Document:

AMENDMENT NO. 1, DATED FEBRUARY 8, 2006, TO CREDIT AGREEMENT

 Exhibit 10.1 
  
 AMENDMENT NO. 1, dated as of February 8, 2006 (this “Amendment”) to the Credit and Guaranty
Agreement, dated as of May 18, 2005 (the “Credit Agreement”), by and among Xerium Technologies, Inc. (“Xerium”), a Delaware corporation, XTI LLC (“XTI”), a Delaware limited
liability company, Xerium Italia S.p.A. (“Italia SpA”), an Italian società per azioni, Stowe-Woodward/Mount Hope Inc. (“Stowe-Woodward”), a New Brunswick (Canada) corporation, Weavexx
Corporation (“Weavexx”), a New Brunswick (Canada) corporation, Huyck Austria GmbH (“Huyck Austria”), an Austrian limited liability company, and Xerium Germany Holding GmbH (“Germany
Holdings”), a German limited liability company (each of Xerium, XTI, Italia SpA, Stowe-Woodward, Weavexx, Huyck Austria and Germany Holdings, individually, a “Borrower” and, collectively, the
“Borrowers”), certain Subsidiaries of the Borrowers, as Guarantors, the Banks party hereto from time to time, Citigroup Global Markets, Inc. and CIBC World Markets plc, as Joint Lead Arrangers and Lead Bookrunners, Citigroup
Global Markets, Inc. and CIBC World Markets plc, as Syndication Agents, Citicorp North America, Inc., as Administrative Agent (together with its permitted successors, in such capacity, “Administrative Agent”) and Citicorp
North America, Inc., as Collateral Agent. 
  
 W I
T N E S S E T H : 
  
 WHEREAS, Xerium has requested certain amendments to the Credit Agreement and the Banks and the Administrative Agent are willing, on the terms and subject to the conditions set forth below, to amend certain provisions
of the Credit Agreement. 
  
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of the agreements herein, the parties hereto agree as follows: 
  

ARTICLE I 
 AMENDMENTS 
  
 SECTION 1.1. Definitions; References. Unless otherwise specifically
defined herein, each term used herein which is defined in the Credit Agreement shall have the meaning assigned to such term in the Credit Agreement. 
  
 SECTION 1.2. Effectiveness. The Credit Parties, the Banks and the Administrative Agent agree that the following amendments to the Credit Agreement
in this Article I shall become effective, unless otherwise provided, on the First Amendment Effective Date (as defined below). 
  
 SECTION 1.3. Amendments to Section 1.1. Section 1.1 of the Credit Agreement is amended by: 
  
 (a) inserting the following definitions in appropriate alphabetical order in
Section 1.1: 
  
 “Amendment
No. 1” means Amendment No. 1, dated as of February 8, 2006, to the Agreement. 
  
 “Press Felt Expansion Capex” is defined in Section 6.8(d) of the Agreement. 

 (b) deleting clause (a) from the definition of “Applicable Margin” in its
entirety and inserting in its place the following: 
  
 “(a)
with respect to Xerium B Term Loans, 2.25% and” 
  
 (c)
deleting clause (iii) from the definition of “Pre-Dividend Free Cash Flow” in its entirety and inserting in its place the following: 
  
 “(iii) Consolidated Capital Expenditures (except to the extent (I) financed or refinanced with an incurrence of
Indebtedness, until such Indebtedness is repaid (other than through the refinancing thereof), (II) financed with insurance or condemnation proceeds, (III) financed with the cash proceeds from any Asset Sale, (IV) such Consolidated Capital
Expenditures constitute Press Felt Expansion Capex, or (V) such Consolidated Capital Expenditures are included in Incremental Permitted Capital Expenditures)” 
  
 SECTION 1.4. Amendment to Section 6.8(a). Section 6.8 of the Credit Agreement is amended by deleting clause
(a) in its entirety and inserting in its place the following: 
  
