Document:

EX-10.2

 

EXHIBIT 10.2

AMENDMENT NO. 1

TO

LINCOLN ELECTRIC HOLDINGS, INC.

2006 STOCK PLAN FOR NON-EMPLOYEE DIRECTORS

Recitals

     WHEREAS, Lincoln Electric Holdings, Inc. (the “Company”) has adopted the 2006 Stock Plan for
Non-Employee Directors (the “Plan”);

     WHEREAS, the Company now desires to amend the Plan to change the definition of Fair Market
Value and the provision relating to adjustments in the event of certain corporate transactions; and

     WHEREAS, the Nominating and Corporate Governance Committee has approved this Amendment No. 1
to the Plan (“Amendment No. 1”).

Amendment

     NOW, THEREFORE, the Plan is hereby amended by this Amendment No. 1, effective as of October
20, 2006, as follows:

     1. The definition of “Fair Market Value” in Section 2 of the Plan is amended to read as
follows:

     “Fair Market Value” means, as of any particular date, the per share closing price of a Common
Share on the NASDAQ Global Market on the day such determination is being made (as reported in
The Wall Street Journal) or, if there was no closing price reported on such day, on the
most recently preceding day on which such a closing price was reported; or if the Common Shares are
not listed or admitted to trading on the NASDAQ Global Market on the day as of which the
determination is being made, the amount determined by the Committee to be the fair market value of
a Common Share on such day, unless otherwise determined by the Committee.

     2. Section 9 of the Plan is amended to read as follows:

     Adjustments. The Committee shall make or provide for such adjustments in the number and kind
of shares covered by outstanding Options and Restricted Stock Units granted hereunder, in the
Option Price and in the kind of shares covered thereby, as is equitably required to prevent
dilution or enlargement of the rights of Participants or Optionees that otherwise would result from
(a) any stock dividend, stock split, combination of shares, recapitalization or other change in the
capital structure of the Company, or (b) any merger, consolidation, spin-off, split-off, spin-out,
split-up, reorganization, partial or complete liquidation or other distribution of assets, issuance
of rights or warrants to purchase securities, or (c) any other corporate transaction or event
having an effect similar to any of the foregoing. However, such adjustments shall be made
automatically, without the necessity of Committee action, on the customary arithmetical basis in

 

 

the case of any stock split, including a stock split effected by means of a stock dividend, and in
the case of any other dividend paid in shares of the Company. Moreover, in the event of any such
transaction or event, the Committee, in its discretion, may provide in substitution for any or all
outstanding awards under this Plan such alternative consideration (including cash), if any, as it,
in good faith, may determine to be equitable in the circumstances and may require in connection
therewith the surrender of all awards so replaced. The Committee shall also make or provide for
such adjustments in the numbers and kind of shares specified in Section 3 and Section 5 of this
Plan as is appropriate to reflect any transaction or event described in this Section 9.

     3. Except as amended by Amendment No. 1, the Plan shall remain unchanged and in full force and
effect.

     IN WITNESS WHEREOF, the undersigned has executed this Amendment No. 1 effective as of the date
first written above.

	 	 	 	 	 
	 	LINCOLN ELECTRIC HOLDINGS, INC.

 	 
	 	By:  	/s/ Frederick G. Stueber
 	 
	 	 	Name:  	Frederick G. Stueber 	 
	 	 	Title:  	Senior Vice President,
General Counsel & Secretary 	 
	 

2EX-4.15

 

EXHIBIT 4.15

AMENDMENT NO. 13 TO AMENDED AND RESTATED CREDIT AGREEMENT

     THIS AMENDMENT dated as of April 30, 2007, by and among the financial institutions whose
signatures appear below (individually a “Bank,” collectively the “Banks”), Comerica Bank, as
Administrative Agent for the Banks (in such capacity, “Agent”), and Olympic Steel, Inc., an Ohio
corporation (the “Company”).

     RECITALS:

     A. Company, Agent and Comerica Bank, Fifth Third Bank, LaSalle Bank Midwest National
Association (fka Standard Federal Bank N.A.), Bank of America, N.A., (as assignee of Banc of
America Leasing & Capital, LLC, successor to Fleet Capital Corporation) and KeyBank National
Association are parties to that certain Amended and Restated Credit Agreement dated as of December
30, 2002, as previously amended (“Credit Agreement”).

