Document:

Separation Agreement between Safeway Inc. and Vasant M. Prabhu

 Exhibit 10(iii).25 
  

SEPARATION AGREEMENT 
  
 PRABHU, as used herein, refers to Vasant M. Prabhu, and his marital community, heirs, executors, administrators and assigns. 
  
 SAFEWAY, as used herein, refers to Safeway Inc., and its successors and
assigns, subsidiaries, divisions, directors, officers, managers, agents and employees, and each of them. 
  
 WHEREAS Prabhu and Safeway desire to terminate their employment relationship on mutually agreeable terms, as set forth in this Separation Agreement
(“Agreement”); and 
  
 WHEREAS Safeway desires to
acknowledge Prabhu’s contributions to the company during the course of his employment; and 
  
 WHEREAS Prabhu desires to compromise, settle and fully release any and all claims which he may have against Safeway related in any way to his employment
with Safeway, any term or condition of that employment, or the termination of that employment; 
  
 NOW THEREFORE, Prabhu and Safeway freely and voluntarily enter into and execute this Agreement in consideration of the following terms and conditions: 
  
 1. Resignation. Prabhu agrees to, and hereby does, resign his employment with and his position as an officer of
Safeway effective December 31, 2003 (“Resignation Date”). 
  
 2. Release of Claims. Prabhu hereby releases and forever discharges Safeway of and from any and all claims, demands, actions, causes of action, damages and liabilities (all hereinafter referred to as “claims”), whether or
not now known, suspected or claimed, which Prabhu ever had, now has, or may hereafter claim to have had against Safeway, relating in any way to his employment with Safeway, his Employment Agreement dated August 14, 2000 (“Employment
Agreement”), or any status, term or condition of such employment or the termination of that employment. This release of claims is expressly intended to, and does, extend to and include, but is not limited to, claims under: Title VII of the
Civil Rights Act of 1964, as amended; the Equal Pay Act, as amended; the Fair Labor Standards Act, as amended; the Age Discrimination in Employment Act of 1967, as amended; the Americans With Disabilities Act, as amended; the Employee Retirement
Income Security Act, as amended; the Older Workers Benefit Protection Act, as amended; the California Fair Employment and Housing Act, as amended; the California Labor Code; and any other federal, state or local statutes, ordinances or regulations
prohibiting any form or forms of discrimination in employment and/or relating to the payment of wages and benefits. This release also extends to and includes, but is not limited to, any claims by Prabhu for: breach of any express or implied written
or oral contract, including his Employment Agreement; intentional or negligent infliction of emotional distress; impairment or interference with economic 
  

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 activities or opportunities; unlawful interference with employment rights; defamation; wrongful termination; wrongful
discharge in violation of public policy; breach of any express or implied covenant of good faith and fair dealing; and any and all other common law contract and/or tort claims. This release does not apply to any claim for indemnification under the
Delaware General Corporation Law, or Safeway’s certificate of incorporation or bylaws. 
  
 3. Covenant Not to Sue. Prabhu covenants and agrees never, individually or with any other person or in any way, voluntarily to commence, aid in any way, prosecute or cause or permit to be commenced or
prosecuted against Safeway any action or other proceeding based upon any claim which is covered by this Agreement. 
  
 4. Sole Right to Claims. Prabhu represents and warrants that no other person had or has any interest in the claims referred to in this Agreement;
that he has the sole right and exclusive authority to execute this Agreement; and that he has not sold, assigned, transferred, conveyed or otherwise disposed of any claim or demand relating to any matter covered by this Agreement. 
  
 5. No Admission of Liability. Prabhu acknowledges and understands that
the consideration referred to herein is provided without admission or concession by Safeway of any violation of any law or liability to Prabhu; that said consideration satisfies and fully extinguishes any obligations owed to him by Safeway under any
prior contract or agreement, and that said consideration provides him with valuable benefits in addition to any to which he already is entitled under Safeway’s employee benefit plans or otherwise. 
  
 6. Release of Unknown Claims. Prabhu expressly waives any right or
benefit available in any capacity under the provisions of Section 1542 of the California Civil Code, which section provides: 
  
 “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the
release, which if known by him must have materially affected his settlement with the debtor.” 
  
