Document:

Exhibit 4.5

 

Exhibit 4.5

Universal Electronics Inc.

Compensation Plan

For

Outside Members of the Board of Directors

The compensation for the outside members of Universal Electronics Inc. (the
“Corporation”) Board of Directors for the three (3) year period commencing of
July 1, 2001 and ending on June 30, 2004 shall be as follows:

	1.	 	On July 11, 2001, the Corporation shall issue to each person who is
an outside member of the Board of Directors of the Corporation on July
1, 2001 (an “Eligible Director”) that number of shares of the
Corporation’s common stock (the “Stock”) that equal a “fair market
value” of $84,000. The term “fair market value” shall mean the average
of the high and low trading price of the Stock on July 11, 2001 as
reported on The Nasdaq Stock Market or if the Stock is not then traded
on The Nasdaq Stock Market, on such other national securities exchange
on which the Stock is admitted to trade or, if none, on the National
Association of Securities Dealers Automated Quotation System if the
Stock is admitted for quotation thereon; provided, however, that if any
such system, exchange or quotation system is closed on July 11, 2001,
the fair market value shall be determined as of the first day
immediately proceeding July 11, 2001 on which such system, exchange or
quotation system was open for trading; provided, further, that in all
other circumstances, “fair market value” means the value determined by
the Compensation Committee of Corporation’s Board of Directors after
obtaining an appraisal by one or more independent appraisers meeting
the requirements of regulations issued under Section 170(a)(1) of the
Internal Revenue Code of 1986, as amended from time to time, or any
successor thereto.
	 
	2.	 	Within fifteen (15) business days following each calendar quarter,
one-twelfth (1/12) of the total number of shares of Stock will be
distributed to each Eligible Director so long as such Eligible Director
was a member of the Board of Directors during the entire calendar
quarter. Until the shares of Stock have been distributed, the Stock
may not be transferred or otherwise encumbered in any way. In
addition, in the event an Eligible Director ceases being an outside
member of the Board of Directors of the Corporation, including without
limitation, resignation, death, disability, or other cessation as an
outside member of the Board of Directors of the Corporation (other than
a cessation that occurs within eighteen (18) months following a “Change
in Control”), the shares of Stock not already distributed shall be
forfeited. In the event that an Eligible Director ceases being an
outside member of the Board of Directors of the Corporation for any
reason (including without limitation, resignation or failure to be
reelected as a director by the Corporation’s stockholders) within
eighteen (18) months following a “Change in Control”, all shares of
Stock not previously distributed to such person shall be distributed to
such person within fifteen (15) business days following the date on
which such person ceases being an outside member of the Board of
Directors of the Corporation
	 
	3.	 	A “Change in Control” shall be deemed to occur when (i) any
“person” or “group” (as such terms are used in Sections 3(a), 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder (the “1934 Act”)), other than
(1) a trustee or other fiduciary holding securities under any employee
benefit plan of the Corporation or (2) a corporation owned directly or
indirectly by the stockholders of the Corporation in substantially the
same proportions as their ownership of Stock in the Corporation
immediately prior to any such occurrence, is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the 1934 Act), directly or
indirectly, of securities of the Corporation representing 20% or more
of the total voting power of the then outstanding securities of the
Corporation entitled to vote generally in the election of directors
(the “Voting Stock”); (ii) individuals who are members of the Board on
the date of this Agreement and any individual who becomes a member of
the Board hereafter whose

 

 

	 	 	nomination for election as a director was approved by the affirmative
vote of a majority of such Directors, cease to constitute a majority of
the members of the Board; (iii) there occurs a merger or consolidation of
the Corporation with any other corporation or entity, other than a merger
or consolidation which would result in the Voting Stock of the
Corporation immediately outstanding prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting
securities of the surviving entity) at least 80% of the total voting
power represented by the Voting Stock or the voting securities of such
surviving entity outstanding immediately after such merger or
consolidation; (iv) there occurs a sale or transfer or disposition of all
or substantially all of the Corporation’s assets to any other corporation
or entity, other than a corporation owned directly or indirectly by the
stockholders of the Corporation in substantially the same proportions as
their ownership of Stock in the Corporation immediately prior to such
sale, transfer or disposition; or (v) the dissolution or liquidation of
the Corporation.
	 
	4.	 	For purposes of this Compensation Plan, the Stock shall be
“Restricted Securities” within the meaning of the applicable federal
and state securities laws in that they have been issued pursuant to an
exemption from registration under the securities laws and as such, are
not freely transferable without a valid registration or an exemption
from registration.
	 
