Document:

EX-10.37

 Exhibit 10.37 

EXECUTION VERSION 
 FIRST AMENDMENT dated as of February 12, 2019 
 (this
“Amendment”), to the CREDIT AGREEMENT dated as of 
 November 30, 2017 (the “Credit
Agreement”), among WATERS 
 CORPORATION, a Delaware corporation (the “Company”), the 

LENDERS from time to time party hereto, and JPMORGAN 
 CHASE BANK, N.A., as Administrative Agent. 
 WHEREAS, the Lenders have agreed to
extend credit to the Company under the Credit Agreement on the terms and subject to the conditions set forth therein; 

WHEREAS, the Company has requested that the Administrative Agent and the Lenders agree to amend the Credit Agreement to make certain
changes as set forth herein; and 
 WHEREAS, in order to effectuate the foregoing, the Company, the Lenders party hereto (which
constitute the Required Lenders for this Amendment) and the Administrative Agent have agreed that the Credit Agreement be amended, on the terms and subject to the conditions set forth herein; 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Defined Terms.
Capitalized terms used but not otherwise defined herein (including in the recitals hereto) have the meanings assigned to them in the Credit Agreement. 
 SECTION 2. Amendment to the Credit Agreement. Effective as of the First Amendment Effective Date (as defined below), the Credit Agreement is hereby amended as follows: 

(a) Section 1.01 is hereby amended by adding the following defined terms in the appropriate alphabetical order:

 “CFC” means a controlled foreign corporation within the meaning of Section 957 of the
Code. 
 “CFC Holdco” means a Subsidiary that has no material assets other than equity interests
in one or more CFCs. 
 (b) The definition of “Excluded Subsidiary” in Section 1.01 of the
Credit Agreement is hereby amended and restated in its entirety as follows: 
  

  
 2 

 “Excluded Subsidiary” means at any time (a) any
Foreign Subsidiary, (b) any subsidiary of a Foreign Subsidiary, (c) any Domestic Subsidiary that is a disregarded entity for United States Federal income tax purposes substantially all of the assets of which consist of equity interests in
one or more Foreign Subsidiaries, (d) any Subsidiary that is prohibited or restricted by applicable law from providing a guarantee of the Obligations or if such guarantee would require governmental (including regulatory) consent, approval,
license or authorization, (e) any special purpose securitization vehicle (or similar entity), (f) any Subsidiary that is a not-for-profit organization, (g) any
other Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent (confirmed in writing by notice to the Company), the cost or other consequences (including any adverse tax consequences) of providing the Subsidiary
Guarantee Agreement shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (h) any other Subsidiaries acquired or organized after the Effective Date that, together with their own subsidiaries on a combined
consolidated basis, shall not, individually or in the aggregate for all such Subsidiaries under this clause (h), have accounted for more than 5% of Consolidated Total Assets or more than 5% of the consolidated total revenues of the Company and the
Subsidiaries at the end of, or for the period of four fiscal quarters ended with, the most recent fiscal quarter of the Company for which financial statements shall have been delivered pursuant to Section 5.06(a) or (b) (or, prior to the
delivery of any such financial statements, at the end of or for the period of four fiscal quarters ended September 30, 2017), and (i) any CFC Holdco. 

(c) The definition of “Guarantee Requirement” in Section 1.01 of the Credit Agreement is hereby
amended and restated in its entirety as follows: 
 “Guarantee Requirement” means, at any time,
that the Subsidiary Guarantee Agreement (or a supplement referred to in Section 16 thereof) shall have been executed by each Subsidiary (other than any Excluded Subsidiary) existing at such time, shall have been delivered to the Administrative
Agent and shall be in full force and effect; provided, however, that (a) in the case of a Subsidiary that becomes subject to the Guarantee Requirement after the Effective Date, the Guarantee Requirement shall be satisfied with
respect to such Subsidiary if a supplement to the Subsidiary Guarantee Agreement is executed by such Subsidiary, delivered to the Administrative Agent and in full force and effect no later than (i) 30 days after the date on which such
Subsidiary becomes subject to the Guarantee Requirement or (ii) such other date as the Administrative Agent may reasonably determine, but in any case no later than 60 days after the date on which such Subsidiary becomes subject to the Guarantee
Requirement and (b) a Subsidiary Guarantor shall automatically be released from its obligations under the Subsidiary Guarantee Agreement (including any supplement referred to in Section 16 thereof) and no longer be subject to the Guarantee
Requirement in the event that the Company delivers a written notice to the Administrative Agent certifying that such Subsidiary Guarantor is an Excluded Subsidiary. 

