Document:

exv10w3

 

EXHIBIT 10.3

FIRST AMENDMENT TO

COOPER INDUSTRIES, LTD.

AMENDED AND RESTATED

DIRECTORS’ STOCK PLAN

(February 14, 2006 Restatement)

WHEREAS, the Company maintains the Cooper Industries, Ltd. Amended and Restated Directors’ Stock
Plan (the “Plan”); and

WHEREAS, the Company’s Board of Directors has approved amending the Plan provisions that define how
to determine the fair market value of the Company’s stock for awards made under the Plan;

RESOLVED, effective as of February 14, 2007, Section 2.10 of the Plan is hereby amended in its
entirety to read as follows:

“Fair Market Value” of a share of Common Stock, as of any date, means the closing
sales price of a share of Common Stock as reported on the Stock Exchange on the
applicable date, or if no sales of Common Stock were made on the Stock Exchange on
that date, the closing price as reported on the Stock Exchange for the preceding day
on which sales of Common Stock were made.

Executed as of this 14th day of February 2007.

COOPER INDUSTRIES, LTD.

	 	 	 	 	 
	By:

	 	     /s/ James P. Williams	 	 
	 

	 	 

     James P. Williams
	 	 
	 

	 	     Senior Vice President	 	 
	 

	 	     Human Resourcesexv10w4

 

Exhibit 10.4

FIRST AMENDMENT TO

COOPER INDUSTRIES, LTD.

AMENDED AND RESTATED

DIRECTORS’ RETAINER FEE STOCK PLAN

(April 1, 2003 Restatement)

WHEREAS, the Company maintains the Cooper Industries, Ltd. Amended and Restated Directors’ Retainer
Fee Stock Plan (the “Plan”); and

WHEREAS, the Company’s Board of Directors has approved amending the Plan provisions that define how
to determine the fair market value of the Company’s stock for awards made under the Plan;

RESOLVED, effective as of February 14, 2007, Section 2.14 of the Plan is hereby amended in its
entirety to read as follows:

“Fair Market Value” of a share of Common Stock, as of any date, means the closing
sales price of a share of Common Stock as reported on the Stock Exchange on the
applicable date, or if no sales of Common Stock were made on the Stock Exchange on
that date, the closing price as reported on the Stock Exchange for the preceding day
on which sales of Common Stock were made.

Executed as of this 14th day of February 2007.

COOPER INDUSTRIES, LTD.

	 	 	 	 	 
	By:

	 	     /s/ James P. Williams	 	 
	 

	 	 

     James P. Williams
	 	 
	 

	 	     Senior Vice President	 	 
	 

	 	     Human Resourcesexv10w5

 

EXHIBIT 10.5

SUMMARY DESCRIPTION

New Cooper Supplemental Executive Retirement Plan

and Cooper Base Salary Deferral Plan for Executives

Background

Prior to January 1, 2007 executive officers of Cooper Industries residing in the United States
participated in several retirement plans sponsored by Cooper including:

	 	•	 	the Cooper Salaried Employees Retirement Plan (“Cooper Pension Plan”);
	 
	 	•	 	the Cooper Industries Supplemental Excess Defined Benefit Plan (“Supplemental Pension
Plan”);
	 
	 	•	 	the Cooper Retirement Savings and Stock Ownership Plan (“Cooper Savings Plan”); and
	 
	 	•	 	the Cooper Industries Supplemental Excess Defined Contribution Plan (Supplemental
Savings Plan”).

Under the Cooper Pension Plan, Cooper credited to an individual’s plan account 4% of each year’s
total compensation up to the social security wage base for the year, plus 8% of each year’s total
compensation that exceeds the social security wage base. The Supplemental Pension Plan is an
unfunded non-qualified plan that provides to certain employees, including executive officers,
Cooper Pension Plan benefits that cannot be paid from a qualified, defined benefit plan because of
Internal Revenue Code restrictions. Under the Cooper Savings Plan, a qualified 401(k) savings
plan, participants elect to make contributions on a pre-tax basis to a plan account and Cooper will
make matching contributions in common shares of Cooper stock based on the level of contributions
made by the participant. The Supplemental Savings Plan is an unfunded, non-qualified plan that
provides certain employees, including executive officers, Cooper Savings Plan benefits that cannot
be provided through the Cooper Savings Plan because of Internal Revenue Code restrictions and
limitations.

Effective January 1, 2007, Cooper ceased accruals or “froze” the benefits under the Cooper Pension
Plan, the Supplemental Pension Plan and Supplemental Savings Plan. The impact of these actions
decreased retirement benefits for participants. For management
employees below the senior executive level, the retirement benefit reduction was offset by
increased Company contributions to the Cooper Savings Plan and through a one-time special salary
increase. Rather than provide a one-time special salary increase to its senior executives, the
Management Development and Compensation Committee (“Committee”) of the Board of Directors created a
new Cooper Supplemental Executive Retirement Plan (“SERP”) for key executives to offset the
reduction in retirement benefits resulting from freezing the Cooper Pension Plan, Supplemental
Pension Plan and Supplemental Savings Plan.

