the “Agreement”), the Remaining Party and the
Transferee have entered into a New Agreement (as defined below).

 

With
effect from and including March 8, 2010 (the “Novation
Date”) the Transferor wishes to
transfer by novation to the Transferee, and the Transferee wishes to accept the
transfer by novation of, all the rights, liabilities, duties and obligations of
the Transferor under and in respect of each Old Transaction, with the effect
that the Remaining Party and the Transferee enter into a new transaction (each
a “New Transaction”) between them having
terms identical to those of each Old Transaction, as more particularly
described below.

 

The
Remaining Party wishes to accept the Transferee as its sole counterparty with
respect to the New Transactions.

 

The
Transferor and the Remaining Party wish to have released and discharged, as a
result and to the extent of the transfer described above, their respective
obligations under and in respect of the Old Transactions.

 

Accordingly,
the parties agree as follows: ---

 

1.     Definitions.

 

Terms
defined in the ISDA Master Agreement (Multicurrency-Cross Border) as published
in 2002 by the International Swaps and Derivatives Association, Inc., (the
“2002 ISDA Master Agreement”) are used
herein as so defined, unless otherwise provided herein.

 

2.     Transfer, Release, Discharge and Undertakings.

 

With
effect from and including the Novation Date and in consideration of the mutual
representations, warranties and covenants contained in this Novation Agreement
and other good and valuable consideration (the receipt and sufficiency of which
are hereby acknowledged by each of the parties):

 

(a)           the Remaining Party and the Transferor are
each released and discharged from further obligations to each other with
respect to each Old Transaction and their respective rights against each other
thereunder are cancelled, provided that such release and discharge shall not
affect any rights, liabilities or obligations of the Remaining Party or the
Transferor with respect to payments or other obligations due and payable or due
to be performed on or prior to the Novation Date, and all 

 

 

such payments and obligations shall be paid
or performed by the Remaining Party or the Transferor in accordance with the
terms of the Old Transaction;

 

(b)           in respect of each New Transaction, the
Remaining Party and the Transferee each undertake liabilities and obligations
towards the other and acquire rights against each other identical in their
terms to each corresponding Old Transaction (and, for the avoidance of doubt,
as if the Transferee were the Transferor and with the Remaining Party remaining
the Remaining Party, save for any rights, liabilities or obligations of the
Remaining Party or the Transferor with respect to payments or other obligations
due and payable or due to be performed on or prior to the Novation Date);

 

(c)           each New Transaction shall be governed by
and form part of the New Agreement and the relevant Old Confirmation (which, in
conjunction and, as deemed modified to be consistent with this Novation
Agreement and as set out further in Section 3 of Exhibit 2, shall be
deemed to be a Confirmation between the Remaining Party and the Transferee);

 

(d)           any fees payable by any party in connection
with the transfer by Novation under this Agreement shall be confirmed
separately between such parties; and

 

(f)            in relation to
the Novation of any Old Transaction, any mandatory or optional early
termination or other break clause (or any clause having an equivalent effect)
specified in the corresponding Old Confirmation shall continue in full force
after the Novation Date, and such mandatory or optional early termination or
other break clause shall not be affected or modified by the Novation.

 

3.     Creation of the New Agreement.

 

With respect to the Old Agreement, a new
contract, instrument or, as applicable, arrangement (the “New Agreement”)
shall be deemed, with effect from and including the date of the Remaining Party’s
signature to this Agreement, to have been entered into between the Transferee
(taking the position in the New Agreement as taken by the Transferor in the Old
Agreement) and the Remaining Party (taking the same position in the New
Agreement as it took in the Old Agreement) having identical terms to the Old
Agreement, subject to the amendments described in Exhibit 2 to this
Agreement as if the Transferee and the Remaining Party had entered into the New
Agreement on the date of the Remaining Party’s signature to this Agreement.

 

4.     Equivalent
Credit Support.

 

The
parties shall put into place, or procure the putting into place of, Equivalent
Credit Support on or before the Novation Date.

 

“Equivalent
Credit Support” means, arrangements of an equivalent nature entered into or, as
applicable, issued or granted in respect of the New Agreement which governs the
New Transaction(s) corresponding to the relevant Old Transaction(s) (without
duplication), except for the changes that are necessary to reflect, or are a
natural consequence of, the fact that the Transferee is to be substituted for
the Transferor for all purposes, including any changes required to be made such
that:

 

(i)            the Transferee is the beneficiary; and

 

(ii)           the obligations of the Remaining Party
which are supported and are the subject of this Agreement are to be obligations
owed to the Transferee pursuant to this Agreement.

 

5.     Representations
and Warranties.

 

(a)             On the date of this Novation Agreement and
on each Novation Date:

 

(i)        Each of the parties makes to each of the
other parties those representations and warranties set forth in Section 3(a) of
the 2002 ISDA Master Agreement with references in such Section to “this
Agreement” or “any Credit Support Document” being deemed references to this
Novation Agreement alone.

