Document:

Exhibit
10.15

 

EURAMAX
INTERNATIONAL, INC.

 

SUPPLEMENTAL EXECUTIVE RETIREMENT
PLAN

 

This Plan (the
“SERP”), established by Euramax International, Inc., will become
effective upon, and only upon, Closing as defined in the Stock Purchase
Agreement dated April 15, 2003 by and among Citigroup Venture Capital Equity
Partners, L.P. and affiliates, the Company and the Company’s stockholders named
therein, as an amendment, restatement and replacement of the Supplemental
Retirement Plan adopted for Executive by Euramax International P.L.C., dated
October 1, 1997 (the “P.L.C. SERP”). 
Executive acknowledges that the benefits provided hereunder are provided
in lieu of the benefits provided under the P.L.C. SERP and that by accepting
this SERP, he irrevocably waives any claim under the P.L.C. SERP.

 

ARTICLE 1  -  PURPOSE OF
PLAN

 

Section 1.1                                      Purpose:  The purpose of this Plan is to provide
supplemental retirement benefits to J. David Smith (“Executive”).  The benefits to be provided under this Plan
are intended to supplement other retirement benefits provided by the Company
through plans qualified under Section 401(a) of the Internal Revenue Code of
1986, nonqualified plans, and the federal Social Security system of the United
States.

 

Section 1.2                                   Design:  The Plan is designed to provide supplemental
retirement benefits as described in Section 3.3.

 

ARTICLE
2  -
DEFINITIONS

 

Section 2.1                                      Affiliate:  At any time (i) any trade or business,
whether incorporated or unincorporated, which at such time is considered to be
under common control with the Company or any other company participating in
this Plan under regulations prescribed by the Secretary of the Treasury
pursuant to Code Section 414(b), (c) or (o); and (ii) any person or
organization which at such time is a member of an affiliated service group (as
defined in Code Section 4 14(m)) with the Company or any other company
participating in this Plan.

 

Section 2.2                                      Board:  The Board of Directors of Euramax
International, Inc..

 

Section 2.3                                      Change-In-Control:  The sale of Euramax International, Inc., in
a single transaction or a series of related transactions, to an independent
third party (which is not an Affiliate of any member of the Investor Group)
pursuant to which such third party acquires (a) a greater percentage of the fully
diluted voting power represented by the share capital and other securities of
Euramax International, INC.  than that
owned and controlled by the Investor Group immediately following such
transaction (whether by merger, consolidation, recapitalization, reorganization,
purchase of the outstanding share capital or otherwise), or (b) all

 

 

or substantially all of the consolidated assets of
Euramax International, Inc., in each case, which sale has been approved by the
Board and the holders of a majority of the outstanding ordinary shares of
Euramax International, Inc., voting together as a single class.

 

Section 2.4                                      Code:
The Internal Revenue Code of 1986, as amended, or as it may be amended from
time to time.

 

Section 2.5                                      Company:  Euramax International, Inc.

 

Section 2.6                                      Compensation
and Employee Benefits Committee: The Compensation and Employee Benefits
Committee as established by the Board.

 

Section 2.7                                      Constructive
Termination:  A Constructive
Termination shall be deemed to occur solely upon the occurrence of a Change of
Control in the event that Executive’s employment with Euramax International,
Inc., is terminated or the Executive is subject to a material reduction in
duties or compensation or authority or is required to relocate from Atlanta,
Georgia, in either case, within one year following such Change of Control.

 

Section 2.8                                      Executive:  Executive shall mean J. David Smith.

 

Section 2.9                                      Fifty
Percent (50%) Joint and Survivor Annuity: 
An annuity which is the Value Equivalent of a Life Annuity payable
monthly for the life of the Executive, with a survivor annuity for the life of
his Spouse which is fifty (50%) percent of the amount of the annuity payable
during the joint lives of the Executive and his Spouse.

 

Section 2.10                                Investor
Group:  Collectively, the
individuals and entities party to the Shareholders Agreement dated September
25, 1996, and any successor agreement thereto, and each of their respective
Affiliates.