-1-

 

New Cooper Supplemental Executive Retirement Plan

Effective January 1, 2007, the Company introduced the new, non-qualified SERP. Key features of the
SERP are as follows:

	 	•	 	Eligibility. Key executives (CEO and senior officers, division presidents,
corporate vice-presidents) who are approved by the Committee.
	 
	 	•	 	Company Contributions. A percentage of the participant’s total cash
compensation consisting of base salary and annual bonus will be credited to the
participant’s account annually in arrears. The Committee approves the SERP contribution
percentage for all participants annually. For 2007, the contribution percentage was
determined based on the amount that retirement benefits to these key executives was reduced
as a result of the “freeze” of prior benefit plans.
	 
	 	•	 	Interest Credits. Account balances will be credited with interest quarterly
based on the average prime interest rate for the prior quarter.
	 
	 	•	 	Vesting Requirements. Vesting of benefits under the new SERP are subject to a
five-year vesting requirement.
	 
	 	•	 	Distribution/Withdrawals. No in-service withdrawals are permitted under the new
SERP. Participants may elect to commence benefit payments at retirement at age 55 or
thereafter with those benefits being paid pursuant to an election made by the participant
in accordance with Section 409A of Internal Revenue Code.

New Cooper Base Salary Deferral Plan for Executives

Effective January 1, 2007, the Company introduced a new Cooper Base Salary Deferral Plan for
executives (“SDP”). Eligible participants in the new SDP include the same key executives who are
eligible to participate in the new SERP. The SDP permits participants to defer up to 50% of their
base salary. Cooper does not match employee deferrals and the employee’s total annual compensation
is reduced by the amount of contributions to the SDP for the purpose of determining compensation
under the Cooper Savings Plan. Salary deferrals to the SDP are credited with interest at the
average prime rate for the prior quarter.

-2-exv4w1

 

EXHIBIT 4.1

FOURTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

     This FOURTH AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “Amendment”), dated as of
March 29, 2007, is entered into by BWX Technologies, Inc. (the “Borrower”), BWXT Services,
Inc. and BWXT Federal Services, Inc. (the “Guarantors”), the lenders from time to time
party to the Credit Agreement described below (the “Lenders”), and Calyon New York Branch
(formerly known as Credit Lyonnais, New York Branch), as administrative agent for the Lenders (the
“Administrative Agent”).

INTRODUCTION

     WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent are parties to
that certain Revolving Credit Agreement dated as of December 9, 2003 as amended by First Amendment
to Revolving Credit Agreement dated as of March 18, 2005, the Second Amendment to Revolving Credit
Agreement dated as of November 7, 2005 and the Third Amendment to Revolving Credit Agreement dated
as of December 22, 2006 (the “Credit Agreement”); and

     WHEREAS, the Borrower is acquiring all the outstanding capital stock of Marine Mechanical
Corporation, a Delaware corporation (the “Permitted Acquisition”); and

     WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent wish to,
subject to the terms and conditions of this Amendment, amend the Credit Agreement as provided for
herein.

AGREEMENT

     NOW, THEREFORE, in consideration of the premises and the mutual covenants, representations and
warranties contained herein, and for other good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

     Section 1. Definitions. Unless otherwise defined in this Amendment, each
term used in this Amendment that is defined in the Credit Agreement has the meaning assigned to
such term in the Credit Agreement.

     Section 2. Consent.

          (a) The Administrative Agent and the Lenders hereby (1) consent to the Permitted
Acquisition, and (2) agree that the consideration paid in connection with the Permitted Acquisition
shall not be included in determining the aggregate amount of consideration paid or liabilities
assumed with respect to Acquisitions during the twelve-month period ended on the date of any
proposed Acquisition, including the Permitted Acquisition, for purposes of Section 6.17(e).

          (b) The express consent set forth in this Section 1 is limited to the extent
described herein and shall not be construed to be a consent to or a permanent waiver of any terms,
provisions, covenants, warranties or agreements contained in the Credit Agreement or in any of the
other Credit Documents, unless expressly provided so herein.

     Section 3. Amendments to Credit Agreement.

          (a) The definitions of “Operating Lease” and “Consolidated Net Worth” in Section
1.1 of the Credit Agreement are hereby amended in their entirety as follows:

     “Operating Lease” of a Person means any lease of Property
(other than a Capitalized Lease or an Off-Balance Sheet Liability)
by

 

 

such Person as lessee, and, for the avoidance of doubt, the
Master Lease Agreement dated as of November 23, 2004 between
Cleveland-Cuyahoga County Port Authority and Marine Mechanical
Corporation shall be deemed to be an Operating Lease for purposes
hereof.

     “Consolidated Net Worth” means, at any time, the net worth or
total shareholders equity of the Borrower and its Subsidiaries on
a consolidated basis determined in accordance with GAAP plus the
aggregate amount for any fiscal year of adjustments related to the
adoption of FAS158 for any fiscal quarter ending on or after
December 31, 2006, plus any such adjustments from prior fiscal
years.