 7. No Other Consideration. Prabhu acknowledges and agrees that no consideration other than as provided for in this Agreement has been or will be
paid or furnished by Safeway; that he will make no claim and hereby waives any right he may now have or may hereafter have, based upon any alleged oral alteration, amendment, modification or any other alleged change in this Agreement; and that
Prabhu understands and has freely and voluntarily entered into and executed this Agreement. 
  
 8. Prabhu’s Rights. Prabhu understands and agrees that: 
  

	 	a.	he has a period of twenty-one (21) days to consider this Agreement and determine whether he wishes to execute the same; 

  

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	 	b.	any rights or claims that may arise after the date of this Agreement are not waived by his execution of the Agreement; 

  

	 	c.	he is advised carefully to consider the terms of this Agreement and to consult with an attorney of his choice before signing this Agreement; 

  

	 	d.	he has a period of seven (7) days after his execution of the Agreement within which he may revoke the Agreement and that the Agreement shall not become effective or enforceable
until the seven-day revocation period has expired; and 

  

	 	e.	in the event that Prabhu fails timely to execute this Agreement and return the executed original thereof to Safeway, or if Prabhu timely exercises the right of revocation provided
for in Paragraph 8(d), above, then Safeway shall be relieved of any and all obligations to Prabhu under this Agreement. 

  
 9. Repayment of Loan. Prabhu will pay to Safeway the unpaid portion of the Promissory Note on his Northern California residence, in the amount of
$400,000, no later than March 31, 2004. 
  
 10. Confidential
Information. Prabhu covenants and agrees that, without the express written consent of an executive officer of Safeway, he will not divulge or otherwise disclose any trade secret or other confidential information concerning the business
operations, policies or plans of Safeway which he has learned as a result of his employment with Safeway, or may have learned prior thereto, except to the extent that such information is lawfully obtainable from public sources or such use or
disclosure is required by applicable laws. 
  
 11. Cooperation
in Lawsuits. Prabhu covenants and agrees that he will cooperate fully when and as reasonably required by Safeway in the defense or prosecution of any claims, charges, complaints or lawsuits that have been or may hereafter be filed by or against
Safeway, in which event Safeway will indemnify Prabhu in the same manner and to the same extent as he if were still employed by Safeway (as provided under the Delaware General Corporation Law, and/or Safeway certificate of incorporation or bylaws).
Such cooperation will include, but is not limited to, meeting with Safeway’s counsel and being available for deposition and/or trial testimony upon reasonable notice. Safeway agrees to reimburse Prabhu for reasonable expenses incurred by him in
furnishing such cooperation. 
  
 12. Non-Disparagement and
Non-Solicitation. Prabhu covenants and agrees that for a period of two years after his Resignation Date, he shall not, whether acting for himself or for any third party: (i) disparage the image or reputation of Safeway; (ii) interfere with the
contractual relationship between Safeway and any of its vendors or suppliers; or (iii) without the advance written approval of an executive officer of Safeway, employ or solicit for employment any person who is employed by Safeway. 
  

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 13. Injunctive Relief. Prabhu understands and agrees that a breach of any of the covenants set
forth in paragraphs 3, 10, 11 and 12, above, shall be a material breach of the Agreement, for which Safeway, in addition to any other remedies that may be allowed by law or equity, may, at its sole option: i) immediately cease providing to Prabhu,
and seek the recovery of, any of the benefits provided for in this Agreement; and/or ii) seek injunctive relief, damages, attorneys’ fees and costs. 
  
 15. Severability. In the event that any term(s) or provision(s) of this Agreement shall, for any reason, be found to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other term or provision of the Agreement, and the parties hereto shall make good faith efforts to substitute one or more valid, legal and enforceable
terms which implement the parties’ original purpose and intent. 
  