(d) The definition of “Subsidiary Guarantors” in Section 1.01 of the Credit Agreement is hereby
amended and restated in its entirety as follows: 

  
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 “Subsidiary Guarantors” means each Person listed on
Schedule 1.01 and each other Person that becomes party to a Subsidiary Guarantee Agreement as a Subsidiary Guarantor, and the permitted successors and assigns of each such Person; provided, however, that a
Subsidiary Guarantor shall cease to be a Subsidiary Guarantor in the event such Person is released from its obligations under the Subsidiary Guarantee Agreement (including any supplement referred to in Section 16 thereof) as provided in clause
(b) of the proviso of the definition of “Guarantee Requirement” or as provided in Section 6 of the Subsidiary Guarantee Agreement. 
 SECTION 3. Representations and Warranties. To induce the other parties hereto to enter into this Amendment, the Company represents and warrants to such other parties that, on and as of the First
Amendment Effective Date: 
 (a) This Amendment has been duly authorized, executed and delivered by the Company
and this Amendment constitutes the Company’s legal, valid and binding obligations, enforceable against the Company in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 (b) The representations and warranties set forth in Article III of the Credit Agreement are true and correct on and as of the First Amendment Effective Date (i) in the case of any representation and
warranty that is qualified by materiality, in all respects and (ii) otherwise, in all material respects, except to the extent they expressly and exclusively relate to an earlier date, in which case such representations and warranties shall be
true and correct (x) in the case of any representation and warranty that is qualified by materiality, in all respects and (y) otherwise, in all material respects, as of such earlier date. 

(c) On the First Amendment Effective Date, after giving effect to this Amendment and the transactions contemplated hereby,
no Default or Event of Default has occurred and is continuing. 
 SECTION 4. Effectiveness. This Amendment shall become
effective on the first date on which each of the following conditions shall have been satisfied (the “First Amendment Effective Date”). 
 (a) The Administrative Agent (i) shall have executed this Amendment and (ii) shall have received from the Company and Lenders that constitute at least the Required Lenders, either a counterpart
of this Amendment signed on behalf of such party or evidence satisfactory to the Administrative Agent (which may include a facsimile transmission or transmission by electronic mail (in .pdf or .tif format)) that such party has signed a counterpart
of this Amendment. 
 (b) The Administrative Agent shall have received a certificate, dated the First Amendment
Effective Date and signed by an authorized officer of the 

  
 4 

 Company, confirming the accuracy of the representations and warranties set forth in
Section 3 hereof. 
 (c) The Administrative Agent shall have received, to the extent invoiced, payment or
reimbursement of all fees and expenses (including reasonable fees, charges and disbursements of counsel) required to be paid or reimbursed by the Company under the Credit Agreement in connection with this Amendment. 

The Administrative Agent shall notify the Company and the Lenders of the First Amendment Effective Date, and such notice shall be
conclusive and binding. 
 SECTION 5. Effect of Amendment. Except as expressly set forth herein, this Amendment shall not
by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights or remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in
any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. This
Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. On and after the First Amendment Effective Date, any reference to the Credit Agreement contained in the Loan Documents
shall mean the Credit Agreement as modified hereby. 
 SECTION 6. Counterparts. This Amendment may be executed in any
number of counterparts, each of which shall constitute an original, but all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an
executed counterpart of a signature page of this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment. 

SECTION 7. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK. 
 SECTION 8. Headings. The headings of this Amendment are for purposes of reference only and shall not
limit or otherwise affect the meaning hereof. 

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 

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

			
	WATERS CORPORATION,
		
	by	 	/s/ John E. Lynch
		 	 Name: John E. Lynch
 Title:
Vice President, Corporate Treasurer

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 JPMORGAN CHASE BANK, N.A.,
 as a Lender, as an Issuing Bank and as Administrative Agent,

		
	by	 	/s/ David Hyman
		 	 Name: David Hyman
 Title:
Executive Director

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

To approve this Amendment: 
  

			
	BANK OF AMERICA, N.A.,
		
	by	 	/s/ Linda E.D. Alto
		 	 Name: Linda E.C. Alto

Title: Senior Vice President

 For any Lender requiring a second signature line: 

			
	
		
	by	 	 
		 	 Name:

Title:

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

 

			
	 To approve this Amendment:

 
 Institution:

 
 HSBC BANK USA, N.A.,

		
	by	 	/s/ Elizabeth Peck
		 	 Name: Elizabeth Peck
 Title:
Director

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 To approve this Amendment:

 
 Institution:

 
 CITIZENS BANK, N.A.,

		
	by	 	/s/ Kathryn Hinderhofer
		 	 Name: Kathryn Hinderhofer

Title: Assistant Vice President

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 To approve this Amendment:

 
 Institution:

 
 MUFG BANK, LTD (F/K/A THE BANK OF TOKYO-MITSUBISHI,
LTD.)

		
	by	 	/s/ Yassef Yousef
		 	 Name: Yassef Yousef
 Title:
Director

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 To approve this Amendment:

 
 Institution:

 
 TD BANK, N.A.,

		
	by	 	/s/ Matt Waszmer
		 	 Name: Matt Waszmer
 Title:
Senior Vice President

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 To approve this Amendment:

 
 Institution:

 
 DWB CAPITAL LLC

		
	by	 	/s/ Devan Patel
		 	 Name: Devan Patel
 Title:
Vice President

  

			
	For any Lender requiring a second signature line:
		
	by	 	/s/ Brigitta Perezic
		 	 Name: Brigitta Perezic

Title: First Vice President

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 To approve this Amendment:

 
 Institution:

 
 BARCLAYS BANK PLC,

		
	by	 	/s/ Jonathan D. Stone
		 	 Name: Jonathan D. Stone

Title: Director

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 To approve this Amendment:

 
 Institution:

 
 KEYBANK NATIONAL ASSOCIATION

		
	by	 	/s/ Marc Evans
		 	 Name: Marc Evans
 Title:
Vice President

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 To approve this Amendment:

 
 Institution:

 
 SUNTRUST BANK

		
	by	 	/s/ Antpn Brykalin
		 	 Name: Antpn Brykalin
 Title:
Vice President

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 To approve this Amendment:

 
 Institution:

 
 THE HUNTINGTON NATIONAL BANK,

		
	by	 	/s/ Jared Shaner
		 	 Name: Jared Shaner
 Title:
Vice President

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 To approve this Amendment:

 
 Institution:

 
 BRANCH BANKING AND TRUST COMPANY

		
	by	 	/s/ J. Carlos Naverrete
		 	 Name: J. Carlos Naverrete

Title: Vice President

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 To approve this Amendment:

 
 Institution:

 
 PNC BANK, NATIONAL ASSOCIATION,

		
	by	 	/s/ Joshua Kezele
		 	 Name: Joshua Kezele
 Title:
Vice President

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 To approve this Amendment:

 
 Institution:

 
 THE BANK OF NEW YORK MELLON,

		
	by	 	/s/ Thomas J. Tarasovich, Jr.
		 	 Name: Thomas J. Tarasovich, Jr.
 Title: Vice President

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 To approve this Amendment:

 
 Institution:

 
 The Governor & Company of the Bank of
Ireland

		
	by	 	/s/ Cara Phelan
		 	 Name: Cara Phelan
 Title:
Approved Signatory

		
	by	 	/s/ Conor Linehan
		 	 Name: Conor Linehan
 Title:
Approved Signatory

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 To approve this Amendment:

 
 Institution:

 
 THE NORTHERN TRUST COMPANY

		
	by	 	/s/ Eric Siebert
		 	 Name: Eric Siebert
 Title:
Vice President

 SIGNATURE PAGE TO 
 FIRST AMENDMENT 
 to the WATERS CORPORATION 

CREDIT AGREEMENT 
  

			
	 To approve this Amendment:

 
 Institution:

 
 WEBSTER BANK, NATIONAL ASSOCIATION

		
	by	 	/s/ Steven W. Collins
		 	 Name: Steven W. Collins

Title: Vice PresidentEX-10.38

 EXHIBIT 10.38 

EXECUTION VERSION 
  

 
  

WATERS CORPORATION 

SECOND AMENDMENT TO NOTE PURCHASE AGREEMENT 

RE: 
 Note Purchase
Agreement Dated as of February 1, 2010 
 and 

$100,000,000 5.00% Senior Guaranteed Notes, Series B, 

due February 1, 2020 

DATED AS OF FEBRUARY 12 , 2019 

 
  

 

 TABLE OF CONTENTS 

(Not a part of this Second Amendment to Note Purchase Agreement) 
  

							
	SECTION	  	HEADING	  	PAGE	 
	 SECTION 1.
	  	AMENDMENTS TO AGREEMENT.	  	 	1	 
	 SECTION 2.
	  	CONDITIONS PRECEDENT	  	 	5	 
	 SECTION 3.
	  	REPRESENTATIONS AND WARRANTIES	  	 	6	 
	 SECTION 4.
	  	MISCELLANEOUS	  	 	7	 

 SCHEDULE I    —    Name of Holders and Principal Amount of Notes

  

  
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 WATERS CORPORATION 

34 MAPLE STREET 

MILFORD, MA 01757 

SECOND AMENDMENT TO NOTE PURCHASE AGREEMENT 

RE: Note Purchase Agreement dated as of February 1, 2010 

and 
 $100,000,000 5.00% Senior
Guaranteed Notes, Series B, due February 1, 2020 
 Dated as of February 12, 2019 

To each of the holders (the “Noteholders”) 

listed in Schedule I to this Second 

Amendment to Note Purchase Agreement 
 Ladies and
Gentlemen: 
 Reference is made to (i) the Note Purchase Agreement dated as of February 1, 2010, by and among Waters Corporation, a
Delaware corporation (the “Company”), and each of you (the “Agreement”) and (ii) the $100,000,000 aggregate principal amount of 5.00% Senior Guaranteed Notes, Series B, due February 1, 2020 of the
Company of which $100,000,000 is currently outstanding (the “Notes”). Capitalized terms used in this Second Amendment to Note Purchase Agreement (this “Amendment”) without definition shall have the meanings given
such terms in the Agreement. 
 For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company requests the amendment of certain provisions of the Agreement as hereinafter provided. 
 Upon your acceptance hereof in the manner
hereinafter provided and upon satisfaction of all conditions to the effectiveness hereof and receipt by the Company of similar acceptances from the Noteholders, this Amendment shall be effective, but only in the respects hereinafter set forth: 

SECTION 1. AMENDMENTS TO AGREEMENT. 