 “(a) Interest Coverage Ratio. Xerium shall not permit the Interest Coverage Ratio for any period of four consecutive Fiscal Quarters ending with any Fiscal Quarter set forth below to be less than the ratio
set forth below opposite such Fiscal Quarter: 
  

			
	 Fiscal Quarter

	  	 Interest
 Coverage Ratio

	 September 30, 2005
	  	3.50:1.00
	 December 31, 2005
	  	3.50:1.00
	 March 31, 2006
	  	3.50:1.00
	 June 30, 2006
	  	3.50:1.00
	 September 30, 2006
	  	3.50:1.00
	 December 31, 2006
	  	4.00:1.00
	 March 31, 2007
	  	4.00:1.00
	 June 30, 2007
	  	4.25:1.00
	 September 30, 2007
	  	4.25:1.00
	 December 31, 2007
	  	4.25:1.00
	 March 31, 2008
	  	4.50:1.00
	 June 30, 2008
	  	4.50:1.00
	 September 30, 2008
	  	4.50:1.00
	 December 31, 2008
	  	4.50:1.00
	 March 31, 2009
	  	4.75:1.00
	 June 30, 2009
	  	4.75:1.00

  

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	 Fiscal Quarter

	  	 Interest
 Coverage Ratio

	 September 30, 2009
	  	4.75:1.00
	 December 31, 2009
	  	4.75:1.00
	 March 31, 2010
	  	5.00:1.00
	 June 30, 2010
	  	5.00:1.00
	 September 30, 2010
	  	5.00:1.00
	 December 31, 2010
	  	5.00:1.00
	 March 31, 2011
	  	5.25:1.00
	 June 30, 2011
	  	5.25:1.00
	 September 30, 2011
	  	5.25:1.00
	 December 31, 2011
	  	5.25:1.00
	 March 31, 2012
	  	5.25:1.00

  
 SECTION 1.5.
Amendment to Section 6.8(b). Section 6.8 of the Credit Agreement is amended by deleting clause (b) in its entirety and inserting in their place the following: 
  
 “(b) Leverage Ratio. Xerium shall not permit the Leverage Ratio for any period of four
consecutive Fiscal Quarters ending with any Fiscal Quarter set forth below to be greater than the ratio set forth below opposite such Fiscal Quarter: 
  

			
	 Fiscal Quarter

	  	 Leverage
 Ratio

	 September 30, 2005
	  	4.50:1.00
	 December 31, 2005
	  	4.50:1.00
	 March 31, 2006
	  	4.75:1.00
	 June 30, 2006
	  	4.75:1.00
	 September 30, 2006
	  	4.75:1.00
	 December 31, 2006
	  	4.75:1.00
	 March 31, 2007
	  	4.50:1.00
	 June 30, 2007
	  	4.25:1.00
	 September 30, 2007
	  	4.25:1.00
	 December 31, 2007
	  	4.25:1.00
	 March 31, 2008
	  	3.50:1.00
	 June 30, 2008
	  	3.50:1.00

  

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	 Fiscal Quarter

	  	 Leverage
 Ratio

	 September 30, 2008
	  	3.25:1.00
	 December 31, 2008
	  	3.25:1.00
	 March 31, 2009
	  	3.00:1.00
	 June 30, 2009
	  	3.00:1.00
	 September 30, 2009
	  	3.00:1.00
	 December 31, 2009
	  	3.00:1.00
	 March 31, 2010
	  	2.75:1.00
	 June 30, 2010
	  	2.75:1.00
	 September 30, 2010
	  	2.50:1.00
	 December 31, 2010
	  	2.50:1.00
	 March 31, 2011
	  	2.25:1.00
	 June 30, 2011
	  	2.25:1.00
	 September 30, 2011
	  	2.00:1.00
	 December 31, 2011
	  	2.00:1.00
	 March 31, 2012
	  	2.00:1.00