 In consideration of the foregoing, the parties also agree: 
  
 A. Compensation. Prabhu’s regular salary shall cease as of his Resignation Date, as defined in Paragraph 1 above. Except as provided in Paragraph E below, Prabhu shall receive the compensation provided for in this paragraph. On
or about January 1, 2004, Safeway shall pay to Prabhu a lump sum equal to one-half (six months’ worth) of his current annual base salary, subject to any required tax withholdings and deductions. On or about July 1, 2004, Safeway shall pay
Prabhu a lump sum equal to one half (six months’ worth) of his current annual base salary, subject to any required tax withholdings and deductions. Prabhu shall also receive a retention bonus payment of $250,000, to be paid on or about March
31, 2004, subject to any required tax withholdings and deductions. In consideration of services rendered in 2003, Prabhu shall receive the bonus payment, if any, he would have received if he had remained with Safeway until March 2004, based on the
bonus amount, if any, actually paid to Safeway executive officers for calendar year 2003, such bonus amount to be paid at the time such bonuses are paid to other Safeway executives and subject to any required tax withholdings and deductions. Except
as set forth above, Prabhu shall not be entitled to any other salary or bonus compensation from Safeway. 
  
 B. Vacation. Prabhu acknowledges and agrees that the payment to be made on or about January 1, 2004 in accordance with Paragraph A above includes
payment for all unused vacation benefits accrued during his Safeway employment. 
  
 C. Benefits. Prabhu shall cease participation in all Safeway employee benefit plans as of his Resignation Date, except to the extent of any account balance of his that exists as of the Resignation Date in
Safeway’s Deferred Compensation Plan for Executives, in which event his participation in such plan shall cease when he cashes out of this plan . Prabhu’s right to continued group health plan coverage after his Resignation Date shall be
governed by COBRA. 
  

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 D. Stock Options. Prabhu’s vesting in stock options shall cease as of his Resignation Date.
Pursuant to Safeway’s stock option plan, he shall have until March 31, 2004 to exercise any vested stock options. 
  
 E. Termination of Payments. Prabhu’s entitlement to the benefits set forth in Paragraph A is conditioned upon the following: (i) without the
express written consent of an executive officer of Safeway, he will not divulge or otherwise disclose any trade secret or other confidential information concerning the business operations, policies or plans of Safeway which he has learned as a
result of his employment with Safeway, or may have learned prior thereto, except to the extent that such information is lawfully obtainable from public sources or such use or disclosure is required by applicable laws; (ii) he will not, directly or
indirectly, own, manage, operate, join, control or participate in the ownership, management, operation or control, or be connected as a director, officer, employee, partner, consultant or otherwise, with any Competing Food or Drug Retailing Business
(as defined below), other than as a shareholder or beneficial owner of 5% or less of the outstanding securities of a Competing Food or Drug Retailing Business that is a public company; and (iii) he will not, whether acting for himself or for any
third party: (a) disparage the image or reputation of Safeway; (b) interfere with the contractual relationship between Safeway and any of its vendors or suppliers; or (c) without the advance written approval of an executive officer of Safeway,
employ or solicit for employment any person who is employed by Safeway. For purposes of this Agreement, “Competing Food or Drug Retailing Business” shall mean any business, firm or enterprise engaged in a food and drug retailing business
substantially similar to that of either Safeway, or any of its subsidiaries, within any geographical location(s) in which Safeway operates. In the event that Prabhu fails to abide by any of these conditions, Safeway, in addition to any other
remedies that may be allowed by law or equity, shall have the right to cease providing to Prabhu the benefits set forth in Paragraph A and to recover any payments made to Prabhu pursuant to Paragraph A, except for the bonus (if any) attributable to
services rendered in 2003. 
  
 F. Employment Agreement.
Prabhu’s Employment Agreement, dated August 14, 2000, is hereby terminated and of no further force or effect. The parties shall no longer have any rights or obligations pursuant to that agreement. 
  
 G. Entire Agreement. This Agreement constitutes the entire agreement
of the parties hereto with respect to the subject matter of the Agreement, and the Agreement supersedes all prior agreements between the parties with respect to the subject matter covered herein, whether written or oral, except as otherwise
expressly provided herein. 
  

					
			
	Dated: November 25, 2003	 	 	 	 /s/    Vasant M. Prabhu         

	 	 	 	 	

	 	 	 	 	 Vasant M. Prabhu

  

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	Dated: November 25, 2003	 	 	 	Safeway Inc.
			