Section 1.1. Leverage Ratio. Section 10.9 of the Agreement is hereby amended and restated in its entirety
to read as follows: 
 Section 10.9. Leverage Ratio. 

(a) The Company will not permit the Leverage Ratio as of the end of any fiscal quarter to exceed 3.50:1.00; provided
that, following the completion of a Material Acquisition that, on a pro forma basis, giving effect to any related incurrence or repayment of Debt, would result in an increase in the Company’s Leverage Ratio, if the Company

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 
shall so elect by a notice delivered to the holders of Notes as of the last day of the fiscal quarter the Material Acquisition was consummated (a “Leverage Ratio Increase
Election”), such maximum Leverage Ratio shall be increased to 4.00:1.00 at the end of and for the fiscal quarter during which such Material Acquisition shall have been consummated and at the end of and for each of the following three
consecutive fiscal quarters (the period during which any such increase in the Leverage Ratio shall be in effect being called a “Leverage Ratio Increase Period”), and in which event, the Company shall be obligated to pay the
Incremental Interest Payment provided for in Section 10.9(c). The Company may terminate any Leverage Ratio Increase Period by a notice delivered to the holders of Notes, whereupon, on the last day of the fiscal quarter during which such notice
is given and on the last day of each fiscal quarter thereafter until another Leverage Ratio Increase Period has commenced as provided in this Section, the maximum Leverage Ratio shall be 3.50:1.00. If a Leverage Ratio Increase Election shall have
been made under this Section, the Company may not make another Leverage Ratio Increase Election unless, following the termination or expiration of the most recent prior Leverage Ratio Increase Period, the Leverage Ratio as of the last day of at
least two consecutive full fiscal quarters of the Company shall not have exceeded 3.50:1.00. Notwithstanding the foregoing, the Company shall not be permitted to make more than two Leverage Ratio Increase Elections during the term of this Agreement.

 (b) If the Leverage Ratio exceeds 3.50 to 1.00 as permitted by Section 10.9(a), as evidenced by an Officer’s
Certificate delivered pursuant to Section 7.2(a), the interest rate payable on the Notes shall be increased by 0.50% (the “Incremental Interest”). Such Incremental Interest shall begin to accrue on the first day of
the fiscal quarter following the fiscal quarter in respect of which such Officer’s Certificate was delivered, and shall continue to accrue until the Company has provided an Officer’s Certificate pursuant to Section 7.2(a)
demonstrating that, as of the last day of the fiscal quarter in respect of which such Officer’s Certificate is delivered, the Leverage Ratio is not more than 3.50 to 1.00. In the event such Officer’s Certificate evidencing that the
Leverage Ratio is not more than 3.50 to 1.00 is delivered, the Incremental Interest shall cease to accrue on the last day of the fiscal quarter in respect of which such Officer’s Certificate is delivered. 

(c) Within 10 Business Days of the delivery of an Officer’s Certificate pursuant to Section 7.2(a) evidencing that
the Leverage Ratio exceeds 3.50 to 1.00, the Company shall pay to each holder of a Note the amount attributable to the Incremental Interest (the “Incremental Interest Payment”) which shall be the product of (i) the
aggregate outstanding principal amount of Notes held by such holder (or its predecessor(s) in interest) as of the first day that Incremental Interest begins to accrue, (ii) 0.50% (to reflect the Incremental Interest) and (iii) 0.25% (to reflect
that the Incremental Interest is payable quarterly). The Incremental Interest Payment, if any, shall be paid quarterly by wire transfer of immediately available funds to each holder of the Notes in accordance with the terms of this Agreement.

  
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	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 Section 1.2. Accounting Terms. Section 22.3 of the
Agreement is hereby amended by adding clause (c) to read as follows: 
 (c) Without limiting the foregoing, leases shall
continue to be classified and accounted for on a basis consistent with that reflected in the financial statements of the Company and its consolidated Subsidiaries for the fiscal year ended December 31, 2015 for all purposes of this Agreement,
notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for above. For the avoidance of doubt, the Company shall include relevant
reconciliations in reasonable detail between GAAP in place at the applicable time to GAAP in place (related to such treatment of leases) for the fiscal year ended December 31, 2015 with respect to the applicable covenant compliance calculations
contained in each certificate of Senior Financial Officer delivered pursuant to Section 7.2(a) during such period. Notwithstanding the foregoing, in the event that the Primary Credit Agreement is amended or modified with the effect that any
provision (including but not limited to the leverage covenant contained therein) shall include a lease of property of a Person as lessee as debt for purposes of such provision (notwithstanding that such lease would not have been included as debt
under GAAP as in effect on December 31, 2015), then such lease shall be included as a Capital Lease under this Agreement. 