  
 SECTION 1.6.
Amendment to Section 6.8(d). Section 6.8 of the Credit Agreement is amended by adding to the end thereof the following proviso: 
  
 “provided, however, notwithstanding this Section 6.8(d), Xerium and its Subsidiaries shall be permitted to make or
incur Consolidated Capital Expenditures (such capital expenditures permitted by this proviso, being referred to herein as “Press Felt Expansion Capex”), (1) in Fiscal Year 2006 in an aggregate amount for Xerium and its
Subsidiaries of $8,400,000 in excess of the corresponding amount set forth above opposite such Fiscal Year, and (2) in Fiscal Year 2007 in an aggregate amount for Xerium and its Subsidiaries of $8,200,000 in excess of the corresponding amount
set forth above opposite such Fiscal Year, in each case solely to expand press felt production capacity in Brazil.” 
  
 ARTICLE II 
 FEES 
  
 SECTION 2.1. Fees. Xerium agrees to pay to each Bank executing and
delivering (by telecopy or otherwise) this Amendment, on or before 5:00 P.M., New York time, February 1, 2006, an amendment fee equal to 0.125% (the “Amendment Fee”) of the outstanding principal amount of all Loans and
Commitments of such Bank. Such fee shall be fully earned and nonrefundable on the First Amendment Effective Date. Xerium shall pay the Amendment Fee to the Administrative Agent on the First Amendment Effective Date for the benefit of such consenting
Banks. 
  

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 ARTICLE III 
 CONSENT AND REAFFIRMATION 
  
 SECTION 3.1. Consent and Agreement. Each Credit Party hereby expressly (i) acknowledges receipt of a copy of this Amendment, (ii) ratifies and affirms its obligations under the Credit Documents (including guarantees,
security agreements and pledge agreements) executed and delivered by such Credit Party, and (iii) acknowledges, renews and extends its continued liability under all such Credit Documents and agrees such Credit Documents remain in full force and
effect, including with respect to the obligations of the Borrowers as modified by this Amendment. 
  
 ARTICLE IV 
 CONDITIONS PRECEDENT 
  
 SECTION 4.1. Conditions Precedent to First Amendment Effective Date.
This Amendment and the amendments contained herein shall be and become effective as of February 8, 2006 (the “First Amendment Effective Date”) when the following conditions shall be satisfied, or waived in accordance
with Section 10.6 of the Credit Agreement: 
  
 (a)
Counterparts of this Amendment. The Administrative Agent shall have received counterparts of this Amendment, duly executed by and delivered on behalf of the Credit Parties and the Requisite Banks. 
  
 (b) No Default; Representations and Warranties, etc. The Credit
Parties hereby represent, warrant and confirm that: (a) the representations and warranties of the Credit Parties contained in Section 4 of the Credit Agreement are true in all material respects on and as of the date hereof as if made on
such date (except to the extent that such representations and warranties expressly relate to an earlier date); (b) after giving effect to this Amendment, the Credit Parties are in compliance with all of the terms and provisions set forth in the
Credit Agreement on their part to be observed or performed thereunder; (c) after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing; (d) the execution, delivery and performance by the
Credit Parties of this Amendment (i) have been duly authorized by all necessary action on the part of the Credit Parties, (ii) have not and will not violate any applicable law or regulation or the Organizational Documents of any Credit
Party, (iii) have not and will not conflict with, result in a breach of or constitute a default under any Contractual Obligation of any Credit Party except to the extent such conflict, breach or default could not reasonably be expected to have
a R&W Material Adverse Effect and (iv) do not require any consent, waiver or approval of or by any Person (other than the Administrative Agent and the Banks) which has not been obtained. 
  
 (c) Officer Certificate. The Administrative Agent shall have received
a certificate, dated the date hereof and signed by an Authorized Officer of Xerium, confirming that all conditions precedent to the effectiveness of this Amendment have been met, that all representations and warranties set forth herein are true,
accurate and correct and as to the absence of any Defaults or Events of Default. 
  