	 	 	 	 	 /s/    Robert A. Gordon         

				
	 	 	 	 	By:	 	Robert A. Gordon
					
	 	 	 	 	 	 	Its:	 	 Senior Vice President &
 General Counsel

  

 6Amendment Number 4, dated as of January 3, 2004 to Credit Agreement

 Exhibit 10.10.4 
  

AMENDMENT NO. 4 TO CREDIT AGREEMENT 
  
 This AMENDMENT NO. 4 TO CREDIT AGREEMENT (this “Amendment”), dated as of January 3, 2004 is entered into by and among WEST MARINE FINANCE
COMPANY, INC., a California corporation (the “Existing Borrower”), WEST MARINE PRODUCTS, INC., a California corporation (the “Proposed Borrower”), each lender whose name is set forth on the signature pages hereof or
which may hereafter execute and deliver an Assignment and Acceptance with respect to the Credit Agreement pursuant to Section 11.8 of the Credit Agreement (collectively, the “Lenders” and individually, a
“Lender”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Issuing Lender and an Arranger, with respect to the following: 
  

A. Existing Borrower, the Administrative Agent and the Lenders have previously entered into that certain Credit Agreement dated as of January 14, 2003
(as amended prior to the date hereof, the “Existing Credit Agreement” and as the same may be further amended, restated, supplemented or otherwise modified and in effect from time to time, including, but not limited to, by this
Amendment, the “Credit Agreement”). Capitalized terms are used in this Amendment as defined in the Credit Agreement, unless otherwise defined herein. 
  
 B. Parent, Existing Borrower and the existing Guarantors (including Proposed Borrower) have requested that the
Administrative Agent and the Lenders consent to the following proposed corporate reorganization: 
  

	 	(i)	Existing Borrower shall merge into Proposed Borrower with Proposed Borrower as the surviving entity. 

	 	(ii)	James Bliss & Co., Inc. shall merge into E&B Marine, Inc. with E&B Marine, Inc. as the surviving entity. 

	 	(iii)	E&B Marine, Inc. shall merge into Proposed Borrower with Proposed Borrower as the surviving entity. 

	 	(iv)	E&B Marine Supply, Inc. (NJ), E&B Marine Supply, Inc. (MD) and Goldbergs’ Marine Distributors, Inc. shall merge into Proposed Borrower with Proposed Borrower as the
surviving entity. 

	 	(v)	Central Marine Supply, Inc., Krista Corporation, and Sea Ranger Marine, Inc. shall liquidate into Proposed Borrower. 

	 	(vi)	E&B IHC I, Inc. shall merge into West Marine IHC I, Inc. with West Marine IHC I, Inc. as the surviving entity. 

	 	(vii)	E&B LBC, Inc. shall merge into West Marine LBC, Inc. with West Marine LBC, Inc. as the surviving entity. 

	 	(viii)	In addition to the surviving companies noted above, West Marine, Inc., W Marine Management Company, Inc., West Marine Puerto Rico, Inc., West Marine Canada Corp. shall continue to
exist and shall be unaffected by the corporate reorganization outlined above. 

  

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 The foregoing corporate reorganization is referred to herein as the “West Marine
Reorganization”. 
  
 C. The Administrative Agent and the
Lenders are willing to grant such request on the terms and subject to the conditions of this Amendment. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows: 
  
 1. Effectiveness. The effectiveness of
the provisions in Sections 3 and 5 of this Amendment are subject to the satisfaction of the conditions further described in Section 6 of this Amendment. 
  
 2. Assumption. Effective as of the Reorganization Consummation Date, Proposed Borrower hereby assumes all
obligations and duties of Existing Borrower owing to the Administrative Agent, Issuing Lender, Swing Line Lender and the Lenders under the Credit Agreement, and the other documents executed in connection herewith and therewith including, but not
limited to, the Obligations (such obligations and duties are collectively referred to herein as the “Assumed Obligations”). As used herein, “Reorganization Consummation Date” shall mean the effective date of the West
Marine Reorganization. 
  
 3. Limited Consent.

  
 (a) On the terms and subject to the conditions of this
Amendment, the Administrative Agent and each Lender hereby consent to the West Marine Reorganization. 
  
