Document:

Ex-10.1

 

Exhibit 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT

     FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of April 22, 2005,
among REYNOLDS AMERICAN INC., a North Carolina corporation (“Parent”), R.J. REYNOLDS
TOBACCO HOLDINGS, INC., a Delaware corporation (the “Borrower”) and various lending
institutions party to the Credit Agreement referred to below. All capitalized terms used herein
and not otherwise defined herein shall have the respective meanings provided such terms in the
Credit Agreement.

W I T N E S S E T H :

     WHEREAS, Parent, the Borrower, various lending institutions from time to time party thereto
(the “Lenders”) and JPMorgan Chase Bank, N.A. (formerly known as JP Morgan Chase Bank), as
Administrative Agent (in such capacity, the “Administrative Agent”), are parties to a Third
Amended and Restated Credit Agreement, dated as of July 30, 2004 (as so amended and restated, the
“Credit Agreement”); and

     WHEREAS, Parent, the Borrower and the Lenders wish to amend the Credit Agreement as provided
herein;

     NOW, THEREFORE, it is agreed:

I. Amendments to the Credit Agreement.

          1. Section 8.02(k) of the Credit Agreement is hereby amended by deleting the text “and”
appearing at the end of said Section.

          2. Section 8.02(l) of the Credit Agreement is hereby amended by (i) inserting the
parenthetical “(or, in the case of the fiscal year of Parent during which a Subsidiary has disposed
of a designated property pursuant to (and in reliance on) Section 8.02(m), the remainder of (I)
$250,000,000 minus (II) the fair market value (as determined in good faith by senior
management of the Borrower) of all designated properties disposed of pursuant to (and in reliance
on) said Section 8.02(m) during such fiscal year); and” at the end of clause (z) of said Section
and (ii) deleting the period appearing at the end of said Section.

          3. Section 8.02 of the Credit Agreement is hereby further amended by inserting the following
new clauses (m) and (n) immediately following clause (l) of said Section:

     ”(m) any Subsidiary of Parent may dispose of (by means of donation) any of the
designated properties listed on Annex XI hereto owned by it to any other Person, so long as
no Default or Event of Default then exists or would result therefrom; and

     (n) Parent and its Subsidiaries may sell, liquidate and/or dispose of Marketable
Investments in the ordinary course of business.”.

 

 

          4. Section 8.04(g) of the Credit Agreement is hereby further amended by deleting the text
“Section 8.03(e)” appearing in said Section and inserting the text “Sections 8.03(c) and (e)” in
lieu thereof.

          5. Section 8.05(l) of the Credit Agreement is hereby amended by deleting the text “June 30,
2005” appearing in said Section and inserting the text “September 30, 2005” in lieu thereof.

          6. The definitions of “Maturity Date” and “Facility Maturity Date” appearing
in Section 10 of the Credit Agreement are hereby amended by inserting the following sentence at the
end of each such definition:

	   	“For purposes of this definition only, outstanding Existing Senior Notes shall be deemed
“refinanced in full” with the proceeds of a new issuance or issuances of Refinancing Senior
Notes, at any time, if (i) the Borrower has cash and/or Marketable Investments on its
balance sheet at such time which are specifically set aside for purposes of repaying, and
sufficient in amount to repay, in full all principal of such outstanding Existing Senior
Notes (as indicated by way of a footnote in its (or Parent’s) financial statements included
in the then most recent public filing with the SEC), (ii) such cash and/or Marketable
Investments so set aside represent, in part, cash proceeds of one or more issuances of
Refinancing Senior Notes to “refinance” such Existing Senior Notes in an amount equal to at
least the remainder of (1) the aggregate principal amount of all such Existing Senior Notes
outstanding at such time less (2) the aggregate amount of fees and expenses incurred
in connection with such issuance or issuances of Refinancing Senior Notes less (3)
the aggregate amount of any tender premiums (in excess of par) and fees paid in connection
with the repurchase of any such Existing Senior Notes with the proceeds of a concurrent
issuance of Refinancing Senior Notes and (iii) if a Trigger Event is in effect, the
Collateral Agent (on behalf of the Secured Creditors) has a first-priority perfected
security interest in all cash and Marketable Investments so set aside.”.