 

Section 2.11                                Life
Annuity:  An income payable monthly,
beginning as of the first day of the month for which the Participant’s Plan
benefits are scheduled to commence under this Plan and ending as of the first
day of the month in which the Participant dies.

 

Section 2.12                                Lump
Sum: The full single cash payment of the balance of a Participant’s vested
benefit, the value of which shall be the Value Equivalent of a Life Annuity
(reduced for early commencement, if necessary).

 

Section 2.13                                Plan:  The “Euramax International, Inc.,
Supplemental Executive Retirement Plan”, as set forth herein or in any
amendment hereto.

 

Section 2.14                                Plan
Administrator:  The individual or
committee appointed by the Board, who shall have the same powers and those
duties with respect to the Plan as those described in the Euramax Saving
Plan.  The Plan Administrator is the
named fiduciary for purposes of the Employee Retirement Income Security Act of
1974, as amended.

 

2

 

Section 2.15                                Plan
Year:  The calendar year.

 

Section 2.16                                Retirement
Date:  The first day of the month
coincident with or next following the date the Executive attains age 52 and
actually terminates employment with the Company.

 

Section 2.17                                Spouse:  The individual to whom the Executive is
legally married as of the earlier of the Executive reaching his Retirement
Date, suffering a Total and Permanent Disability, death, or upon the
Change-In-Control of the Company.

 

Section 2.18                                Total
and Permanent Disability means a medically determinable disability arising
from illness or accident, that (1) renders Executive incapable of performing
the duties normally associated with his position with the Company or any
similar position with the Company for which he is qualified by skill and
experience and (2) is reasonably expected to either be permanent or to be of indefinite
duration extending for more than 180 days. 
Total and Permanent Disability shall be determined on the basis of
medical evidence provided to the Board, which is reasonably satisfactory to the
Board.  The Board, in its discretion,
may rely upon a report of Executive’s personal physician certifying that
Executive is disabled within the meaning of this Section or may require the
report of an independent physician selected by the Board.

 

Section 2.19                                Value
Equivalent:  The Life Annuity
amount, as adjusted by Section 3.1, multiplied by the following factor to
calculate a Fifty Percent (50%) Joint and Survivor Annuity or a Lump Sum:

 

	
  Years Spouse Younger Than

  Executive

  	
   

  	
  50% Joint
  & Survivor

  Factors

  	
   

  
	
  0-9

  	
   

  	
  0.9

  	
   

  
	
  10-19

  	
   

  	
  0.8

  	
   

  
	
  20-29

  	
   

  	
  0.6

  	
   

  
	
  30+

  	
   

  	
  0.4

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Lump
  Sum Factor

  	
   

  	
  The Life Annuity Amount
  will be converted to a lump sum using the applicable mortality table and the
  applicable interest rate both as prescribed by section 417(e)(3) of the Code
  or any applicable provision of successor legislation.

  	
   

  

 

3

 

ARTICLE
3  - BENEFITS

 

Section 3.1                                      Benefit
Amount:  The Benefit is an annual
amount payable in the form of a Life Annuity starting at age 62 and equal to
$190,000.  At the time of the
Executive’s Retirement Date, termination, death, Total and Permanent
Disability, or a Change-in-Control, the above dollar amount shall be multiplied
by the following payment reduction factor.

 

	
  Age At Retirement Date, Death,

  Disability or Change-in-control

  	
   

  	
  Payment
  Reduction

  Factor

  	
   

  
	
  65 and later

  	
   

  	
  100

  	
  %

  
	
  64

  	
   

  	
  100

  	
  %

  
	
  63

  	
   

  	
  100

  	
  %

  
	
  62

  	
   

  	
  100

  	
  %

  
	
  61

  	
   

  	
  100

  	
  %

  
	
  60

  	
   

  	
  100

  	
  %

  
	
  59

  	
   

  	
  96

  	
  %

  
	
  58

  	
   

  	
  92

  	
  %

  
	
  57

  	
   

  	
  87

  	
  %

  
	
  56

  	
   

  	
  83

  	
  %

  
	
  55

  	
   

  	
  79

  	
  %

  
	
  54

  	
   

  	
  50

  	
  %

  

 

Section 3.2                                      Forfeiture
of Benefit:  If it is the conclusion
of the Board that the Executive has engaged in any acts or omissions
constituting dishonesty, intentional breach of fiduciary obligation or
intentional wrongdoing, in each case that results in substantial harm to the
business or property of the Company, he shall forfeit and be ineligible to
receive any benefits under this Plan, and any benefits paid to such Executive
(or Spouse) can be recovered by the Company. 
The recovery of any benefits paid to such Executive shall not preclude
the Company from taking any other actions against the Executive.