 (b) On the terms and subject to the conditions of this Amendment, the Administrative Agent and the Lenders hereby consent to the assumption in Section
2 above and agree that they will accept performance of the Assumed Obligations by Proposed Borrower, as Borrower as if such Assumed Obligations were performed by Existing Borrower. 
  
 (c) The foregoing consents are one-time consents and not consents to any future transactions, settlements, waivers or
amendments whether or not similar to the foregoing. Any failure to satisfy the terms and conditions of this Agreement shall render the foregoing consent null and void and of no effect. 
  
 4. Reinstatement. If for any reason any portion of the West Marine Reorganization is revoked, rescinded,
avoided or nullified for any reason, the obligations of any affected merged out or liquidated company under the Loan Documents, unless the Administrative Agent requests otherwise in writing, shall be revived and reinstated and deemed to have
continued in existence. 
  
 5. Amendments. Effective
as of the Reorganization Consummation Date: 
  
 (a) Proposed
Borrower shall be the Borrower under the Loan Documents (and Proposed Borrower shall concurrently be released from its Guaranty) and, in furtherance thereof, wherever the name “West Marine Finance Company, Inc.” shall appear in the Loan
Documents, the name “West Marine Products, Inc.” will be deemed substituted 
  

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 therefore. For the avoidance of doubt, Proposed Borrower confirms and agrees that, effective as of the Reorganization
Consummation Date, all Collateral of Proposed Borrower secures the Obligations as defined in the Credit Agreement. 
  
 (b) The definition of “Guarantor” in Section 1.1 of the Credit Agreement shall be amended and restated in its entirety as follows:

  
 “Guarantor” means, collectively, each of
West Marine, Inc., a Delaware corporation, West Marine Canada Corp., a Nova Scotia unlimited liability company, West Marine Puerto Rico, Inc., a California corporation, W Marine Management Company, Inc., a California corporation, West Marine LBC,
Inc., a California corporation, West Marine IHC I, Inc., a California corporation, and any other Subsidiary of Parent or Borrower now or hereafter existing. 
  
 6. Conditions Precedent. The effectiveness of the provisions in Sections 3 and 5 above is conditioned upon, and such provisions shall
not be effective until, each of the following conditions has been satisfied unless any such condition has been waived in writing by all the Lenders (the first date on which all of the following conditions have been satisfied or waived in writing
being referred to herein as the “Amendment Effective Date”): 
  
 (a) The Administrative Agent shall have received, on behalf of the Lenders, this Amendment (including the Guarantor reaffirmation attached hereto), duly executed and delivered by Existing Borrower, Proposed Borrower,
the Administrative Agent, all of the Lenders and the Guarantors. 
  
 (b) The Administrative Agent shall have received, on behalf of the Lenders, amended and restated Notes to reflect Proposed Borrower as the primary obligor thereunder, duly executed and delivered by Proposed Borrower for each of the Lenders,
in substantially the form of the original Notes and reasonably acceptable to the Administrative Agent. 
  
 (c) The UCC financing statements filed against each of the merged-out companies involved in the West Marine Reorganization shall be amended to reflect
the name of the applicable surviving company. 
  
 (d) The
Administrative Agent shall have received, on behalf of itself and the Lenders, a favorable written opinion from counsel to Parent, Existing Borrower, Proposed Borrower and the Guarantors, dated as of the date of this Amendment, addressed to the
Administrative Agent for the benefit of the Administrative Agent and the Lenders, in form and substance acceptable to the Administrative Agent. 
  
 (e) The Administrative Agent shall have received, on behalf of the Lenders, a certificate of the Secretary or an Assistant Secretary of Parent, Existing
Borrower, Proposed Borrower and the Guarantors, dated as of the Amendment Effective Date, certifying that attached thereto are true and correct copies of (i) resolutions duly adopted by the board of directors of Parent, Existing Borrower, Proposed
Borrower and the Guarantors and continuing in effect, which authorize the execution, delivery and performance by Parent, Existing Borrower, Proposed Borrower and the Guarantors of this Amendment (as applicable) and all documents related to the West
Marine Reorganization (the “Reorganization Documents”) and (ii) the Reorganization Documents. 
  