          7. The Credit Agreement is hereby further amended by adding new Annex XI thereto in the form
of Annex XI attached hereto.

II. Miscellaneous Provisions.

          1. In order to induce the Lenders to enter into this Amendment, each Credit Agreement Party
hereby (i) makes each of the representations, warranties and agreements contained in Section 6 of
the Credit Agreement, and (ii) represents and warrants that there exists no Default or Event of
Default, in each case on the date hereof and on the First Amendment Effective Date (as defined
below), both before and after giving effect to this Amendment.

          2. This Amendment is limited as specified and shall not constitute a modification, acceptance
or waiver of any other provision of the Credit Agreement or any other Credit Document.

          3. This Amendment may be executed in any number of counterparts and by the different parties
hereto on separate counterparts, each of which counterparts when executed and delivered shall be an
original, but all of which shall together constitute one and the same

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instrument. A complete set of counterparts shall be lodged with Parent and the Administrative
Agent.

          4. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

          5. From and after the First Amendment Effective Date, all references in the Credit Agreement
and each of the other Credit Documents shall be deemed to be references to the Credit Agreement as
amended hereby.

          6. This Amendment shall become effective on the date (the “First Amendment Effective
Date”) when each Credit Agreement Party and the Lenders constituting Required Lenders under the
Credit Agreement shall have signed a copy hereof (whether the same or different copies) and shall
have delivered (including by way of facsimile transmission) the same to White & Case LLP, 1155
Avenue of the Americas, New York, New York 10036, Attention: May Yip-Daniels (Facsimile No.: (212)
354-8113).

* * *

-3-

 

 

          IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment
to be duly executed and delivered as of the date first above written.

REYNOLDS AMERICAN INC., as Parent

By: /s/ Daniel A. Fawley

     Title: Senior Vice President & Treasurer

R. J. REYNOLDS TOBACCO HOLDINGS, INC.,

      as the Borrower

By: /s/ Daniel A. Fawley

     Title: Senior Vice President & Treasurer

LEAD AGENTS

JPMORGAN CHASE BANK, N.A. (formerly known as

     JPMORGAN CHASE BANK), Individually, as

     Administrative Agent and as Senior Managing Agent

By: /s/ Robert T. Sacks

     Title: Managing Director

CITIBANK, N.A., Individually, as Syndication Agent

     and Senior Managing Agent

By: /s/ Andrew Kreeger

     Title: Vice President

 

 

GENERAL ELECTRIC CAPITAL CORPORATION, Individually

     and as Syndication Agent

By: /s/ William R. Doolittle

     Title: Duly Authorized Signatory

LEHMAN COMMERCIAL PAPER INC., Individually and as

     Documentation Agent

By: /s/ Janine M. Stiugan

     Title: Authorized Signatory

MIZUHO CORPORATE BANK, LTD., Individually and as

     Documentation Agent

By: /s/ James Fayen

     Title: Senior Vice President

 

 

PARTICIPANT LENDERS

THE BANK OF NOVA SCOTIA

By: /s/ Chris J. Allen

     Title: Managing Director & Office Head

THE BANK OF NEW YORK

By /s/ David C. Siegel

     Title Vice President

CITY NATIONAL BANK OF NEW JERSEY

By: /s/ Edward R. Wright

     Title: Senior Vice President/Chief Financial Officer

WACHOVIA BANK, NATIONAL ASSOCIATION

By: /s/ Denis Waltrich

     Title Associate

 

 

ANNEX XI

DESIGNATED PROPERTIES:

	 	 	 	 	 	 
	 