	5.	 	In general, unless elected otherwise, an Eligible Director will not
realize income for federal income tax purposes on July 11, 2001, the
date on which the shares of Stock were issued pursuant to this
Compensation Plan. On the date that the shares of Stock are
distributed to an Eligible Director in accordance with paragraph 2
above, the Eligible Director will recognize ordinary income equal to
the then “fair market value” of the shares of Stock actually
distributed.Exhibit 4.6

 

Exhibit 4.6

2004 DIRECTOR COMPENSATION PLAN

Each Class II Director will receive the following annual compensation for
service on the Board of Directors of Universal Electronics Inc. and it
Committees:

	1.	 	Cash retainer in the amount of $25,000
	 
	2.	 	Grant of 5,000 shares of the common stock of Universal Electronics Inc.
	 
	3.	 	For each meeting of the Board of Directors attended in excess of four
(4), a meeting fee in the amount of $1,500
	 
	4.	 	For each Committee meeting attended, a meeting fee in the amount of $1,000
	 
	5.	 	For each Committee chaired, a chair fee in the amount of $10,000

The 2004 Director Compensation Plan, which replaces the 2002 Director
Compensation Plan, will have a term of ten (10) years, expiring as of June 30,
2014.

Since the 2002 Directors Compensation Plan was in effect for the first six
months of 2004, outside director compensation for 2004 will be comprised of
prorated awards from that plan and the 2004 Directors Compensation Plan.
Accordingly, the compensation of each Class II director for 2004 will be
comprised of (i) a cash retainer of $12,500 and an option to purchase 5,357
shares of Company Common Stock pursuant to the 2002 Director Compensation Plan
for the period January 1, 2004 through June 30, 2004 and (ii) a cash retainer
of $12,500, an award of 2,500 shares of Company Common Stock and any meeting or
committee fees that may be payable under the 2004 Director Compensation Plan
for the period July 1, 2004 through December 31, 2004.<PAGE>
                                                                    EXHIBIT 10.3

                                AMENDMENT NO. 3
                                       TO
                              AMENDED AND RESTATED
                            ASSET PURCHASE AGREEMENT

         This Amendment No. 3 (the "Amendment No. 3") is entered into as of May
5, 2004 and amends that certain Amended and Restated Asset Purchase Agreement,
dated as of February 25, 2004 (as amended by Amendment No. 1 thereto dated as
of March 8, 2004) ("Amendment No. 1") and Amendment No. 2 thereto dated as of
April 21, 2004 ("Amendment No. 2") (as so amended, the "Agreement"), by and
among Weirton steel Corporation, a Delaware corporation ("WSC"), FW Holdings,
Inc., a Delaware corporation ("FWH"), Weirton Venture Holdings Corporation, a
Delaware corporation ("WVHC", collectively with WSC and FWH, "Sellers" and each
of them individually, "Seller"); ISG Weirton Inc., a Delaware corporation
("Buyer"); and International Steel Group, Inc., a Delaware corporation ("ISG").

                             Background Information

         A.       Sellers and the Noteholders have agreed to the terms in which
they will resolve disputes between the Sellers and the Noteholders, which
resolution will include withdrawal of the Noteholders' appeals of the entry of
the Sale Order by the Bankruptcy Court. Certain of the terms of this resolution
require amendment of the Agreement.

         B.       Sellers, Buyers and ISG desire that the disputes between
Seller and the Noteholders be resolved, and therefore desire to amend the
Agreement as provided in this Amendment No. 3.

         C.       Capitalized terms in this Amendment No. 3 and not defined
herein shall have the respective meanings given to them in the Agreement.

         NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are being
acknowledged, Sellers, Buyer and ISG hereby agree as follows:
<PAGE>
         1.       The first sentence of Section 3.1 of the Agreement is hereby
amended and restated in its entirety as follows:

                  "The consummation of the transactions contemplated hereby
                  (the "Closing") shall take place at the offices of Jones Day,
                  North Point, 901 Lakeside Avenue, Cleveland, OH 44114, at
                  10:00 a.m. eastern time on or after May 17, 2004; provided,
                  however, that Sellers' obligation shall remain subject to the
                  subrogation waiver by Sellers of the conditions contained in
                  Section 7.1 and Buyers' and ISG's obligations shall be
                  subject to the satisfaction or waiver of the conditions
                  contained in Section 7.2; provided, further, that the Closing
                  may be held at any other time or place, or on any other date
                  (the date on which the Closing actually occurs, the "Closing
                  Date") by consent of all of Sellers, Buyer and ISG."

         2.       SECTION 15 of Amendment No. 2 is hereby deleted (with the
effect that Section 5.1(i) of the Agreement and the definition of "Avoidance
Action" are restored in their original form.

         3.       SECTION 5.8 of the Agreement is hereby amended and restated in
its entirety as follows:

                  "5.8 TIMING AND COORDINATION OF CLOSING.

                  (a)      Notwithstanding anything to the contrary in Section
                  3.1, Buyer and Sellers shall prepare to, and shall use best
                  efforts to, consummate the transactions contemplated by this
                  Agreement on the terms set forth herein on, or as promptly as
                  practicable after, May 17, 2004. Best efforts shall not
                  require any party to make any effort to or spend any money to
                  settle any dispute with any creditor of Sellers.