          (b) Section 6.11 of the Credit Agreement is amended by changing “$4,000,000” to
“$6,000,000”.

          (c) Section 6.15 of the Credit Agreement is amended by inserting the following
proviso at the end of Section 6.15:

“; provided that for the purpose of calculating the Fixed Charge
Coverage Ratio only, for a period of calculation during which the
Borrower or any of its Subsidiaries makes any Acquisition, all
components of the calculation shall be calculated on a pro forma
basis assuming that such Acquisition was made on the first day of
the determination period, which adjustments shall be made in
accordance with the guidelines for pro forma presentations set
forth by the SEC”.

     Section 4. Effectiveness. The Credit Agreement shall be amended as provided
in this Amendment as of the first date written above upon receipt by the Administrative Agent of
duly and validly executed originals of this Amendment from each of the parties hereto.

     Section 5. Representations and Warranties. Each Credit Party jointly and
severally represents and warrants as follows:

          (a) the execution, delivery, and performance of this Amendment are within the
corporate power and authority of the Credit Parties and have been duly authorized by appropriate
proceedings;

          (b) this Amendment constitutes legal, valid, and binding obligations of the Credit
Parties enforceable in accordance with its terms, except as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally
and general principles of equity;

          (c) the representations and warranties of the Credit Parties contained in the Credit
Agreement and the other Credit Documents are true and correct in all material respects on and as of
the date hereof as though made on and as of the date hereof, except to the extent such
representations and warranties relate solely to an earlier date; and

          (d) after giving effect to this Amendment, no event has occurred and is continuing
which constitutes an Event of Default or that with the passage of time would constitute an Event of
Default.

     Section 6. Ratification. Except to the extent modified by this Amendment,
the Credit Agreement and all other Credit Documents executed in connection therewith to which the
Borrower or any other Credit Party is a party shall remain in full force and effect, and all rights
and powers created thereby or thereunder are in all respects ratified and confirmed. The Borrower and the Credit Parties
agree that all obligations of the Borrower and each other Credit Party under the Credit Agreement
as modified by this

 

 

Amendment and all other Credit Documents to which the Borrower or any other
Credit Party is a party are hereby reaffirmed and renewed.

     Section 7. Governing Law. This Amendment shall be governed by and
interpreted in accordance with the laws of the State of New York.

     Section 8. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto 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. Delivery of an executed counterpart of a signature page to this Amendment by
facsimile shall be effective as delivery of an original executed counterpart of this Amendment.

[Signature pages follow]

 

 

     Executed as of the date first written above.

	 	 	 	 	 
	 	BORROWER:

BWX TECHNOLOGIES, INC.

 	 
	 	By:  	/s/ James C. Lewis
 	 
	 	 	James C. Lewis 	 
	 	 	Vice President and Treasurer 	 
	 
	 	GUARANTORS:

BWXT SERVICES, INC.

 	 
	 	By:  	/s/ James C. Lewis
 	 
	 	 	James C. Lewis 	 
	 	 	Treasurer 	 
	 
	 	BWXT FEDERAL SERVICES, INC.

 	 
	 	By:  	/s/ James C. Lewis
 	 
	 	 	James C. Lewis 	 
	 	 	Treasurer 	 
	 
	 	CALYON NEW YORK BRANCH (formerly known as Credit
Lyonnais, New York Branch), as Administrative Agent
and as a Lender

 	 
	 	By:  	/s/ Page Dillehunt
 	 
	 	 	Name:  	Page Dillehunt 	 
	 	 	Title:  	Managing Director 	 
	 	 	 
	 	By:  	                      /s/ Michael D. Willis
 	 
	 	 	Name:  	Michael D. Willis 	 
	 	 	Title:  	Director 	 
	 
	 	THE BANK OF NOVA SCOTIA, as a Lender

 	 
	 	By:  	/s/ Andrew Ostrov
 	 
	 	 	Name:  	Andrew Ostrov 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A., as a Lender

 	 
	 	By:  	/s/ Corbin M. Womac
 	 
	 	 	Name:  	Camden M. Womac 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	ALLIED IRISH BANKS, PLC, as a Lender

 	 
	 	By:  	/s/ Shreya Shah
 	 
	 	 	Name:  	Shreya Shah 	 
	 	 	Title:  	Vice President 	 
	 	 	 
	 	By:  	                       /s/ Gregory J. Wiske
 	 
	 	 	Name:  	Gregory J. Wiske 	 
	 	 	Title:  	Vice President 	 
	 
	 	COMPASS BANK, as a Lender

 	 
	 	By:  	/s/ Tom Brosig
 	 
	 	 	Name:  	Tom Brosig 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	AMEGY BANK N.A. (formerly known as Southwest Bank of
Texas, N.A.), as a Lender

 	 
	 	By:  	/s/ Carmen Jordan
 	 
	 	 	Name:  	Carmen Jordan 	 
	 	 	Title:  	Senior Vice President

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