 (d) Binding Agreements. This Amendment and the Credit Agreement and each other Credit Document, including without limitation, the Collateral Documents, constitute the valid and legally binding obligations of
each Credit Party party thereto enforceable in 

  

 -5- 

 
accordance with their terms subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors rights and to general equity principles. 
  
 (e) Fees. The Administrative Agent shall have received the Amendment Fee pursuant to Section 2.1 and any other fees or expenses required to be paid in connection herewith, including, without limitation,
the fees and expenses of the Administrative Agent’s counsel, Skadden, Arps, Slate, Meagher and Flom, LLP, in each case through and including the First Amendment Effective Date. 
  
 (f) Additional Information. The Administrative Agent shall have received such other information and documents as may
reasonably be required by the Administrative Agent and its counsel. 
  
 ARTICLE V 
 MISCELLANEOUS 
  
 SECTION 5.1. Full Force and Effect; Limited Amendment. Except as expressly amended hereby, all of the representations, warranties, terms,
covenants, conditions and other provisions of the Credit Agreement, the Notes and each other Credit Document shall remain unamended and shall continue to be, and shall remain, in full force and effect in accordance with their respective terms. Upon
the effectiveness of this Amendment, all references in the Credit Agreement to the Credit Agreement or “hereof,” “herein,” “hereto” or words of similar import shall mean the Credit Agreement as amended by this
Amendment, and all references in the other Credit Documents to the Credit Agreement shall mean the Credit Agreement as amended by this Amendment. The amendments and waivers set forth herein shall be limited precisely as provided for herein to the
provisions expressly amended herein and shall not be deemed to be a waiver of, consent to or modification of any other term or provision of the Credit Agreement or any other Credit Document or of any transaction or further or future action which
would require the consent of the Banks under the Credit Agreement. 
  
 SECTION 5.2. Credit Document Pursuant to Credit Agreement; Confidentiality. This Amendment is executed pursuant to the Credit Agreement and shall be construed, administered and applied in accordance with all of the terms and
provisions of the Credit Agreement (and, following the First Amendment Effective Date, the Credit Agreement as amended by this Amendment). The provisions of Section 10.18 of the Credit Agreement apply to this Amendment. 
  
 SECTION 5.3. Fees and Expenses. The Borrower shall pay all reasonable
out-of-pocket expenses incurred by the Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Amendment and the documents and transactions contemplated hereby. 
  
 SECTION 5.4. Headings. The various headings of this Amendment are
inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or any provisions hereof. 
  

 -6- 

 SECTION 5.5. Execution in Counterparts. This Amendment may be executed by the parties hereto in
several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement. 
  
 SECTION 5.6. Cross-References. References in this Amendment to any Article or Section are, unless otherwise specified or otherwise required by the
context, to such Article or Section of this Amendment. 
  
 SECTION
5.7. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
  
 SECTION 5.8. GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE LAWS OF
THE STATE OF NEW YORK. 
  
 [Signature Pages Follow] 
  

 -7- 

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

					
	XERIUM TECHNOLOGIES, INC.
		
	 By:
	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	 Michael O’Donnell

	 	 	 Title:
	 	 Chief Financial Officer

	
	XTI LLC
		
	 By:
	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	 Michael O’Donnell

	 	 	 Title:
	 	 Chief Financial Officer

	
	XERIUM ITALIA S.P.A.
		
	 By:
	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	 Michael O’Donnell

	 	 	 Title:
	 	 Chief Financial Officer

	
	STOWE-WOODWARD/MOUNT HOPE INC.
		