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 (f) A certificate of a Senior Officer of Proposed Borrower and Existing Borrower, addressed to the
Administrative Agent and dated as of the Amendment Effective Date, certifying that (i) the representations and warranties set forth in this Amendment and in Article 4 of the Amended Credit Agreement (as defined below) and in the other Loan
Documents are true and correct in all material respects as of such date (except for such representations and warranties made as of a specified date, which shall be true and correct in all material respects as of such date) and (ii) no Default or
Event of Default has occurred and is continuing as of such date. 
  
 (g) The representations and warranties set forth in this Amendment shall be true and correct in all material respects as of the Amendment Effective Date. 
  
 7. Representations and Warranties. In order to induce the Administrative Agent and the Lenders to enter into
this Amendment and to amend the Existing Credit Agreement in the manner provided in this Amendment, Existing Borrower and Proposed Borrower each represent and warrant to the Administrative Agent and each Lender as follows: 
  
 (a) Post-Reorganization Structure. After giving effect to the West
Marine Reorganization, the corporate structure of the West Marine companies shall be as reflected on Exhibit A attached hereto. 
  
 (b) Reorganization. As of the Reorganization Consummation Date, the West Marine Reorganization has been consummated in accordance with applicable
law. 
  
 (c) Power and Authority. Existing Borrower and
Proposed Borrower each have all requisite corporate power and authority to enter into this Amendment, the Reorganization Documents and to carry out the transactions contemplated by, and perform its obligations under, the Existing Credit Agreement as
amended by this Amendment (hereafter referred to as the “Amended Credit Agreement”). 
  
 (d) Authority; Compliance With Other Agreements and Instruments and Government Regulations. The execution, delivery and performance by Existing
Borrower and Proposed Borrower of this Amendment, the Amended Credit Agreement and the Reorganization Documents have been duly authorized by all necessary corporate action and do not and will not: 
  
 (i) Require any consent or approval not heretofore obtained of any partner,
director, stockholder, member, security holder or creditor of Existing Borrower, Proposed Borrower, Parent or any of their collective Subsidiaries; 
  
 (ii) Violate or conflict with any provision of any of Existing Borrower’s, Proposed Borrower’s, Parent’s or any of their collective
Subsidiaries’ charter, certificate of incorporation, bylaws, or other organizational documents, as applicable; 
  

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 (iii) Result in or require the creation or imposition of any Lien (other than pursuant to the
Loan Documents) or Right of Others upon or with respect to any Property now owned or leased or hereafter acquired by Existing Borrower, Proposed Borrower, Parent or any of their collective Subsidiaries, except where the Lien or Right of Others could
not reasonably be expected to have a Material Adverse Effect; 
  
 (iv) Constitute a “transfer of an interest” or an “obligation incurred” that is avoidable by a trustee under Section 548 of the Bankruptcy Code of 1978, as amended, or constitute a “fraudulent conveyance,”
“fraudulent obligation” or “fraudulent transfer” within the meanings of the Uniform Fraudulent Conveyances Act or Uniform Fraudulent Transfer Act, as enacted in any applicable jurisdiction; 
  
 (v) Violate any Requirement of Law applicable to Existing Borrower, Proposed
Borrower, Parent or any of their collective Subsidiaries except where the violation could not reasonably be expected to have a Material Adverse Effect; or 
  
 (vi) Result in a breach of or constitute a default under, or cause or permit the acceleration of any obligation owed under, any indenture or loan or
credit agreement or any other Contractual Obligation to which any of Existing Borrower, Proposed Borrower, Parent or any of their collective Subsidiaries is a party or by which any of Existing Borrower, Proposed Borrower, Parent or any of their
collective Subsidiaries or any of their respective Property is bound or affected except where such breach, default or acceleration under any Contractual Obligation, or any indenture, loan or credit agreement could not reasonably be expected to have
a Material Adverse Effect. 
  
 (e) Binding Obligations.
This Amendment, the Amended Credit Agreement and the Reorganization Documents each constitute the legal, valid and binding obligation of Existing Borrower and Proposed Borrower, enforceable against Existing Borrower and Proposed Borrower in
accordance with its terms, except as enforcement may be limited by Debtor Relief Laws or equitable principles relating to the granting of specific performance and other equitable remedies as a matter of judicial discretion. 
  