                  (b)      Sellers acknowledge that they have designated Buyer
                  as the Successful Bidder under the Bid Procedures Order. If at
                  any time on or prior to May 17, 2004 (the "Designated Date")
                  (i) the Sale Order approving the sale to Buyer as the
                  Successful Bidder has been entered, (ii) the conditions
                  contained in Sections 7.2(a), 7.2(b), 7.2(d), 7.2(f), 7.2(j),
                  7.2(n) and 7.2(p) are satisfied, and (iii) Sellers notify ISG
                  and Buyer of the occurrence of the satisfaction of the
                  conditions described in clauses (i) and (ii) of this Section
                  5.8(b), then ISG and Buyers shall waive the conditions
                  contained in Sections 7.2(c), 7.2(g), 7.2(h) and 7.2(c) in
                  connection with any Closing on the Designated Date and shall
                  use their respective best efforts to effect the Closing on the
                  terms set forth herein on the Designated Date (provided that
                  the conditions listed in clause (ii) above remain satisfied on
                  the Closing Date)."

                                       2

<PAGE>
         4.       Section 8.1(h) is hereby amended by the addition of the
following language, immediately after the words "chapter 7 case" at the end
thereof:

                  "or (iv) the Closing has not occurred on May 17, 2004 (or
                  such later date as Buyer and Seller may hereafter select in
                  accordance with Section 11.9) as a result of the
                  non-satisfaction or non-waiver of one or more of the
                  conditions contained in Section 7.1, and the non-satisfaction
                  of such condition or conditions does not result principally
                  from the inaccuracy of any representation or warranty of Buyer
                  or ISG, or the breach of any material covenant by Buyer or
                  ISG, in either case first occurring after May 5, 2004."

         5.       Article 12 of the Agreement is hereby amended by the addition
of the following definitions:

                  "Noteholders" means, collectively, the holders of WSC's 10%
                  Senior Secured Notes due 2008 and Secured Pollution Control
                  Revenue Refunding Bonds Series 2002, J.P. Morgan Trust
                  Company, National Association and the Informal Committee of
                  Secured Noteholders.

         6.       The Agreement remains in full force and effect except as and
to the extent modified by this Amendment.

         7.       This Amendment shall be construed, performed and enforced in
accordance with, and governed by, the laws of the State of New York (without
giving effect to the principles of conflicts of laws thereof), except to the
extent that the laws of such State are superseded by the Bankruptcy Code or
other applicable federal law.

         8.       This Amendment may be executed in counterparts, each of which
shall be deemed an original, but all of which shall constitute the same
agreement.

                         (Signatures on following page)

                                       3
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No.
3 to be executed by their respective officers thereunto duly authorized as of
the date first above written.

                                  BUYER:

                                  ISG WEIRTON, INC.

                                  By: /s/ Gordon Spelich
                                      -----------------------------------------
                                  Name: Gordon Spelich
                                  Title: Vice President and Assistant Secretary

                                  SELLERS:

                                  WEIRTON STEEL CORPORATION

                                  By:
                                          -------------------------------------
                                  Name:
                                          -------------------------------------
                                  Title
                                          -------------------------------------

                                  FW HOLDINGS, INC.

                                  By:
                                          -------------------------------------
                                  Name:
                                          -------------------------------------
                                  Title
                                          -------------------------------------

                                  WEIRTON VENTURE HOLDINGS CORPORATION

                                  By:
                                          -------------------------------------
                                  Name:
                                          -------------------------------------
                                  Title
                                          -------------------------------------

                                  ISG

                                  INTERNATIONAL STEEL GROUP, INC.

                                  By: /s/ Gordon Spelich
                                      -----------------------------------------
                                  Name: Gordon Spelich
                                  Title: Vice President, Business Development

<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No.
3 to be executed by their respective officers thereunto duly authorized as of
the date first above written.

                                   BUYER:

                                   ISG WEIRTON, INC.

                                   By:
                                         ---------------------------------------
                                   Name:  Gordon Spelich
                                   Title: Vice President and Assistant Secretary

                                   SELLERS:

                                   WEIRTON STEEL CORPORATION

                                   By:   /s/ Mark E. Kaplan
                                         ---------------------------------------
                                   Name: Mark E. Kaplan
                                         ---------------------------------------
                                   Title: President
                                         ---------------------------------------

                                   FW HOLDINGS INC.

                                   By:   /s/ Mark E. Kaplan
                                         ---------------------------------------
                                   Name: Mark E. Kaplan
                                         ---------------------------------------
                                   Title: President
                                         ---------------------------------------

                                   WEIRTON VENTURE HOLDINGS CORPORATION

                                   By:   /s/ Mark E. Kaplan
                                         ---------------------------------------
                                   Name: Mark E. Kaplan
                                         ---------------------------------------
                                   Title: President
                                         ---------------------------------------

                                   ISG

                                   INTERNATIONAL STEEL GROUP, INC.

                                   By:
                                         ---------------------------------------
                                   Name:  Gordon Spelich
                                   Title: Vice President, Business Development

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