	 By:
	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	 Michael O’Donnell

	 	 	 Title:
	 	 Chief Financial Officer

					
	 WEAVEXX CORPORATION,
 a New Brunswick corporation

		
	 By:
	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	 Michael O’Donnell

	 	 	 Title:
	 	 Chief Financial Officer

	
	 HUYCK AUSTRIA GMBH

	Signed by Michael O’Donnell as attorney for Huyck Austria GmbH
		
	 By:
	 	 /s/ Michael O’Donnell

  

 -2- 

					
	 HUYCK AUSTRALIA PTY. LIMITED

		
	 By:
	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	 Michael O’Donnell

	 	 	 Title:
	 	 Director

		
	 By:
	 	 /s/ John R. Cormier

	 	 	 Name:
	 	 John R. Cormier

	 	 	 Title:
	 	 Director

	
	 WANGNER ITELPA PARTICIPAÇÕES LTDA.

		
	 By:
	 	 /s/ John R. Cormier

	 	 	 Name:
	 	 John R. Cormier

	 	 	 Title:
	 	 Authorized Signatory

	
	 XERIUM TECHNOLOGIES BRASIL
 INDÚSTRIA E COMÉRCIO S.A.

		
	 By:
	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	 Michael O’Donnell

	 	 	 Title:
	 	 Authorized Signatory

  

 -3- 

					
	XERIUM DO BRASIL LTDA.
		
	 By:
	 	 /s/ John R. Cormier

	 	 	 Name:
	 	 John R. Cormier

	 	 	 Title:
	 	 Authorized Signatory

	
	XERIUM (FRANCE) SAS
		
	 By:
	 	 /s/ Felice Conti

	 	 	 Name:
	 	 Felice Conti

	 	 	 Title:
	 	 President

	
	STOWE WOODWARD FRANCE SAS
		
	 By:
	 	 /s/ Felice Conti

	 	 	 Name:
	 	 Felice Conti

	 	 	 Title:
	 	 President

	
	 ROBEC WALZEN GMBH
 Signed by Michael
O’Donnell as managing director of Robec Walzen GmbH

		
	 By:
	 	 /s/ Michael O’Donnell

	
	 STOWE WOODWARD AG
 Signed by Felice
Conti as managing director of Stowe Woodward AG

		
	 By:
	 	 /s/ Felice Conti

	
	 XERIUM GERMANY HOLDING GMBH
 Signed by
Michael O’Donnell as managing director of Xerium Germany Holding GmbH

		
	 By:
	 	 /s/ Michael O’Donnell

  

 -4- 

					
	 WANGNER
 BETEILIGUNGSGESELLSCHAFT
MBH
 Signed by Michael O’Donnell as managing director of Wangner Beteiligungsgesellschaft mbH

		
	 By:
	 	 /s/ Michael O’Donnell

	
	 WANGNER GMBH
 Signed by Thomas
Gutierrez as managing director of Wangner GmbH

		
	 By:
	 	 /s/ Thomas Gutierrez

  

 -5- 

					
	HUYCK JAPAN LIMITED
		
	By:	 	 /s/ Michael O’Donnell

	 	 	duly authorised for purposes of this agreement
	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Chief Financial Officer
	
	STOWE WOODWARD MÉXICO, S.A. DE C.V.
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Chief Financial Officer
	
	TIAG TRANSWORLD INTERWEAVING GMBH
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Authorized Signatory
	
	HUYCK (UK) LIMITED
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Director
	
	STOWE-WOODWARD (UK) LIMITED
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Director

  

 -6- 

					
	XERIUM TECHNOLOGIES LIMITED
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Director
	
	HUYCK LIMITED
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Director
	
	STOWE-WOODWARD LIMITED
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Director
	
	HUYCK LICENSCO INC.
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Chief Financial Officer

  

 -7- 

					
	STOWE WOODWARD LLC
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Chief Financial Officer
	
	STOWE WOODWARD LICENSCO LLC
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Chief Financial Officer
	
	 WEAVEXX CORPORATION,
 a Delaware corporation

		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Chief Financial Officer
	
	XERIUM III (US) LIMITED
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Chief Financial Officer

  

 -8- 

					
	XERIUM IV (US) LIMITED
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Chief Financial Officer
	