Section 1.3. Release of Guarantors. Section 22.9 of the Agreement is hereby amended and restated in its
entirety to read as follows: 
 Section 22.9. Release of Guarantors. Notwithstanding any contrary
provision herein or in the Notes or in any Guarantee Agreement, if the Company shall request the release under a Guarantee Agreement (x) of any Subsidiary to be sold or otherwise disposed of (including through the sale or disposition of any
Subsidiary owning such Subsidiary) to a Person other than the Company or a Subsidiary in a transaction permitted under the terms of this Agreement or (y) of any Subsidiary because such Subsidiary has become an Excluded Subsidiary, and, in other
case, shall deliver to the holders of the Notes a certificate of a Responsible Officer to the effect that (i) such sale, other disposition or such designation of such Subsidiary as an Excluded Subsidiary will comply with the terms of this
Agreement, (ii) such Subsidiary shall not be a guarantor or obligor under a Primary Credit Agreement or any note purchase agreement of the Company from time to time (“Note Purchase Agreement” together with the Primary Credit
Agreement, the “Material Agreements”), and (iii) (A) if such Subsidiary Guarantor is a guarantor or is otherwise liable for or in respect of any Material Agreement, then such Subsidiary Guarantor has been released and
discharged (or will be released and discharged concurrently with the release of such Subsidiary Guarantor under its Subsidiary Guaranty) under the Material Agreements, (B) at the time of, and after giving effect to, such release and discharge,
no Default or Event of Default shall be existing, (C) no amount is then due and payable under such Subsidiary Guaranty and (D) if in connection with such Subsidiary Guarantor being released and discharged under any Material Agreement any
fee or other form of consideration is given to any holder of Indebtedness under such Material Agreement for such release, the holders of the Notes shall receive equivalent consideration substantially concurrently therewith. In the event of any such
release, for purposes of Section 10.6, all Indebtedness of such Subsidiary shall be deemed to have been incurred concurrently with such release. 

  
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	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 Section 1.4. Amendment to Defined Terms. Schedule B of the
Agreement is hereby amended by added the following defined terms in alphabetic order to read as follows: 
 “CFC” means a
controlled foreign corporation within the meaning of Section 957 of the Code. 
 “CFC Holdco” means a Subsidiary that
has no material assets other than equity interests in one or more CFCs. 
 Section 1.5. Amendment to Defined
Terms. The following definitions set forth in Schedule B of the Agreement are hereby amended by amending and restating in their entirety to read as follows: 

“Excluded Subsidiary” means at any time (a) any Foreign Subsidiary, (b) any subsidiary of a Foreign Subsidiary
(c) any Domestic Subsidiary that is a disregarded entity for United States Federal income tax purposes substantially all of the assets of which consist of equity interests in one or more Foreign Subsidiaries, (d) any Subsidiary that is
prohibited or restricted by applicable law from providing a Guaranty or if such Guaranty would require governmental (including regulatory) consent, approval, license or authorization, (e) any special purpose securitization vehicle (or similar
entity), (f) any Subsidiary that is not-for-profit organization, (g) any other Subsidiary with respect to which, in the reasonable judgment of the Required
Holders (confirmed in writing by notice to the Company), the cost or other consequences (including adverse tax consequences) of providing the Guarantee Agreement shall be excessive in view of the benefits to be obtained by the holders of Notes
therefrom, (h) any other Subsidiaries acquired or organized after the date of Closing that, together with their own subsidiaries on a combined consolidated basis, shall not, individually or in the aggregate for all such Subsidiaries under this
clause (h), have accounted for more than 5% of Consolidated Total Assets or more than 5% of the consolidated total revenues of the Company and the Subsidiaries at the end of, or for the period of four fiscal quarters ended with, the most recent
fiscal quarter of the Company for which financial statements shall have been delivered pursuant to Section 7.1(a) or (b) (or, prior to the delivery of any such financial statements, at the end of or for the period of four fiscal quarters ended
March 31, 2016), and (i) any CFC Holdco. 
 “Guarantee Requirement” means, at any time, that the Guarantee
Agreement (or a supplement referred to in Section 16 thereof) shall have been executed by each Subsidiary (other than any Excluded Subsidiary) existing at such time, shall have been delivered to the holders of the Notes and shall be in full
force and effect; provided, however, that (a) in the case of a Subsidiary that becomes subject to the Guarantee Requirement after the date of Closing, the Guarantee Requirement shall be satisfied with respect to such Subsidiary if a
supplement to the Guarantee Agreement is executed by such Subsidiary, delivered to the holders of the Notes and in full force and effect no later than (i) 30 days after the date on which such Subsidiary becomes subject to the Guarantee
Requirement (or such later date 

  
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	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 
as is permitted in the Primary Credit Agreement except that such later date shall in no event be more than 60 days after the date on which such Subsidiary becomes subject to the Guarantee
Requirement) or (ii) such other date as the Required Holders may reasonably determine, but in any case no later than 60 days after the date on which such Subsidiary becomes subject to the Guarantee Requirement and (b) a Guarantor
shall automatically be released from its obligations under the Guarantee Agreement (including any supplement referred to in Section 16 thereof) and no longer be subject to the Guarantee Requirement in the event that the Company complies with
the requirements of Section 22.9 and delivers a written notice to the holders of the Notes certifying that such Guarantor is an Excluded Subsidiary. 