 (f) Governmental Consents. No authorization, consent, approval,
order, license or permit from, or filing, registration or qualification with, any Governmental Agency is or will be required to authorize or permit under applicable Laws the execution, delivery and performance by Existing Borrower or Proposed
Borrower of this Amendment or the Reorganization Documents other than filings, registrations and qualifications required under corporate statutes to effect the West Marine Reorganization. 
  
 (g) Representations and Warranties in the Credit Agreement. Existing Borrower and Proposed Borrower each confirm
that as of the Amendment Effective Date the representations and warranties contained in Article 4 of the Credit Agreement are (before and after giving effect to this Amendment) true and correct in all material respects (except to the extent
any such representation and warranty is expressly stated to have been made as of a specific date, in which case it shall be true and correct in all material respects as of such specific date) and that no Default or Event of Default has occurred and
is continuing. 
  

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 8. Reference to and Effect on the Existing Credit Agreement and the other Loan Documents.

  
 (a) Except as specifically amended by this Amendment and the
documents executed and delivered in connection herewith, the Existing Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed by Existing Borrower and Proposed Borrower in all
respects. 
  
 (b) The execution and delivery of this Amendment
and performance of the Amended Credit Agreement shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders under, the
Existing Credit Agreement or any of the other Loan Documents. 
  
 (c) Upon the conditions precedent set forth herein being satisfied, this Amendment shall be construed as one with the Existing Credit Agreement, and the Existing Credit Agreement shall, where the context requires, be read and construed
throughout so as to incorporate this Amendment. 
  
 (d) If there
is any conflict between the terms and provisions of this Amendment and the terms and provisions of the Credit Agreement or any other Loan Document, the terms and provisions of this Amendment shall govern. 
  
 9. Counterparts. This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy shall be effective as delivery of a
manually executed counterpart of this Amendment. 
  
 10.
Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF CALIFORNIA APPLICABLE TO CONTRACTS MADE AND PERFORMED IN CALIFORNIA. 
  
 11. Waiver of Right to Trial by Jury. EACH PARTY TO THIS
AMENDMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AMENDMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTY HERETO OR ANY OF THEM WITH
RESPECT TO THIS AMENDMENT, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO
THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
  

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 12. Attorneys’ Fees and Other Costs. Existing Borrower and Proposed Borrower agree to
pay, on demand, all reasonable attorneys’ fees and costs (and allocated costs of attorneys employed by the Administrative Agent ) incurred in connection with the negotiation, documentation and execution of this Amendment. 
  
 13. Miscellaneous. This Amendment is a Loan Document as defined
in the Credit Agreement, and the provisions of the Credit Agreement generally applicable to Loan Documents are applicable hereto and incorporated herein by this reference. 
  
 [This Space Intentionally Left Blank] 
  

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

			
	 “Existing Borrower”

	
	 WEST MARINE FINANCE COMPANY, INC.,

	 a California corporation

		
	 By
	 	 /s/ Eric Nelson

	 	 	 Name: Eric Nelson

	 	 	 Title: Chief Financial Officer

	
	 “Proposed Borrower”

	
	 WEST MARINE PRODUCTS, INC.,

	 a California corporation

		
	 By
	 	 /s/ Eric Nelson

	 	 	 Name: Eric Nelson

	 	 	 Title: Chief Financial Officer

			
	 WELLS FARGO BANK, NATIONAL

	 ASSOCIATION,

	 as Administrative Agent

		
	 By
	 	 /s/ Patrick Bishop

	 	 	         Patrick Bishop

	 	 	         Vice President

	
	 WELLS FARGO BANK, NATIONAL

	 ASSOCIATION,

	 as a Lender, the Issuing Lender and

	 the Swing Line Lender

		
	 By
	 	 /s/ Patrick Bishop

	 	 	         Patrick Bishop

	 	 	         Vice President

  

			
	 UNION BANK OF CALIFORNIA, N.A.,

	 as a Lender

		
	 By
	 	 /s/ Matteo J. Tanzi

	 	 	 Name: Matteo J. Tanzi

	 	 	 Title: Vice President

  

