Document:

exv4w2

 

Exhibit
4.2

ASSUMPTION AND AMENDMENT AGREEMENT

EARLE M. JORGENSEN

RETIREMENT SAVINGS PLAN

     This Agreement is entered into as of April 3, 2006, by and among Earle M. Jorgensen Company, a
Delaware corporation (“EMJ”), Reliance Steel & Aluminum Co., a California corporation (“Reliance”),
and RSAC Acquisition Corp., a Delaware corporation (“RSAC”), with respect to the Earle M. Jorgensen
Company Retirement Savings Plan (the “Plan”).

WITNESSETH:

     WHEREAS, EMJ has entered into an Agreement and Plan of Merger (the “Merger Agreement”), dated
as of January 17, 2006, with Reliance and RSAC, a newly-formed wholly-owned subsidiary of Reliance;

     WHEREAS, pursuant to the Merger Agreement, EMJ will be merged with and into RSAC (the
“Merger”), with RSAC as the surviving entity, which will immediately change its name to “Earle M.
Jorgensen Company” and which will remain wholly-owned by Reliance as of the Effective Time (as
defined in the Merger Agreement);

     WHEREAS, pursuant to Section 6.05(a) of the Merger Agreement, RSAC will assume and succeed to
all of the obligations and liabilities of EMJ under the Plan;

     WHEREAS, pursuant to Section 6.05(a) of the Merger Agreement, Reliance will guarantee RSAC’s
assumed obligations pertaining to Additional Employer Contributions (as defined in the Plan); and

     WHEREAS, as of the Effective Time, for purposes of Additional Employer Contributions, as
defined in the Plan, the obligation to contribute shares of EMJ common stock will be replaced with
an obligation to contribute shares of the common stock of Reliance, with the number of shares to be
contributed to be adjusted by the Option Exchange Ratio (as defined in the Merger Agreement).

     NOW, THEREFORE, in consideration of the promises and mutual agreements contained herein, and
subject to completion of the Merger, the parties agree that the Plan shall be, and hereby is,
assumed and amended as follows:

1. RSAC hereby assumes and adopts the Plan as of the Effective Time and agrees to perform
all of the obligations and liabilities of EMJ with respect to the Plan, and EMJ hereby
consents to such assumption.

2. Reliance agrees to register with the Securities and Exchange Commission and list on the
New York Stock Exchange any shares of Reliance Common Stock issuable to the Plan.

3. Reliance agrees to guarantee RSAC’s obligation(s) to make Additional Employer
Contributions under the Plan and Reliance has reserved for issuance and will authorize

 

the issuance of shares of Reliance common stock to the Plan as necessary to fulfill RSAC’s
obligations to make Additional Employer Contributions to the Plan.

4. As of the Effective Time, the Plan is amended in the following respects:

a) Unless the context otherwise requires, any reference in the Plan to “Earle M.
Jorgensen Company, a Delaware corporation,” is revised to refer to “RSAC Acquisition
Corp., a Delaware corporation, which, upon completion of the merger with Earle M.
Jorgensen Company, will immediately change its name to “Earle M. Jorgensen Company”
and will remain a wholly-owned subsidiary of Reliance Steel & Aluminum Co.”.

b) Section 1.6 is amended by deleting the words “Vice President” in the first
sentence and substituting in lieu thereof the word “President.”

c) Section 1.28 is amended by deleting the words “Vice President” and substituting
in lieu thereof the word “President.”

d) A new Section 1.62.1 is inserted immediately after Section 1.62 to read as
follows:

“1.62.1 “President” means the President of the Company or, upon the
resignation or removal of the President, any successor officer to the
President who performs substantially similar duties with respect to the
administration of employee benefits (whether assigned a different title by
the Company or not).”

e) Section 1.77 is deleted and amended to read as follows:

“1.77 [Intentionally omitted.]

f) Section 1.20 is revised to read as follows:

“1.20 “Company Stock” means common shares of
Reliance Steel & Aluminum Co., no par value.”

g) The following sentence is added at the end of Appendix 3.3(a):

“The Additional Employer Contribution to be made for the
Plan Year ending March 31, 2006, will be made in a number of
            shares of Company Stock equal to the number of shares of
Earle M. Jorgensen common stock that would have been
contributed for such Plan Year had the merger between Earle
M. Jorgensen Company and Reliance Steel & Aluminum Co. not
occurred, multiplied by the “Option Exchange Ratio” as
defined in Section 2.03(e) of the Agreement and Plan of
Merger between and among Earle M. Jorgensen Company,
Reliance Steel & Aluminum

2

 

Co. and RSAC Acquisition Corp., dated as of January 17,
2006.

h) Sections 6.5(b) and 6.5(c)(5) are deleted.

5. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns.

6. This Agreement may be executed in any number of counterparts each of which may be deemed
an original but all of which together shall constitute one of the same instrument.