 

 

(ii)       The Remaining Party and the Transferor each
makes to the other, and the Remaining Party and the Transferee each makes to
the other, the representation set forth in Section 3(b) of the 2002
ISDA Master Agreement, in each case with respect to the Old Agreement or the
New Agreement, as the case may be, and taking into account the parties entering
into and performing their obligations under this Novation Agreement.

 

(iii)      Each of the Transferor and the Remaining
Party represents and warrants to each other and to the Transferee that:

 

(A)       it has made no prior transfer (whether by
way of security or otherwise) of the Old Agreement or any interest or
obligation in or under the Old Agreement or in respect of any Old Transaction;
and

 

(B)       as of the Novation Date, all obligations of
the Transferor and the Remaining Party under each Old Transaction required to
be performed on or before the Novation Date have been fulfilled.

 

(b)             The Transferor makes no representation or
warranty and does not assume any responsibility with respect to the legality,
validity, effectiveness, adequacy or enforceability of any New Transaction or
the New Agreement or any documents relating thereto and assumes no
responsibility for the condition, financial or otherwise, of the Remaining
Party, the Transferee or any other person or for the performance and observance
by the Remaining Party, the Transferee or any other person of any of its
obligations under any New Transaction or the New Agreement or any document
relating thereto and any and all such conditions and warranties, whether
express or implied by law or otherwise, are hereby excluded.

 

6.     Counterparts.

 

This Novation Agreement (and each
amendment, modification and waiver in respect of it) may be executed and
delivered in counterparts (including by facsimile transmission), each of  which will be deemed an original.

 

7.     Costs and
Expenses.

 

The Transferee will pay all costs and
expenses of the Remaining Party.

 

8.     Amendments.

 

No amendment, modification or waiver in
respect of this Novation Agreement will be effective unless in writing
(including a writing evidenced by a facsimile transmission) and executed by
each of the parties or confirmed by an exchange of telexes or electronic
messages on an electronic messaging system.

 

9.     (a)           Governing Law.

 

This Novation Agreement will be governed by and
construed in accordance with the laws of the State of New York without
reference to the conflict of laws provisions thereof.

 

        (b)                                  Jurisdiction.

 

The terms of Section 13(b) of the 2002 ISDA
Master Agreement shall apply to this Novation Agreement with references in such
Section to “this Agreement” being deemed references to this Novation Agreement
alone.

 

10.  Limitation of Liability of Trustee.

 

It is expressly understood and agreed by the parties
hereto that (a) this Novation Agreement is executed and delivered by BNY
Mellon Trust of Delaware, not individually or personally but solely as Trustee
of the Remaining Party, in the exercise of the powers and authority conferred
and vested in it, (b) each of the representations, undertakings and
agreements herein made on the part of the Remaining Party is made and 

 

 

intended not as personal representations, undertakings
and agreements by BNY Mellon Trust of Delaware but is made and intended for the
purpose of binding only the Remaining Party, (c) nothing herein contained
shall be construed as creating any liability on BNY Mellon Trust of Delaware,
individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the
parties hereto and by any Person claiming by, through or under the parties
hereto and (d) under no circumstances shall BNY Mellon Trust of Delaware
be personally liable for the payment of any indebtedness or expenses of the
Remaining Party or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Remaining Party
under this Novation Agreement or any other related documents.

 

 

IN
WITNESS WHEREOF the parties have executed this Novation Agreement on the
respective dates specified below with effect from and including the Novation
Date.

 

 

GE
CAPITAL CREDIT CARD MASTER NOTE TRUST

By:  BNY Mellon Trust of Delaware, not in its
individual capacity but solely as Trustee

 

 

	
  /s/
  Kristine K. Gullo

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
	
  Name:
  Kristine K. Gullo

  	
   

  	
   

  
	
  Title:   Vice President

  	
   

  	
   

  

 

 

THE
ROYAL BANK OF SCOTLAND PLC

By
RBS SECURITIES INC, as its agent

 

	
  /s/
  Deborah Pfeifer

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
	
  Name:
  Deborah Pfeifer

  	
   

  	
   

  
	
  Title:
  Senior Vice President

  	
   

  	
   

  

 

 

THE
ROYAL BANK OF SCOTLAND N.V.

 

	
  /s/
  Frederick P. Engler

  	
   

  	
  /s/
  Aiden Harmston

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
  Date:

  
	
  Name:
  Frederick P. Engler

  	
   

  	
  Name:
  Aiden Harmston

  
	
  Title:
    Senior Vice President

  	
   

  	
  Title:
    Vice President

  

 

 

EXHIBIT
1

 

	
  Full Legal Name

  	
   

  	
  Trade Date

  	
   

  	
  Effective

  Date

  	
   

  	
  Maturity

  Date

  	
   

  	
  Trn# (Internal)

  	
   

  	
  Nominal

  currency

  	
   

  	
  Initial Notional

  Amount

  	
   

  	
  Current Notional

  Amount (leg 1)

  	
   

  	
  Current Notional

  Amount (leg 2)

  	
   

  	
  Trade

  typology

  	
   

  
	
  GE Capital Credit Card
  Master Note Trust, Series 2005-3 (Class B)

  	
   

  	
  6/28/2005

  	
   

  	
  6/30/2005

  	
   

  	
  6/15/2013

  	
   