			
	 FLEET RETAIL FINANCE INC.,

	 as a Lender

		
	 By
	 	 /s/ Evan Israelson

	 	 	 Name: Evan Israelson

	 	 	 Title:   Vice President

  

			
	 LASALLE BANK,
 as a Lender

		
	 By
	 	 /s/ Mark Mital

	 	 	 Name: Mark Mital

	 	 	 Title:   First Vice President

  

			
	 GUARANTY BANK,
 as a Lender

		
	 By
	 	 /s/ Scott L. Brewer

	 	 	 Name: Scott L. Brewer

	 	 	 Title:   Vice President

  

			
	 WASHINGTON MUTUAL BANK,
 as a Lender

		
	 By
	 	 /s/ Tony Yee

	 	 	 Name: Tony Yee

	 	 	 Title:   Assistant Vice President

  

			
	 ALLIED IRISH BANKS PLC,

	 as a Lender

		
	 By
	 	 /s/ Margaret Brennan

	 	 	 Name: Margaret Brennan

	 	 	 Title:   Vice President

		
	 By
	 	 /s/ Anthony O’Reilly

	 	 	 Name: Anthony O’Reilly

	 	 	 Title:   Vice President

  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as a Lender

		
	 By
	 	 /s/ James W. Henken

	 	 	 Name: James W. Henken

	 	 	 Title:   Vice President

  

			
	 WEST COAST BANK,
 as a Lender

		
	 By
	 	 /s/ Tim Johnson

	 	 	 Name: Tim Johnson

	 	 	 Title:   Vice President

			
	 BANK OF THE WEST,

	 as a Lender

		
	 By
	 	 /s/ Tien Lim

	 	 	 Name: Tien Lim

	 	 	 Title:   Assistant Vice President

  

			
	 BANK LEUMI USA,
 as a Lender

		
	 By
	 	 /s/ Boaz Blumovitz

	 	 	 Name: Boaz Blumovitz

	 	 	 Title: First Vice President

  

 Each of the undersigned hereby acknowledges and consents to the foregoing Amendment and confirms and
agrees that each Guaranty Agreement, each dated as of January 14, 2003, executed by it in favor of the Administrative Agent and the Lenders and each other Loan Document (including each Security Document) executed by the undersigned remains in full
force and effect in accordance with its terms and is hereby reaffirmed and ratified by each of the undersigned and each of the undersigned hereby confirms that the representations and warranties contained in each Guaranty Agreement, each dated as of
January 14, 2003 (including any incorporated by reference to the Credit Agreement) are (before and after giving effect to this Amendment) true and correct in all material respects. 
  

			
	 WEST MARINE, INC.,

	 a Delaware corporation

		
	 By:
	 	 /s/ Eric Nelson

	 Name: Eric Nelson
 Title: Chief Financial Officer

	
	 WEST MARINE PUERTO RICO, INC.,

	 a California corporation

		
	 By:
	 	 /s/ Eric Nelson

	 Name: Eric Nelson
 Title: Chief Financial Officer

	
	 W MARINE MANAGEMENT COMPANY, INC.,

	 a California corporation

		
	 By:
	 	 /s/ Eric Nelson

	 Name: Eric Nelson
 Title: Chief Financial Officer

	
	 WEST MARINE LBC, INC.,

	 a California corporation

		
	 By:
	 	 /s/ Eric Nelson

	 Name: Eric Nelson
 Title: Chief Financial Officer

			
	 WEST MARINE IHC I, INC.,

	 a California corporation

		
	 By:
	 	 /s/ Eric Nelson

	 Name: Eric Nelson
 Title: Chief Financial Officer

  

			
	 WEST MARINE CANADA CORP.,

	 a Nova Scotia unlimited liability company

		
	 By:
	 	 /s/ Eric Nelson

	 Name: Eric Nelson
 Title: Chief Financial Officer

  

 2 

 EXHIBIT A 
  
 WEST MARINE CORPORATE STRUCTURE AFTER GIVING EFFECT TO THE 
 WEST MARINE REORGANIZATION 
  
 

 
  

 22

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