 

Section 3.3                                      Benefit
Forms and Commencement:  Upon the
earliest of the following of (a), (b), (c), or (d) to occur, the Executive
shall receive a Life Annuity if he is single on such date, or if he is married
on such date he shall receive a Fifty Percent (50%) Joint and Survivor Annuity,
paid monthly.  The Executive may elect
to receive benefits in the form of a Lump Sum or Life Annuity as long as the
Executive’s election is made at least 120 days prior to the receipt of any benefits
paid under the Plan.

 

(a)                                  Retirement
Payment.  In the event that benefits
become payable due to the Executive’s retirement on or after age 52, the
benefit will be payable as of the Executive’s Retirement Date.

 

(b)                                 Disability
Payment.  In the event that benefits
become payable due to a Total and Permanent Disability, the benefit (which is
fixed as of the date

 

4

 

of Total and Permanent Disability), will be payable as
of the first day of the month coincident with or next following the date the
Executive is determined to have sustained a Total and Permanent Disability.

 

(c)                                  Death
Payment.  In the event that benefits
become payable due to the Executives death, the benefit will be payable as of
the first day of the month coincident with or next following the Executive’s
death, and based on the presumption that the day before his death, the
Executive began to receive a Fifty Percent (50%) Joint and Survivor Annuity,
and died on the following day.

 

(d)                                 Constructive
Termination.  Except as provided in
Section 3.2, in the event that there is a Constructive Termination, the
Executive shall become fully vested and the benefit will be payable as of the
first day of the month coincident with or next following the Constructive
Termination.

 

Section 3.4                                      Vesting
of Benefits:  An Executive’s
benefits under this Plan are not vested until the earlier of the date the
Executive attains age 52, dies, becomes Totally and Permanently Disabled, or
the occurrence of a Change-in-Control. 
If an Executives employment with the Company terminates, for any reason,
before his benefits have vested, the Executive will not be entitled to any
benefits hereunder.

 

Section 3.5                                      Time
of Benefit Payments:  Payment of
Benefits under the Plan shall commence when such benefits become payable
pursuant to Section 3.3, or as soon thereafter as administratively feasible.

 

Section 3.6                                      Mental
or Legal Incompetence: The Company, in its sole discretion, may make
distribution to the guardian or other legal representative of the Executive or
Spouse, if the Executive or Spouse is determined by a court of proper
jurisdiction to be mentally or legally incompetent to receive such benefit
distribution.  Any such distribution
shall be in full and complete satisfaction of any and all claims whatsoever by
or on behalf of such Executive under this Plan against the Company, the Plan
Administrator, any member of the Board, other Executives or officers of the
Company, other employees, shareholders and any other person acting on behalf of
them.

 

Section 3.7                                      Benefits
Unfunded:  The benefits payable
under the Plan shall be paid by the Company and shall not be funded.

 

ARTICLE
4  -
MISCELLANEOUS

 

Section 4.1                                      Amendment
or Termination:  The Board, or the
Compensation and Employee Benefits Committee of the Board, shall have the right
to amend this Plan from time to time and to terminate this Plan at any time;
provided, however, except as provided in Section 3.2, no such action shall
reduce the Executive’s Accrued Benefit (defined for this purpose as the Life
Annuity to which Executive would be entitled as of the date of such action
under Sections 2.11 and 3.1 and adjusted, if

 

5

 

necessary, to its Value Equivalent under Section 2.19)
or defer the time for paying such benefits under Section 3.3.