	XERIUM V (US) LIMITED
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Chief Financial Officer
	
	WANGNER ITELPA I LLC
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Chief Financial Officer
	
	WANGNER ITELPA II LLC
		
	By:	 	 /s/ Michael O’Donnell

	 	 	 Name:
	 	Michael O’Donnell
	 	 	 Title:
	 	Chief Financial Officer

  

 -9- 

					
	 CITICORP NORTH AMERICA, INC. 
 as
Administrative Agent, Issuing Bank, Collateral Agent and a Bank

		
	By:	 	 /s/ Hector Guenther

	 	 	 Name:
	 	Hector Guenther
	 	 	 Title:
	 	Vice President

  

 -10- 

					
	[REQUISITE BANKS]1
		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

	1	A list of applicable signing banks is attached hereto. 

  

 -11- 

 Xerium Amendment No. 1 – Requisite Banks 
  

	1.	Babson CLO Ltd. 2003-I 

	2.	Babson CLO Ltd. 2005-I 

	3.	Babson CLO Ltd. 2005-II 

	4.	Suffield CLO, Limited 

	5.	Massachusetts Mutual Life Insurance Company 

	6.	Bill & Melinda Gates Foundation 

	7.	Maplewood (Cayman) Limited 

	8.	Eurocredit CDO I BV 

	9.	Eurocredit CDO II BV 

	10.	Promus I BV 

	11.	Promus II BV 

	12.	Commerzbank AG, New York and Grand Cayman Branches 

	13.	Blue Mountain CLO Ltd. 

	14.	Addison CDO, Limited 

	15.	Clarenville CDO, SA 

	16.	Fairway Loan Funding Company 

	17.	Global Enhanced Loan Fund S.A. 

	18.	Intercontinental CDO S.A. 

	19.	Loan Funding III LLC 

	20.	PIMCO Floating Income Fund 

	21.	PIMCO Floating Rate Strategy Fund 

	22.	Southport CLO, Limited 

	23.	Waveland - INGOTS, Ltd. 

	24.	Wrigley CDO, Ltd. 

	25.	Prospero CLO I, B.V. 

	26.	Banco Espirito Santo, S.A. 

	27.	GE Corporate Banking SAS 

	28.	FBS CFPI Loan Funding LLC 

	29.	Fall Creek CLO, Ltd. 

	30.	Harch CLO II Limited 

	31.	Symphony CLO I Ltd. 

	32.	Nuveen Floating Rate Income Fund 

	33.	Long Grove CLO, Limited 

	34.	Cumberland II CLO Ltd. 

	35.	Marquette Park CLO Ltd. 

	36.	Bridgeport CLO Ltd. 

	37.	Access Institutional Loan Fund 

	38.	Bryn Mawr CLO, Ltd. 

	39.	Rosemont CLO, Ltd. 

	40.	Allied Irish Banks p.l.c. 

	41.	ACA CLO 2005-1, Limited 

	42.	ACA Management, LLC as Investment Advisor 

	43.	Black Diamond CLO 2005-2 Ltd. 

	44.	Franklin CLO I, Limited 

	45.	Franklin CLO II, Limited 

	46.	Franklin Floating Rate Daily Access Fund 

	47.	Franklin Floating Rate Master Series 

	48.	Prospect Park CDO Ltd. 

	49.	Hanover Square CLO Ltd. 

	50.	Union Square CDO Ltd. 

	51.	Monument Park CDO Ltd. 

	52.	Loan Funding VI LLC for itself or as agent for Corporate Loan Funding VI LLC 

	53.	Essex Park CDO Ltd. 

	54.	Lafayette Square CDO Ltd., for itself or as agent for Lafayette Square CDO Ltd. 

	55.	Arabesque c/o Aladdin Capital 

	56.	IKB Capital Corporation 

	57.	Malibu CBNA Loan Funding LLC, for itself or as agent for Malibu CFPI Loan Funding LLC 

	58.	Senior Debt Portfolio 

	59.	Eaton Vance Senior Income Trust 

	60.	Eaton Vance Institutional Senior Loan [...] 

	61.	Costantinus Eaton Vance CDO V, Ltd. 

	62.	Eaton Vance CDO VI Ltd. 

	63.	Grayson & Co 