“Guarantors” means each Person listed on Schedule C and each other Person that becomes party to a Guarantee Agreement
as a Guarantor, and the permitted successors and assigns of each such Person; provided, however, that a Guarantor shall cease to be a Guarantor in the event such Person is released from its obligations under the Guarantee Agreement
(including any supplement referred to in Section 16 thereof) as provided in clause (b) of the proviso of the definition of “Guarantee Requirement” or as provided in Section 6 of the Guarantee Agreement. 

“Material Acquisition” means (a) the acquisition by the Company or a Subsidiary of assets of or an interest in
another Person or (b) the merger or consolidation of the Company with another corporation; provided that, in each case, the aggregate consideration therefor involves cash in the amount of $400,000,000 or more. 

SECTION 2. CONDITIONS PRECEDENT. 

This Amendment shall not become effective until, and shall become effective on, the Business Day when each of the following conditions shall
have been satisfied (the “Effective Date”): 
 (a) Each Noteholder shall have received this Amendment, duly
executed by the Company. 
 (b) The Required Holders shall have consented to this Amendment as evidenced by their execution
thereof. 
 (c) The representations and warranties of the Company set forth in Section 3 hereof shall be true and
correct as of the date of the execution and delivery of this Amendment and as of the Effective Date. 
 (d) Any consents or
approvals from any holder or holders of any outstanding security or indebtedness of the Company and any amendments of agreements pursuant to which any securities or indebtedness may have been issued which shall be necessary to permit the
consummation of the transactions contemplated hereby shall have been obtained and all such consents or amendments shall be reasonably satisfactory in form and substance to the Required Holders and their special counsel. 

  
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	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 (e) All corporate and other proceedings in connection with the transactions
contemplated by this Amendment and all documents and instruments incident to such transactions shall be satisfactory to the Required Holders and their special counsel, and the Required Holders and their special counsel shall have received all such
counterpart originals or certified or other copies of such documents as the Required Holders or such special counsel may reasonably request. 

(f) The Company shall have paid the fees, charges and disbursements of the Noteholders’ special counsel, Chapman and
Cutler LLP, which fees, charges and disbursements are reflected in a statement of such special counsel delivered to the Company at the time of the execution and delivery of this Amendment. 

(g) Simultaneous with the execution of this Amendment, the Company shall have enter into (i) that certain First Amendment
to Note Purchase Agreement dated as of March 15, 2011 (“2011 NPA Amendment”), (ii) that certain First Amendment to Note Purchase Agreement dated as of June 30, 2014 (“2014 NPA Amendment”), (iii) that
certain First Amendment to Note Purchase Agreement dated as of May 12, 2016 (“2016 NPA Amendment”; together with this Amendment, the 2011 NPA Amendment and 2014 NPA Amendment, collectively, the “NPA
Amendments”), and (iv) that certain First Amendment to Credit Agreement dated as of November 30, 2017 among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Credit
Agreement Amendment”). 
 (h) each holder of a Note shall have received an amendment fee in an amount equal to 0.05%
of the outstanding principal amount of its Notes. 
 SECTION 3. REPRESENTATIONS AND
WARRANTIES. 
 The Company hereby represents and warrants that as of the date of execution and delivery of this Amendment and
as of the Effective Date: 
 (a) The Company is duly incorporated, validly existing and in good standing under the laws of
its jurisdiction of incorporation. 
 (b) The Company has the corporate power to own its property and to carry on its
business as now being conducted. 
 (c) The Company is duly qualified and in good standing as a foreign corporation
authorized to do business in each jurisdiction in which the failure to do so would, individually or in the aggregate, have a Material Adverse Effect. 

(d) This Amendment and the Agreement, as amended hereby, and the transactions contemplated hereby are within the corporate
powers of the Company, have been duly authorized by all necessary corporate action on the part of the Company, and this Amendment and the Agreement, as amended hereby, have been duly executed and delivered by the Company and constitute legal, valid
and binding obligations of the Company enforceable in accordance with their respective terms. 

  
 - 6 - 

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 (e) Before and after giving effect to this Amendment, there are no Defaults
or Events of Default under the Agreement, as amended hereby. 
 (f) The execution, delivery and performance of this Amendment
and the Agreement, as amended hereby, does not and will not result in a violation of or default under (A) the articles of incorporation or bylaws of the Company, (B) any agreement to which the Company is a party or by which it is bound or
to which the Company or any of its properties is subject, (C) any order, writ, injunction or decree binding on the Company, or (D) any statute, regulation, rule or other law applicable to the Company. 

(g) No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is
required in connection with the execution, delivery or performance by the Company of this Amendment and the Agreement, as amended hereby. 

(h) Other than this Amendment and the First Amendment to Note Purchase Agreement dated as of March 15, 2011, there are no
other amendments, modifications, supplements or waivers to the Agreement. 
 (i) The Noteholders listed on Schedule I to this
Amendment are the holders of record of all outstanding Notes issued under the Agreement and set forth opposite their names in such Schedule is the correct outstanding principal amount of the Notes of such Noteholder. 

(j) Other than the 0.05% amendment fee provided to the holders of Notes in connection with NPA Amendments, the Company or its
affiliates have not paid or agreed to pay any fees or other consideration, or given any additional security or collateral, or shortened the maturity or average life of any indebtedness or permanently reduced any borrowing capacity, in each case,
required in connection with the obtaining of any consents or approvals in connection with the transactions contemplated hereby including, in connection with the NPA Amendments or the Credit Agreement Amendment. 