7. This Agreement shall be construed and governed in accordance with the internal laws of
the State of Delaware and the Employee Retirement Income Security Act of 1974, as amended,
without giving effect to principles of conflicts of law.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	EARLE M. JORGENSEN COMPANY:	 	 	 	RSAC ACQUISITION CORP.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Title
	 	 	 	 	 	Title	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	RELIANCE STEEL & ALUMINUM CO.:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Title	 	 

3<PAGE>
                                                                    Exhibit 10.1

                            CONSENT AND AMENDMENT TO
                              OPERATING AGREEMENT

      This CONSENT AND AMENDMENT TO OPERATING AGREEMENT (this "AMENDMENT"),
dated as of April 6, 2006 (the "EFFECTIVE DATE"), is by and between NORTHERN
BORDER PIPELINE COMPANY, a Texas general partnership ("PARTNERSHIP"), and
NORTHERN PLAINS NATURAL GAS COMPANY, LLC, a Delaware limited liability company
("OPERATOR"). Partnership and Operator are sometimes referred to in this
Amendment individually as "PARTY" and collectively as the "PARTIES."

                                    RECITALS

      A. Partnership and Operator are parties to that Operating Agreement, dated
as of February, 1980 (as heretofore amended or modified, the "AGREEMENT";
capitalized terms used but not defined in this Amendment have the meanings
ascribed to such terms in the Agreement).

      B. Contemporaneously with the execution of this Amendment, Partnership is
entering into that Operating Agreement, dated as of the Effective Date (the "NEW
OPERATING AGREEMENT"), between Partnership and TransCan Northwest Border Ltd.
(the "NEW OPERATOR"), pursuant to which New Operating Agreement, the New
Operator will not commence its responsibilities as operator thereunder until
April 1, 2007.

      C. The Parties wish to (i) express their consent to Partnership entering
into the New Operating Agreement, and (ii) amend the term of the Agreement to
coordinate with the assumption by New Operator of its responsibilities under the
New Operating Agreement.

      NOW, THEREFORE, in consideration of the premises set forth above, and for
other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as follows:

1. CONSENT TO NEW OPERATING AGREEMENT

      Operator hereby consents to the execution and delivery by Partnership of
the New Operating Agreement, and the performance by Partnership of its
obligations thereunder.

2. AMENDMENT TO THE AGREEMENT

      2.1 Amendment of Section 8.01 of the Agreement. Section 8.01 of the
Agreement is hereby amended to read as follows:

                                                           CONSENT AND AMENDMENT

<PAGE>

      "Section 8.01 - Term

      This Agreement shall be effective as of March 9, 1978 and, subject to the
provisions of the General Partnership Agreement, shall continue through March
31, 2007."

3. MISCELLANEOUS

      3.1 Headings Descriptive. The headings contained in this Amendment are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

      3.2 Signatures and Counterparts. Facsimile or electronic mail transmission
in "portable document format" of any signed original document and/or
retransmission of any signed facsimile transmission or electronic transmission
in "portable document format" shall be the same as delivery of an original. At
the request of either Party, the Parties will confirm facsimile or such
electronic transmission by signing a duplicate original document. This Amendment
may be executed in two or more counterparts, each of which shall be deemed an
original and all of which together shall be considered one and the same
agreement.

      3.3 Severability. Any provision of this Amendment which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

      3.4 Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

      3.5 Effect of Amendment. Except as amended by this Amendment, all other
terms and provisions of the Agreement shall remain in full force and effect.

                            [Signature pages follow.]

                                                           CONSENT AND AMENDMENT

                                       2

<PAGE>

      IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed
by their duly authorized representatives as of the Effective Date.

                                   "Partnership"

                                   NORTHERN BORDER PIPELINE COMPANY,
                                   a Texas general partnership

                                   By:  NORTHERN BORDER INTERMEDIATE
                                   LIMITED PARTNERSHIP, General Partner

                                   By:  /s/ Jerry L. Peters
                                      ------------------------------------------
                                   Name:    Jerry L. Peters
                                   Title: Chief Financial and Accounting Officer

                                   By: TC PIPELINES INTERMEDIATE
                                   LIMITED PARTNERSHIP, General Partner

                                   By:   /s/ Ronald J. Turner
                                       -----------------------------------------
                                   Name:   Ronald J. Turner
                                   Title:  President and Chief Executive Officer

                                   By:   /s/ Donald R. Marchand
                                        ----------------------------------------
                                   Name:  Donald R. Marchand
                                   Title: Vice-President and Treasurer

                                                           CONSENT AND AMENDMENT

                                      S-1

<PAGE>

                                   "Operator"

                                   NORTHERN PLAINS NATURAL GAS
                                   COMPANY, LLC, a Delaware limited liability
                                   company

                                   By:    /s/ Jerry L. Peters
                                       -----------------------------------------
                                   Name:   Jerry L. Peters
                                   Title:  Vice President, Finance and Treasurer

                                                           CONSENT AND AMENDMENT

                                      S-2

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