	64.	The Norinchukin Bank, New York Branch 

	65.	Big Sky III Senior Loan Trust 

	66.	Eaton Vance VT Floating-Rate Income Fund 

	67.	Eaton Vance Limited Duration Income Fund 

	68.	Tolli & Co. 

	69.	Eaton Vance Senior Floating-Rate Trust 

	70.	Eaton Vance Floating-Rate Income Trust 

	71.	Eaton Vance Short Duration Diversified Income Fund 

	72.	Eaton Vance Variable Leverage Fund Ltd. 

	73.	Avenue CLO II, Limited 

	74.	Windsor Loan Funding, Limited 

	75.	Stanfield Vantage CLO, Ltd 

	76.	Bayerische Hypo- und Vereinsbank AG, London Branch 

	77.	CIBC World Markets plc 

	78.	ING Prime Rate Trust 

	79.	ING Senior Income Fund 

	80.	ING Investment Management CLO I, Ltd. 

	81.	RMF Euro CDO III PLC 

	82.	Jupiter Loan Funding LLC 

	83.	Pinehurst Trading Inc. 

	84.	PPM Monarch Bay Funding LLC 

	85.	PPM Shadow Creek Funding LLC 

	86.	PPM Spyglass Funding Trust 

	87.	Waterville Funding LLC 

	88.	Centurian CDO II, Ltd. 

	89.	Sequils-Centurian V, Ltd. 

	90.	Centurian CDO VI, Ltd. 

	91.	Centurian CDO VII, Ltd. 

	92.	Centurian CDO 8, Ltd. 

	93.	Centurian CDO 9, Ltd. 

	94.	Cent CDO 10, Limited 

	95.	Cent CDO XI, Limited 

	96.	Ameriprise Certificate Company 

	97.	IDS Life Insurance Company 

	98.	Fidelity Puritan Trust: Fidelity Puritan Fund 

	99.	Fidelity Advisor Series II: Fidelity Advisor Floating Rate High Income Fund 

	100.	Fidelity Central Investment Portfolios LLC: Fidelity Floating Rate Central Investment Portfolio 

	101.	Ballyrock CLO II Limited 

	102.	Ballyrock CLO III Limited 

	103.	Ballyrock CLO I Limited 

	104.	Protective Life Insurance Company 

	105.	Eagle Master Fund Ltd. 

	106.	J.P. Morgan Trust Company (Cayman) Limited, as Trustee for TORAJI TRUST 

	107.	Kaldi Funding LLC 

	108.	Van Kampen Senior Income Trust 

	109.	Van Kampen Senior Loan Fund 

	110.	Apidos CDO I 

	111.	Apidos CDO II 

	112.	ECL Funding LLC 

	113.	Morgan Stanley Prime Income Trust 

	114.	Blue Square Funding Limited Series 3 

	115.	Vallauris CLO plc 

	116.	Metropolitan Life Insurance Company 

	117.	MetLife Bank, National Association 

	118.	Sequils-Magnum, Ltd. 

	119.	Avalon Capital Ltd. 3 

	120.	Champlain CLO, Ltd. 

	121.	Charter View Portfolio 

	122.	Diversified Credit Portfolio Ltd. 

	123.	AIM Floating Rate Fund 

	124.	INVESCO European CDO I S.A. 

	125.	Katonah V, Ltd. 

	126.	Loan Funding IX LLC, for itself or as agent for Corporate Loan Funding IX LLC 

	127.	Sequils-Liberty, Ltd. 

	128.	Moselle CLO S.A. 

	129.	Petrusse European CLO S.A. 

	130.	Sagamore CLO Ltd. 

	131.	Saratoga CLO I, Limited 

	132.	Phoenix Goodwin Multi-Sector Short Term Bond Fund 

	133.	PHL Variable Insurance Company 2 

	134.	PHL Variable Insurance Company 1 

	135.	PHL Variable Insurance Company 806 RPC 

	136.	Phoenix Edge Series Fund: Goodwin Multi-Sector Short Term 

	137.	Suntrust Bank (—) 

	138.	New Alliance Global CDO, Limited 

	139.	FBS CFPI Loan Funding LLC 

	140.	Harbourmaster Loan Corporation BV 

	141.	Harbourmaster CLO 4 BV 