SECTION 4. MISCELLANEOUS. 

Section 4.1. Except as amended herein, all terms and provisions of the Agreement and related agreements and
instruments are hereby ratified, confirmed and approved in all respects. 
 Section 4.2. Each reference in the
Agreement to “this Agreement,” “hereunder,” “hereof,” or words of similar import in instruments or documents provided for in the Agreement or delivered or to be delivered thereunder or in connection therewith, shall,
except where the context otherwise requires, be deemed a reference to the Agreement, as amended hereby. 

  
 - 7 - 

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 Section 4.3. The descriptive headings of the various Sections or
parts of this Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof. 

Section 4.4. This Amendment shall be construed and enforced in accordance with, and the rights of the parties shall
be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a
jurisdiction other than such State. 
 Section 4.5. This Amendment is expressly subject to Section 22.8
(Jurisdiction and Process; Waiver of Jury Trial) of the Agreement, which Section is incorporated herein and made applicable hereto by this reference. 

Section 4.6. All warranties, representations, and covenants made by the Company herein will be considered to have
been relied upon by the Noteholders and will survive the execution and delivery of this Amendment. 
 Section 4.7.
This Amendment will inure to the benefit of and be binding upon the successors and assigns of each of the parties. The provisions of this Amendment for the benefit of the Noteholders are intended in all cases, whether explicitly so stated or not, to
be for the benefit of all holders, from time to time, of the Notes, and will be enforceable by any such holder, whether or not an express assignment to such holder of rights under this Amendment has been made by such Noteholder or its
successors or assigns. 
 Section 4.8. This Amendment may be executed in any number of counterparts, each of which
shall be deemed to be an original and all of which, taken together, shall constitute but one and the same Amendment. Delivery of an executed counterpart of this Amendment by facsimile or email shall be as effective as delivery of a manually executed
counterpart of this Amendment. 
 [REMAINDER OF PAGE INTENTIONALLY
BLANK] 

  
 - 8 - 

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 The execution hereof by the holders shall constitute a contract among the Company and the
holders for the uses and purposes hereinabove set forth. This Amendment may be executed in any number of counterparts, each executed counterpart constituting an original but all together only one agreement. 

 

			
	WATERS CORPORATION
		
	By:	 	  

		 	Name: John E. Lynch
		 	Title: Vice President, Corporate Treasurer

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 This foregoing Amendment is hereby accepted and agreed to as of the date aforesaid. The
execution by each holder listed below shall constitute its respective several and not joint confirmation that it is the owner and holder of the Notes set opposite its name on Schedule I hereto. 

 

					
	HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
	
	By: Hartford Investment Management Company
	      Their Agent and Attorney-in-Fact
			
	    	 	By:	 	  

		 		 	Name: Dawn M. Crunden
		 		 	Title: Senior Vice President

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 
			
	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
		
	By:	 	Northwestern Mutual Investment
		 	 Management Company, LLC,
 its investment
adviser

		
	By:	 	  

	Name:	 	Brian P. McDonald
	Title:	 	Managing Director

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 
					
	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
		
	        By:	 	Barings LLC as its Investment Adviser
			
		 	By:	 	  

		 		 	Name: Steven J. Katz
		 		 	Title: Managing Director & Senior Counsel
	
	C.M. LIFE INSURANCE COMPANY
		
	        By:	 	Barings LLC as its Investment Adviser
			
		 	By:	 	  

		 		 	Name: Steven J. Katz
		 		 	Title: Managing Director & Senior Counsel
	
	MASSMUTUAL ASIA LIMITED
		
	        By:	 	Barings LLC as its Investment Adviser
			
		 	By:	 	  

		 		 	Name: Steven J. Katz
		 		 	Title: Managing Director & Senior Counsel

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 
			
	NEW YORK LIFE INSURANCE COMPANY
		
	By:	 	  

		 	Name: Clara Fagan
		 	Title: Corporate Vice President
	
	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
		
	    By	 	New York Life Investment Management LLC, its Investment Manager
		
	By:	 	  

		 	Name: Clara Fagan
		 	Title: Director

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 
			
	JACKSON NATIONAL LIFE INSURANCE COMPANY
		
	    By:	 	PPM America, Inc., as attorney in fact,
		 	on behalf of Jackson National Life Insurance Company
		
	By:	 	  

	Name:	 	Elena S. Unger
	Title:	 	Vice President

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 
					
	CONNECTICUT GENERAL LIFE INSURANCE COMPANY
		
	    By:	 	CIGNA Investments, Inc. (authorized agent)
			
		 	By:	 	  

		 		 	Name: Christopher D. Potter
		 		 	Title: Managing Director
	
	LIFE INSURANCE COMPANY OF NORTH AMERICA
		
	    By:	 	CIGNA Investments, Inc. (authorized agent)
			
		 	By:	 	  

		 		 	Name: Christopher D. Potter
		 		 	Title: Managing Director

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 
			
	UNITED OF OMAHA LIFE INSURANCE COMPANY
		
	By:	 	  