     B. Company, the Banks and Agent desire to amend the Credit Agreement as set forth below.

     NOW THEREFORE, the parties agree as follows:

     1. The definition of “Revolving Credit Aggregate Commitment” set forth in Section of the
Credit Agreement is amended to read as follows:

     “‘Revolving Credit Aggregate Commitment’ shall mean One Hundred Thirty Million Dollars
($130,000,000), subject to any increase in the Revolving Credit Aggregate Commitment
pursuant to Section 2.17 of this Agreement by an amount not to exceed the Revolving Credit
Optional Increase, and subject to reduction or termination under Section 2.13, 2.14 or 9.2
hereof.”

     2. The definition of “Revolving Credit Maturity Date” set forth in Section 1.1 of the Credit
Agreement is amended to read as follows:

     “‘Revolving Credit Maturity Date’ shall mean the earlier to occur of (i) December 15, 2010,
as such date may be extended pursuant to Section 2.16 hereof and (ii) the date on which the
Revolving Credit Aggregate Commitment shall terminate in accordance of the provisions of
this Agreement.”

     3. Each Bank’s Revolving Credit Percentage and allocation of the Revolving Credit are as set
forth in Schedule 1.2, which was last amended in Amendment No. 9 to Amended and Restated Credit
Agreement dated March 31, 2005 among Agent, Banks and Company.

 

 

     4. Within sixty (60) days from the date of this Amendment, Company shall deliver to Agent and
the Banks the items required under Section 7.17 (c) of the Credit Agreement with respect to the
real property commonly known as 3031 Hamp Stone Road, Siler City, North Carolina 27344.

     5. Except as expressly modified hereby, all the terms and conditions of the Credit Agreement
shall remain in full force and effect.

     6. Company hereby represents and warrants that, after giving effect to the amendments
contained herein, (a) execution, delivery and performance of this Amendment and any other documents
and instruments required under this Amendment or the Credit Agreement are within its corporate
powers, have been duly authorized, are not in contravention of law or the terms of its Articles of
Incorporation or Bylaws, and do not require the consent or approval of any governmental body,
agency, or authority; and this Amendment and any other documents and instruments required under
this Amendment or the Credit Agreement, will be valid and binding in accordance with their terms;
(b) the continuing representations and warranties made by Company set forth in Sections 6.1 through
6.19 and 6.21 through 6.24 of the Credit Agreement are true and correct on and as of the date
hereof with the same force and effect as if made on and as of the date hereof; (c) the continuing
representations and warranties of Company set forth in Section 6.20 of the Credit Agreement are
true and correct as of the date hereof with respect to the most recent financial statements
furnished to the Bank by Company in accordance with Section 7.1of the Credit Agreement; and (d) no
Default or Event of Default has occurred and is continuing as of the date hereof.

     7. Capitalized terms used but not defined herein shall have the meaning set forth in the
Credit Agreement.

     8. This Amendment may be signed in counterparts.

     9. This Amendment shall become effective (according to the terms and as of the date hereof)
upon satisfaction by Company of the following conditions:

     (a) Agent shall have received counterpart originals of this Amendment, in each
case duly executed and delivered by Company, the Agent, the Banks, and the
Guarantors and originals of the Loan Documents identified on the Closing Agenda
annexed hereto duly executed by the parties thereto and, where applicable, in
recordable form.

 

 

WITNESS the due execution hereof as of the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	COMERICA BANK,

as Agent	 	 	 	OLYMPIC STEEL, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	     John E. Spidel	 	 	 	 	 	 	 	 
	Its:

	 	     Vice President
	 	 	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	SWING LINE BANK:	 	 	 	COMERICA BANK	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	     John E. Spidel	 	 
	 

	 	 	 	 	 	Its:
	 	     Vice President	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	ISSUING BANK:	 	 	 	COMERICA BANK	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	     John E. Spidel	 	 
	 

	 	 	 	 	 	Its:
	 	     Vice President	 	 

 

 

	 	 	 	 	 	 	 
	BANKS:	 	COMERICA BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	     John E. Spidel	 	 
	 

	 	Its:
	 	     Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	LASALLE BANK MIDWEST

NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	FIFTH THIRD BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	KEYBANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

Acknowledged by the undersigned Guarantors as of April 30, 2007.

	 	 	 	 	 	 	 
	 	 	GUARANTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	OLYMPIC STEEL LAFAYETTE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	OLYMPIC STEEL MINNEAPOLIS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	OLYMPIC STEEL IOWA, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	OLY STEEL WELDING, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	OLYMPIC STEEL RECEIVABLES, L.L.C.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 
	 	 	OLY STEEL NC, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	TINSLEY GROUP-PS&W, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:

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