 

Section 4.2                                      Company
Liability: Nothing in this Plan shall be construed to limit in any way the
right of the Company to terminate the employment of the Executive at any time;
or to be evidence of any agreement or understanding, express or implied, that
the Company or any affiliate company will employ the Executive in any
particular position or at any particular rate or remuneration or for any
particular period of time.

 

Section 4.3                                      Indemnification:  The Company shall indemnify and hold harmless
the Administrator, any member thereof and any Employee who may act on behalf of
the Company in the administration of this Plan from and against any liability,
loss, cost or expense (including reasonable attorneys’ fees) incurred at any
time as a result of or in connection with any claims, demands, actions or
causes of action of the Executive, any person claiming through or under any of
them, or any other person, party or authority claiming to have an interest in
this Plan or standing to act for any persons or groups having an interest in
this Plan, for or on account of, any of the acts or omissions (or alleged acts
or omissions) of the Administrator, any member thereof or any such Employee,
except to the extent resulting from such person’s willful misconduct.

 

Section 4.4                                      Tax
Effects:  The Company makes no
warranties or representations with regard to the tax effects or results of this
Plan.  The Executive participating under
this Plan shall be deemed to have relied upon his own tax advisors with regard
to such effects.

 

Section 4.5                                      No
Assignment: Binding Effect:  Neither
the Executive nor Spouse shall have the right to alienate, assign, commute or
otherwise encumber his benefit for any purpose whatsoever, and any attempt to
do so shall be disregarded completely as null and void.  The provisions of this Plan shall be binding
on the Executive and on each person who claims a benefit under him and on the
Company.

 

Section 4.6                                      Self-Interest:  The Executive shall not have any right to
vote or decide upon any matter related directly or indirectly to him or any
right to claim any benefit under this Plan.

 

6

 

Section 4.7                                      Construction:  This Plan shall be construed in accordance
with the laws of the State of Delaware. 
The headings and subheadings in this Plan have been inserted for
convenience of reference only and are to be ignored in construction of the
provisions of this Plan.  In the
construction of this Plan, the masculine shall include the feminine and the singular
the plural wherever appropriate.

 

IN
WITNESS WHEREOF, the Company has caused its duly authorized officers to execute
and seal this Plan as of this       day of April,
2003.

 

	
  PLAN SPONSOR:

  
	
   

  
	
  EURAMAX INTERNATIONAL
  Inc.

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  
	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
  (CORPORATE SEAL)

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  
	
  Accepted and agreed to
  this
                day of
                       ,
  2003

  
	
   

  
	
   

  
	
   

  	
   

  
	
  J. David Smith

  
									

 

7Exhibit
10.16

AMENDMENT
NO 1 AND WAIVER

TO

EURAMAX INTERNATIONAL, INC.’S CREDIT AGREEMENT

 

AMENDMENT
NO. 1  AND WAIVER (this “Amendment”), dated as of
April 14, 2003, to the Second Amended and Restated Credit Agreement, dated
as of March 15, 2002 (as amended to the date hereof, the “Credit
Agreement”), among Euramax International, Inc., a Delaware
corporation (the “Euramax U.S.”), the Borrowers and other Loan Parties
referred to therein, the financial institutions from time to time party thereto
as lenders (the “Lenders”), the financial institutions from time to time
party thereto as issuers (the “Issuers”) and BNP Paribas, acting through
its New York branch, as agent for such Lenders and Issuers (in such capacity,
the “Agent”).  Capitalized terms used herein but not
defined herein are used as defined in the Credit Agreement.

W I T N E S S E T H:

WHEREAS, the Loan Parties, the Lenders, the
Issuers and the Agent are party to the Credit Agreement;

WHEREAS, the Loan Parties have notified the
Agent that Euramax U.S. has repurchased Stock of Euramax U.S. from departing
management shareholders in amounts equal to $475,000 (for repurchases made on
August 29, 2002) and $1,403,535 (for repurchases made on January 6,
2002) and plans to repurchase additional shares for an amount equal to
$1,200,000 (collectively, the “Repurchases”), which Repurchases are not
currently permitted in the aggregate by Section 7.4(a)(x)(1) of the Credit
Agreement (the Events of Default resulting prior to the Amendment Effective
Date from the Repurchases, together with any Event of Default that may exist
prior to the Amendment Effective Date by reason of any failure to deliver
notice thereof under Section 6.12(e) (Reporting Requirements) of
the Credit Agreement or by past misrepresentations under the Credit Agreement
or any other Loan Document that no Default or Events of Default existed and
were continuing, being referred to as the “Specified Events of Default”);