		 	Name: Justin P. Kavan
		 	Title: Senior Vice President

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 
			
	THRIVENT FINANCIAL FOR LUTHERANS
		
	By:	 	  

		 	Name: William Hochmuth
		 	Title: Managing Director

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 
			
	AMERICAN UNITED LIFE INSURANCE COMPANY
		
	By:	 	  

		 	Name: Mike Bullock
		 	Title: Vice President, Private Placements
	
	THE STATE LIFE INSURANCE COMPANY
		
	    By:	 	American United Life Insurance Company
	    Its:	 	Agent
		
	By:	 	  

		 	Name: Mike Bullock
		 	Title: Vice President, Private Placements
	
	PIONEER MUTUAL LIFE INSURANCE COMPANY
		
	    By:	 	American United Life Insurance Company
	    Its:	 	Agent
		
	By:	 	  

		 	Name: Mike Bullock
		 	Title: Vice President, Private Placements

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 
					
	CMFG LIFE INSURANCE COMPANY (F/K/A CUNA MUTUAL INSURANCE
SOCIETY)
		
	    By:	 	MEMBERS Capital Advisors, Inc., acting as Investment Advisor:
			
		 	By:	 	  

		 		 	Name: Anne M. Finucane
		 		 	Title: Managing Director, Investments

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 
			
	AMERITAS LIFE INSURANCE CORP.
	AMERITAS LIFE INSURANCE CORP., SUCCESSOR BY MERGER TO THE UNION
CENTRAL LIFE INSURANCE COMPANY
	AMERITAS LIFE INSURANCE CORP., SUCCESSOR BY MERGER TO ACACIA LIFE
INSURANCE COMPANY
	AMERITAS LIFE INSURANCE CORP. OF NEW YORK
	
	By: Ameritas Investment Partners Inc., as Agent
		
	By:	 	  

		 	Tina Udell, VP & Managing Director

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 
			
	SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY
		
	By:	 	  

		 	Name: David Divine
		 	Title: Portfolio Manager

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 
					
	THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
		
	By:	 	Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney-In-Fact
			
		 	By:	 	  

		 	Name:	 	Jamie Chiarieri
		 	Title:	 	Vice President

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

 PRIVATE PLACEMENT NOTE PAYMENT
GRID 
 $100,000,000 5.00% SENIOR GUARANTEED NOTES, SERIES B,
DUE FEBRUARY 1, 2020 
  

					
	NOTEHOLDER	  	OUTSTANDING
PRINCIPAL
BALANCE	 
	 The Northwestern Mutual Life Insurance Company
	  	$	24,000,000	 
	 Mass Mutual Life Insurance Company
	  	$	1,800,000	 
	 Mass Mutual Life Insurance Company
	  	$	1,200,000	 
	 Mass Mutual Life Insurance Company
	  	$	2,250,000	 
	 Mass Mutual Life Insurance Company
	  	$	850,000	 
	 Mass Mutual Life Insurance Company
	  	$	700,000	 
	 C.M. Life Insurance Company
	  	$	600,000	 
	 MassMutual Asia Limited
	  	$	600,000	 
	 The Lincoln National Life Insurance Company
	  	$	8,000,000	 
	 New York Life Insurance and Annuity Corporation
	  	$	4,000,000	 
	 New York Life Insurance Company
	  	$	1,500,000	 
	 Jackson National Life
	  	$	14,000,000	 
	 Connecticut General Life Insurance Company
	  	$	1,000,000	 
	 Life Insurance Company of North America
	  	$	3,000,000	 
	 Life Insurance Company of North America
	  	$	1,000,000	 

 SCHEDULE I 

(to Second Amendment to Note Purchase Agreement) 

			
	Waters Corporation	  	Second Amendment to Note Purchase Agreement

  

					
	 Connecticut General Life Insurance Company
	  	$	1,000,000	 
	 Connecticut General Life Insurance Company
	  	$	1,000,000	 
	 Connecticut General Life Insurance Company
	  	$	2,000,000	 
	 Connecticut General Life Insurance Company
	  	$	1,000,000	 
	 Connecticut General Life Insurance Company
	  	$	1,000,000	 
	 United of Omaha Life Insurance Company
	  	$	9,000,000	 
	 Thrivent Financial for Lutherans
	  	$	6,000,000	 
	 CMFG Life Insurance Company (f/k/a Cuna Mutual Insurance Society)
	  	$	5,000,000	 
	 Ameritas Life Insurance Corp., successor by merger to The Union Central Life Insurance
Company
	  	$	2,000,000	 
	 Ameritas Life Insurance Corp.
	  	$	1,000,000	 
	 Ameritas Life Insurance Corp., successor by merger to Acacia Life Insurance Company
	  	$	1,000,000	 
	 Ameritas Life Insurance Corp. of New York
	  	$	1,000,000	 
	 Hartford Life and Accident Insurance Company
	  	$	500,000	 
	 Southern Farm Bureau Life Insurance Company
	  	$	4,000,000	 
		  	 	100,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}]]