	142.	Harbourmaster CLO 5 BV 

	143.	CSAM Funding III 

	144.	Atrium IV 

	145.	Madison Park Funding II 

	146.	Robson Trust 

	147.	Jasper CLO, Ltd. 

	148.	Gleneagles CLO, Ltd. 

	149.	Loan Star State Trust 

	150.	ELF Funding Trust I 

	151.	Highland Offshore Partners, L.P. 

	152.	LCM III, Ltd. 

	153.	LCM IV, Ltd. 

	154.	The Sumitomo Trust and Banking Co., Ltd. 

	155.	WhiteHorse II, Ltd. 

	156.	Sovereign Bank 

	157.	Hamilton Floating Rate Fund, LLC 

	158.	Scotiabank (Ireland) Limited 

	159.	Dryden VIII - Leveraged Loan CDO 2005 

	160.	Venture CDO 2002 Limited 

	161.	Venture II CDO 2002 Limited 

	162.	Marathon CLO I Ltd. 

	163.	Marathon CLO II Ltd. 

	164.	USB AG, Stamford Branch 

	165.	FBS CBNA Loan Funding 

	166.	Citicorp North America, Inc. 

	167.	Longhorn CDO III, LTD. 

	168.	Credit Suisse International 

	169.	Natexis Banques Populaires 

	170.	Lloyds BB 

	171.	Gulf Stream-Compass CLO 2005-II LTD 

	172.	Gulf Stream-Compass CLO 2005-I LTD 

	173.	Azure Funding 

	174.	Franklin CLO III, Limited 

	175.	Atlas Loan Funding I, LLCUnited Technologies Corporation Executive Leadership Program

 Exhibit 10.7 
  
  
 United Technologies Corporation Executive Leadership Group 
  
 February 2006 Amendments 
  
 The Corporation’s Executive Leadership Group Program (the “ELG”) has been amended, effective February 3, 2006, to
provide for a restricted share unit retention award (an “RSU Retention Award”) that will replace Standard Separation Arrangement benefits in the case of retirement on or after age 62 with at least three years of ELG service. RSU Retention
Awards will not be provided to executives who became ELG members prior to June 7, 2005 (i.e. the date the Standard Separation Arrangement was modified to preclude payments after age 62). Under the revised program, ELG members will forfeit their RSU
Retention Award if they terminate employment with the Corporation for any reason prior to age 62. However, all ELG members, including those with RSU Retention Awards, retain their eligibility for the Standard Separation Arrangement in the event of
termination prior to age 62, subject to and in accordance with the terms of the Program. Upon vesting in an RSU Retention Award, an ELG member will be subject to the same covenants and restrictions as provided for in the Standard Separation
Arrangement. 
  
 The RSU Retention Award will consist of RSUs equal in value
to two times base salary as of the date of appointment to the ELG. RSU Retention Awards will be credited with dividend equivalents. Following retirement, the Award will be settled in shares of Common Stock. Installment distributions will be
available. 
  
 The annual perquisite allowance for executives admitted to
the ELG on or after June 7, 2005 will be 8% of base salary. Other ELG benefits remain unchanged. 
  
 These program modifications will not affect executives who became ELG members prior to June 7, 2005.

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