WHEREAS, the Loan Parties have requested that
the Agent and the Majority Lenders (a) waive the Specified Events of
Default, effective as of and from the Amendment Effective Date and
(b) further amend the Credit Agreement as set forth herein; and

WHEREAS, the Lenders party to this Agreement
(constituting the Majority Lenders) and the Agent agree, subject to the
limitations and conditions set forth herein, to (a) waive the Specified
Events of Default and (b) further amend the Credit Agreement as set forth
herein;

NOW,
THEREFORE,  in
consideration of the premises and the covenants and obligations contained
herein the parties hereto agree as follows:

Section 1.              Waiver

Effective as of
the Amendment Effective Date and subject to the satisfaction (or due waiver by
the Agent) of the conditions set forth in Section 3 (Conditions Precedent to the Effectiveness
of this Amendment) hereof, the Lenders party to this Amendment,
constituting the 

 

 

Majority Lenders, and the
Agent waive the Specified Events of Default; provided, however,
that the waiver set forth in this Section 1 shall not excuse any failure
to comply after the Amendment Effective Date with the Credit Agreement as
amended hereby.

Section 2.              Amendments to the Credit Agreement

The Credit Agreement is, effective as of the Amendment
Effective Date and subject the satisfaction (or due waiver by the Agent) of the
conditions set forth in Section 3 (Conditions Precedent to the
Effectiveness of this Amendment) hereof, hereby amended as follows:

(a)           Amendments to Article VII (Negative Covenants)

(i)            Clause (a)(x)(1)
of Section 7.4 (Restricted Payments) of the Credit
Agreement is hereby amended by replacing “$1,500,000” in such clause with
“3,500,000”.

(ii)           Clause (a)(x)(2)
of Section 7.4 (Restricted Payments) of the Credit
Agreement is hereby amended by replacing “$2,500,000” in such clause with “7,000,000”.

Section 3.              Conditions Precedent to the
Effectiveness of this Amendment

This Amendment shall become effective on the date
when, and only when, each of the following conditions precedent shall have been
satisfied (the “Amendment Effective Date”) or duly waived by the Agent:

(a)           Certain Documents.  The Agent shall have received each of the
following, each dated the Amendment Effective Date (unless otherwise agreed by
the Agent), in form and substance satisfactory to the Agent and in sufficient
copies for each Lender:

(i)            this Amendment,
duly executed by each Loan Party, the Agent and Lenders constituting Majority
Lenders; and

(ii)           such additional documentation as the Agent may reasonably
require;

(b)           Corporate
and Other Proceedings.  All
corporate, limited liability company, partnership and other proceedings, and
all documents, instruments and other legal matters in connection with the
transactions contemplated by this Amendment shall be reasonably satisfactory in
all respects to the Agent and each Lender;

(c)           Representations and Warranties.  Each of the representations and
warranties set forth in Section 4 (Representations and Warranties)
hereof shall be true and correct on each date set forth in such Section 4;
and

(d)           Fees and Expenses Paid.  The Loan Parties shall have paid all
Obligations due, after giving effect to this Amendment, on or before the
Amendment Effective Date including, without limitation, the fees set forth in Section 5
(Fees and Expenses) hereof and  all costs and expenses of the Agent in
connection with the preparation, reproduction, execution and delivery of this
Amendment and all other Loan Documents entered into in connection herewith
(including, without limitation, the reasonable fees and out-of-pocket expenses
of 

 

2

 

counsel for the
Agent with respect thereto and all other Loan Documents) and all other costs,
expenses and fees due under any Loan Document.