  	
  11930601

  	
   

  	
  USD

  	
   

  	
  82,500,000.00

  	
   

  	
  82,500,000.00

  	
   

  	
  - 82,500,000.00

  	
   

  	
  IRS

  	
   

  

 

 

EXHIBIT
2

 

AMENDMENTS
TO THE NEW AGREEMENT AND THE CONFIRMATIONS

 

1.                                      MASTER
AGREEMENT

 

The
parties agree that the New Agreement shall be deemed to be entered into between
the Remaining Party and the Transferee, pursuant to Section 3 of this
Agreement, on identical terms as the Old Agreement, subject to the following
amendments:

 

(a)                                  Notices

 

Notices or communications to the Transferee (other
than notices with respect to an event of default, termination event or
designation of an early termination date (howsoever described)) to be sent to
the address listed in the Confirmation provided by the Transferee or if prior
to this Confirmation being received, to:-

 

	
  Address:

  	
  c/o RBS Global Banking & Markets, 280 Bishopsgate, London,
  EC2M 4RB

  
	
  Attention:

  	
  Swaps Administration

  
	
  Fax:

  	
  020 7085 5050

  
	
  Telephone:

  	
  020 7085 5000

  

 

Address for notices or communications to the
Transferee for notices with respect to an event of default, termination event
or designation of an early termination date (howsoever described):-

 

	
  Address:

  	
  c/o
  RBS Global Banking & Markets, 135 Bishopsgate, London, EC2M 3UR

  
	
  Attention:

  	
  Head
  of Legal, Global Banking & Markets

  
	
  Fax:

  	
  020
  7085 8411

  

 

With a copy to:

 

	
  Address:

  	
  600
  Washington Boulevard, Stamford CT 06901

  
	
  Attention:

  	
  Legal
  Department — Derivatives Documentation

  
	
  Telephone:

  	
  203
  897 2531/2560

  
	
  Fax:

  	
  203
  873 4606

  

 

(b)                                 Process
Agent

 

No process agent shall be appointed with respect to
the Transferee.

 

(c)                                  Other
General Amendments

 

All references (if any) to the name of the Transferor
throughout the Old Agreement shall instead be deemed to be to THE ROYAL BANK OF
SCOTLAND PLC.

 

(d)                                 Payee Tax
Representations

 

In respect of the New
Agreement, the parties agree that the Transferee shall replace any
representations for the purposes of Part 2(b) (Payee Representations)
of the Schedule with the following in the New Agreement:

 

(a) It is a tax
resident of the United Kingdom.

 

(b) It is a “foreign
person” within the meaning of the applicable U.S. Treasury Regulations
concerning information reporting and backup withholding tax (as in effect on January 1,
2001), unless Party A provides written notice to Party B that it is no longer a
foreign person.

 

 

(c) In respect of each
Transaction it enters into through an office or discretionary agent in the
United States or which otherwise is allocated (in whole or part) for United
States federal income tax purposes to such United States trade or business,
each payment received or to be received by it under such Transaction (or
portion thereof, if applicable) will be effectively connected with its conduct
of a trade or business in the United States; and,

 

(d) In respect of all
Transactions or portions thereof other than as described in clause (c) above,
no such payment received or to be received by it in connection with this Agreement
is attributable to a trade or business carried on by it through a permanent
establishment in the United States and it is fully eligiblef or the benefits of
the “Business Profits” or Industrial and Commercial Profits” provision, as the
case may be, the “Interest” provision or the “Other Income” provision (if any)
of the applicable Specified Treaty with respect to any payment described in
such provisions and received by it in connection with this Agreement.  For purposes of Payee Tax Representation (d),
“Specified Treaty” means the Income Tax Treaty between the United Kingdom and
the United States of America.

 

2.                                      AMENDMENTS
TO THE CONFIRMATIONS

 

With
effect from and including the applicable Novation Date, any references
throughout the Old Confirmations to:

 

(i)                        the Transferor’s name shall
instead be deemed to be to a reference to THE ROYAL BANK OF SCOTLAND PLC;

 

(ii)                     the Transferor acting through any
particular branch or office shall be deemed to be a reference to the Transferee
acting through its London branch;

 

(iii)                  details which are personal to the
Transferor (such as company registration numbers, the jurisdiction of its
incorporation, notice details and account details for payments) shall be deemed
to be deleted and replaced with the following (where applicable):

 

	
  (A)

  	
  THE
  ROYAL BANK OF SCOTLAND PLC, incorporated as a public limited company under
  the laws of Scotland

  
	
  (B)

  	
  Registered
  Office:

  	
  36 St
  Andrew Square, Edinburgh EH2 2YB, Scotland

  
	
  (C)

  	
  Registered
  number:

  	
  90312

  
	
  (D)

  	
  Notice
  Details:

  	
  With
  respect to a given Transaction as set out in the New Agreement

  
	
  (E)

  	
  Account
  Details:

  	
  As
  specified in the Transferee’s Standard Settlement Instructions, which will be
  notified to the Remaining Party separately; and

  

 

(iv)                  the Old Agreement shall be deemed to be a
reference to the New Agreement.

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