	 	Property Description	 	 	Location	 
	 	 	 	 	 	 
	 	Building 60 Property

	 	 	Vine Street	 
	 	Building 90 Property

	 	 	Vine Street	 
	 	Building 23 Property

	 	 	5th  Street and Patterson Avenue	 
	 	Building 56-2 & 3 Property

	 	 	4th Street and Patterson Avenue	 
	 	EP Parking Lot

	 	 	7th Street and Patterson Avenue	 
	 	E Parking Lot

	 	 	7th Street and Vine Street	 
	 	D Parking Lot

	 	 	7th Street and Linden Street	 
	 	Building 91 Property

	 	 	Vine Street	 
	 	Building 95 Property

	 	 	7th Street and Linden Street	 
	 	Building 96 Property

	 	 	Linden StreetEX-10.7 EMPLOYMENT OFFER LETTER/KRISTOPHER A. WOOD

 

Exhibit 10.7

Employment offer letter to Kristopher A. Wood dated January 5, 2004

January 5, 2004

Mr. Kristopher Wood

156 McElroy Avenue

Fort Lee, NJ 07024

Dear Kris:

I am pleased to offer you the position of Vice Chairman & Chief Acquisition Officer of Glenayre
Electronics, Inc. This position is located in New York, NY and reports to Clarke H. Bailey,
Chairman & CEO.

Your base compensation will be $200,000 annually ($7,692.31 bi-weekly — 26 pay periods per year).
Your first 6 months of employment will serve as an orientation period during which your performance
will be evaluated and reviewed to ensure that you have the opportunity to fulfill your personal
potential, as well as the duties of your position. Formal performance and salary reviews occur at
least annually; respectively, at the end and beginning of the calendar year.

In addition to the benefits outlined in the enclosed summary, your offer also includes:

	•  	An award to purchase 150,000 shares of common stock of Glenayre
Technologies, Inc. The option exercise price will be the stock’s
closing price on the last trading day of the month in which you
start work (the “Award Date”). One third of the options will vest
on the Award Date. The remaining options will vest in one-third
increments on the first and second anniversaries, respectively, of
the Award Date. Upon the Committee’s approval, this award will be
subject to all the terms and conditions of the Glenayre Incentive
Stock Plan and the Stock Option Agreement with you.

	•  	An award to purchase 150,000 shares of common stock of Glenayre
Technologies, Inc. to be awarded in a ratio of 30,000 options per
$10M in transaction value of acquisition. The options will be
awarded at the prevailing stock price at Market close on the date
that is the earlier of the day prior to the transaction being
publicly announced or the day the transaction is closed.

Note: In this position, you will not be eligible to participate in the Glenayre
Incentive Plan (GIP).

We look forward to your starting on January 5, 2004.

Please be prepared to provide, on your start date, the required documentation to verify your
employment eligibility in the United States. Acceptable documents are outlined on the enclosed
list.

 

 

Due to the nature of our industry, we require that all new employees accept the terms and
conditions of the enclosed Proprietary Information Agreement (PIA). Please sign and date one copy
of this offer letter and the PIA and return them to me at the address above. You are also welcome
to fax these documents to me at (770) 497-3983 and bring the signed originals with you on your
first day.

This letter is intended to describe the general terms of our offer to you and should not be
construed as an employment contract.

We are delighted to have you join our Company and feel that you will make a substantial
contribution to Glenayre’s future success.

If you have any questions, please call me in Human Resources at (770) 283-2598.

Sincerely,

/s/ Gavin K. Morton

Gavin K. Morton

Vice President, Human Resources

	 	 	 	 	 	 	 
	Accepted by:

	 	/s/ Kristopher Wood
	 	Date:
	 	 
	

	 	 
	 	 	 	 
	

	 	Kristopher Wood	 	 	 	 

	 	 	 
	cc:

	 	Clarke Bailey

HR File
	 
	 	 
	Enclosures:

	 	US Benefits Summary
	

	 	Lists of Acceptable Documents
	

	 	Proprietary Information Agreement –New York
	

	 	Confidential Employee Profile

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