Section 4.              Representations and Warranties

On and as of the
Amendment Effective Date, after giving effect to this Amendment, each Loan
Party hereby represents and warrants, as to itself and each of its
Subsidiaries, to the Agent and each Lender as follows:

(a)           Authorization; No Conflict.  The execution, delivery and
performance of this Amendment has been duly authorized by all necessary
corporate, limited liability company, partnership or other action on the part
of such Loan Party and such Subsidiaries, and this Amendment and the Loan
Documents as amended hereby, and the transactions contemplated hereby and
thereby, do not and will not (i) require any consent or approval of the
stockholders of any Loan Party or any of its Subsidiaries or any third party,
other than any consents or approvals that have already been obtained and which remain
in full force and effect, (ii) violate any Requirement of Law,
(iii) result in a breach of or constitute a default under any Contractual
Obligation to which any Loan Party or any of its Subsidiaries is a party or by
which any of them or their respective properties may be bound or affected or
(iv) result in, or require, the creation or imposition of any Lien of any
nature upon or with respect to any of the properties now owned or hereafter
acquired by any Loan Party or any of its Subsidiaries (other than pursuant to
the Loan Documents);

(b)           Permits.  All authorizations, consents, approvals of, licenses
of, or filings or registrations with, any court or Governmental Authority,
required in connection with the execution, delivery and performance by any Loan
Party of this Amendment and the performance by each Loan Party of the Loan
Documents as amended hereby, and the consummation by each Loan Party of the
transactions contemplated hereby and thereby, have been obtained, given, filed
or taken and are in full force and effect;

(c)           Due Execution; Enforceability.  This Amendment has been duly
executed and delivered by each Loan Party and each of this Amendment and each
Loan Document as amended hereby constitutes the legal, valid and binding
obligation of each Loan Party thereto, enforceable against such Loan Party in
accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting enforcement of creditors’ rights generally and by general equitable
principles (whether enforcement is sought by proceedings in equity or law);

(d)           No Litigation.  There exists no judgment, order,
injunction or other restraint prohibiting or imposing materially adverse
conditions upon the execution, delivery and performance of this Amendment or
the Loan Documents as amended hereby or upon the consummation of the
transactions contemplated hereby or thereby;

(e)           No Material Adverse Effect.  None of the transactions
contemplated by this Amendment or the Loan Documents as amended hereby will
result in a Material Adverse Effect, and the execution, delivery and
performance of this Amendment will not adversely affect the Liens of any
Collateral Document;

(f)            Related
Documents.  No provision of
any Related Document or any other Contractual Obligation of any Loan Party
would prohibit, restrict or impose any conditions on 

 

3

 

this Amendment or
the other Loan Documents as amended hereby, and no consent under any Related
Document or other Contractual Obligation is required for the execution,
delivery or performance of this Amendment, or the other Loan Documents as
amended hereby, or for the consummation of any of the transactions contemplated
hereby, including the transactions contemplated by the amendments set forth
herein except as specifically contemplated hereby;

(g)           Representations and Warranties.  Each of the representations and
warranties contained in any Loan Document are true and correct on and as of the
Amendment Effective Date, in each case as if made on and as of such date and
except to the extent that such representations and warranties specifically
relate to a specific date, in which case such representations and warranties
are true and correct as of such specific date; provided, however,
that references therein to the “Credit Agreement” shall be deemed to refer
to the Credit Agreement as amended hereby and after giving effect to the
consents and waivers set forth herein; and

(h)           Events of Default.  No Default or Event of Default
has occurred and is continuing (except for those Specified Events of Default
duly waived hereby).

Section 5.              Fees and Expenses

The Loan Parties
jointly and severally agree to pay on demand in accordance with the terms of Section 10.4(a)
(Costs and Expenses) of the Credit Agreement all reasonable costs
and expenses of the Agent incurred in connection with the preparation,
execution and delivery of this Amendment and all other Loan Documents entered
into in connection herewith (including, without limitation, the reasonable fees
and out-of-pocked expenses of counsel for the Agent with respect thereto and
all other Loan Documents).

Section 6.              Reference to the Effect on the
Loan Documents

(a)           As of the Amendment
Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,”
“hereof,”
“herein,”
or words of like import, and each reference in the other Loan Documents to the
Credit Agreement (including, without limitation, by means of words like “thereunder”,
“thereof”
and words of like import), shall mean and be a reference to the Credit
Agreement as amended hereby, and this Amendment and the Credit Agreement shall
be read together and construed as a single instrument.  Each of the table of contents and lists of Exhibits
and Schedules of the Credit Agreement shall be amended to reflect the changes
made in this Amendment as of the Amendment Effective Date.

(b)           Except as expressly
amended hereby or specifically waived above, all of the terms and provisions of
the Credit Agreement and all other Loan Documents are and shall remain in full
force and effect and are hereby ratified and confirmed.

(c)           The execution,
delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the
Lenders, Issuers, Arranger or the Agent under any of the Loan Documents, nor
constitute a waiver or amendment of any other provision of any of the Loan
Documents or for any purpose except as expressly set forth herein.

(d)           This Amendment is a
Loan Document.

 

4

 

Section 7.              Consent of Guarantors

Each Guarantor hereby
consents to this Amendment and agrees that the terms hereof shall not affect in
any way its obligations and liabilities under the Loan Documents (as amended
and otherwise expressly modified hereby), all of which obligations and
liabilities shall remain in full force and effect and each of which is hereby
reaffirmed (as amended and otherwise expressly modified hereby).

Section 8.              Execution in Counterparts

This Amendment may be
executed in any number of counterparts and by different parties in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same
agreement.  Signature pages may be
detached from multiple separate counterparts and attached to a single
counterpart so that all signature pages are attached to the same document.  Delivery of an executed counterpart by telecopy
shall be effective as delivery of a manually executed counterpart of this
Amendment.

Section 9.              Governing Law

This Amendment shall be
governed by and construed in accordance with the law of the State of New York
(without giving effect to any conflict of law provision to the extent such
provision would require the application of any law other than that of the State
of New York).

Section 10.            Section Titles

The section titles
contained in this Amendment are and shall be without substantive meaning or content
of any kind whatsoever and are not a part of the agreement between the parties
hereto, except when used to reference a section.  Any reference to the number of a clause, sub-clause or subsection
of any Loan Document immediately followed by a reference in parentheses to the
title of the section of such Loan Document containing such clause, sub-clause
or subsection is a reference to such clause, sub-clause or subsection and not
to the entire section; provided, however, that, in case of
direct conflict between the reference to the title and the reference to the
number of such section, the reference to the title shall govern absent manifest
error.  If any reference to the number
of a section (but not to any clause, sub-clause or subsection thereof) of any
Loan Document is followed immediately by a reference in parenthesis to the
title of a section of any Loan Document, the title reference shall govern in
case of direct conflict absent manifest error.

Section 11.            Notices

All communications and
notices hereunder shall be given as provided in the Credit Agreement.

Section 12.            Severability

The fact that any term or
provision of this Agreement is held invalid, illegal or unenforceable as to any
Person in any situation in any jurisdiction shall not affect the validity,
enforceability or legality of the remaining terms or provisions hereof or the
validity, 

 

5

 

enforceability or
legality of such offending term or provision in any other situation or
jurisdiction or as applied to any Person.

Section 13.            Successors

The terms of this
Amendment shall be binding upon, and shall inure to the benefit of, the parties
hereto and their respective successors and assigns.

Section 14.            Waiver of Jury Trial

EACH
LOAN PARTY HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES ANY RIGHTS IT
MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR LITIGATION BASED
HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AMENDMENT OR ANY
OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE AGENT, ANY ISSUER, ANY LENDER OR
ANY LOAN PARTY.  THIS PROVISION IS A
MATERIAL INDUCEMENT FOR THE LENDERS ENTERING INTO THIS AGREEMENT.  WITH RESPECT TO THIS AMENDMENT.

[SIGNATURE PAGES FOLLOW]

 

 

6

 

 

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

	
   

  	
  EURAMAX INTERNATIONAL, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  EURAMAX
  INTERNATIONAL HOLDINGS LIMITED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  EURAMAX INTERNATIONAL LIMITED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  EURAMAX EUROPEAN HOLDINGS LIMITED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  EURAMAX CONTINENTAL LIMITED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  

 

[SIGNATURE PAGE TO
AMENDMENT NO. 1 TO EURAMAX INTERNATIONAL INC.'S CREDIT AGREEMENT]

 

 

	
   

  	
  EURAMAX EUROPEAN HOLDINGS B.V.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  EURAMAX EUROPE LIMITED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  EURAMAX NETHERLANDS B.V.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  EURAMAX HOLDINGS LIMITED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  EURAMAX EUROPE B.V.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  ELLBEE LIMITED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  

 

[SIGNATURE PAGE TO
AMENDMENT NO. 1 TO EURAMAX INTERNATIONAL INC.'S CREDIT AGREEMENT]

 

 

	
   

  	
  EURAMAX COATED PRODUCTS LIMITED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  EURAMAX COATED PRODUCTS B.V.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  AMERIMAX HOLDINGS, INC.

  AMERIMAX FABRICATED PRODUCTS, INC.

  AMERIMAX BUILDING PRODUCTS, INC.

  AMERIMAX COATED PRODUCTS, INC.

  AMERIMAX RICHMOND COMPANY

  AMERIMAX HOME PRODUCTS, INC.

  AMERIMAX LAMINATED PRODUCTS, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  FABRAL HOLDINGS, INC.

  
	
   

  	
   

  	
  (f/k/a Gentek Holdings, Inc.)

  
	
   

  	
  FABRAL, INC.

  
	
   

  	
   

  	
  (f/k/a Gentek Building Products, Inc.)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. David Smith

  
	
   

  	
   

  	
  Name:

  	
  J. David Smith

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  

 

[SIGNATURE PAGE TO
AMENDMENT NO. 1 TO EURAMAX INTERNATIONAL INC.'S CREDIT AGREEMENT]

 

 

 

	
   

  	
  BNP 

  	
  PARIBAS,

  
	
   

  	
   

  	
  as the Agent, the Issuer, the
  Swing Loan Lender and a Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Cecile Scherer

  
	
   

  	
   

  	
  Name:

  	
  CECILE SCHERER

  
	
   

  	
   

  	
  Title:

  	
  Director Merchant
  Banking Group

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Darrel

  
	
   

  	
   

  	
  Name:

  	
  MARK DARREL

  
	
   

  	
   

  	
  Title:

  	
  VICE PRESIDENT

  
	
   

  	
   

  	
   

  	
   

  
					

 

[SIGNATURE PAGE TO
AMENDMENT NO. 1 TO EURAMAX INTERNATIONAL INC.'S CREDIT AGREEMENT]

 

 

 

	
   

  	
  FLEET NATIONAL BANK, N.A.,

  
	
   

  	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ [ILLEGIBLE]

  
	
   

  	
   

  	
  Name:

  	
  [ILLEGIBLE]

  
	
   

  	
   

  	
  Title:

  	
  Director 

  

 

	
   

  	
  SUNTRUST BANK, ATLANTA,

  
	
   

  	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ [ILLEGIBLE]

  
	
   

  	
   

  	
  Name:

  	
  [ILLEGIBLE]

  
	
   

  	
   

  	
  Title:

  	
  Director 

  

 

	
   

  	
  LASALLE BANK NATIONAL ASSOCIATION,

  
	
   

  	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ [ILLEGIBLE]

  
	
   

  	
   

  	
  Name:

  	
  [ILLEGIBLE]

  
	
   

  	
   

  	
  Title:

  	
  Sr. Vice President

  

 

	
   

  	
  PNC BANK, NATIONAL ASSOCIATION,

  
	
   

  	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dan Shaw

  
	
   

  	
   

  	
  Name:

  	
  Dan Shaw

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

	
   

  	
  WACHOVIA BANK, N.A.,

  
	
   

  	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ [ILLEGIBLE]

  
	
   

  	
   

  	
  Name:

  	
  [ILLEGIBLE]

  
	
   

  	
   

  	
  Title:

  	
  Director

  

 

[SIGNATURE PAGE TO
AMENDMENT NO. 1 TO EURAMAX INTERNATIONAL INC.'S CREDIT AGREEMENT]

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