Document:

EX-4(G)

 

Exhibit 4(g)

LAYNE CHRISTENSEN COMPANY

2006 EQUITY INCENTIVE PLAN

Nonqualified Stock Option Agreement

 

	 	 	 	 	 	 	 
	Date of Grant:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Number of Shares to Which Option Relates:
	 	 	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 Option
Exercise Price per Share:
	 	 	 	 	 	 
	(Representing 100% of the Fair
Market Value on the Date of Grant)
	 	$	 	 	 	 
	 
	 	 	 	 	 

     This Agreement dated                                         ,is made by and between Layne Christensen
Company, a Delaware corporation (the “Company”), and                                          (the “Option Holder”).

RECITALS:

     A. Effective June 8, 2006, the Company’s stockholders approved the Layne Christensen Company
2006 Equity Incentive Plan (the “Plan”) pursuant to which the Company may, from time to time, grant
options to key employees and non-employee directors of the Company to purchase shares of the
Company’s common stock.

     B. The Option Holder is a non-employee director of the Company and the Company desires to
grant to the Option Holder a nonqualified stock option to purchase shares of the Company’s common
stock on the terms and conditions reflected in this Option Agreement, the Plan and as otherwise
established by the Committee.

AGREEMENT:

     In consideration of the mutual covenants contained herein and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

     1. Incorporation of Plan. All provisions of this Option Agreement and the rights of
the Option Holder are subject in all respects to the provisions of the Plan and the powers of the
Committee therein provided. Capitalized terms used in this Option Agreement but not defined will
have the meaning set forth in the Plan.

     2. Grant of Nonqualified Stock Option. As of the Date of Grant identified above, the
Company grants the Option Holder, subject to this Agreement and the Plan, the right, privilege and
option (the “Option”) to purchase, in one or more exercises, all or any part of that number of
Shares of Stock identified above opposite the heading “Number of Shares to Which

 

 

Option Relates” (the “Option Shares”), at the per Share price specified above opposite the heading
“Option Exercise Price per Share”.

     3. Consideration to the Company. In consideration of the granting of this Option by
the Company, the Option Holder agrees to render faithful and efficient services as a Director of
the Company. Nothing in this Agreement or in the Plan will confer upon the Option Holder any right
to continue as a Director of the Company or will interfere with or restrict in any way the rights
of the Company, which are hereby expressly reserved, to remove the Option Holder as a Director of
the Company at any time for any reason whatsoever, with or without cause. In addition, nothing in
this Agreement or in the Plan will require the Option Holder to continue as a Director of the
Company.

     4. Exercisability of Option. During the Option Holder’s lifetime, this Option may be
exercised only by the Option Holder. This Option, except as specifically provided elsewhere under
the terms of the Plan, will be fully exercisable as of the Date of Grant.

     5. Method of Exercise. Provided this Option has not expired, been terminated or
cancelled in accordance with the terms of the Plan, this Option may be exercised in whole or in
part, from time to time by delivery to the Company or its designee a written notice which will:

     (a) set forth the number of Shares with respect to which the Option is to be exercised;

     (b) if the person exercising this Option is not the Option Holder, be accompanied by
satisfactory evidence of such person’s right to exercise this Option; and

     (c) be accompanied by payment in full of the Option Exercise Price in the form of cash,
or a certified bank check made payable to the order of the Company or any other means
allowable under the Plan which the Company in its sole discretion determines will provide
legal consideration for the Shares.

     6. Expiration of Option. Unless terminated earlier in accordance with the terms of
this Option Agreement or the Plan, the Option granted herein will expire at 5:00 P.M., Central
Standard Time, on the 10th Anniversary of the Date of Grant (the “Expiration Date”). If the
Expiration Date is a day on which the Company is not open for business, then the Option granted
herein will expire, unless earlier terminated in accordance with the terms of this Option Agreement
or the Plan, at 5:00 P.M., Central Standard Time, on the first business day before such Expiration
Date.

     7. Effect of Separation from Service. If the Option Holder ceases to be a Director of
the Company for any reason, including cessation by death, Disability or removal from the Board, the
effect of such cessation as a Director on all or any portion of this Option is as provided below.
Notwithstanding anything below to the contrary, in no event may the Option be exercised after the
Expiration Date.

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     (a) If the Option Holder is removed from serving as a Director for Cause, the Option
will immediately be forfeited as of the time of such removal.

     (b) If the Option Holder ceases to be a Director for any reason other than the Option
Holder’s death or Disability, the Option may be exercised by the Option Holder at any time
prior to 5:00 P.M., Central Standard Time, on the thirtieth (30th) calendar day
following the last date of the Option Holder serving as a Director. If such thirtieth
(30th) day is not a business day, then the Option will expire at 5:00 P.M.,
Central Standard Time, on the first business day immediately following such thirtieth
(30th) day.

     (b) If the Option Holder ceases to be a Director due to the Option Holder’s death or
Disability, the Option may be exercised by the Option Holder at any time prior to 5:00 P.M.,
Central Standard Time, on the ninetieth (90th) calendar day following the last
date of the Option Holder serving as a Director. If such ninetieth (90th) day is
not a business day, then the Option will expire at 5:00 P.M., Central Standard Time, on the
first business day immediately following such ninetieth (90th) day.

     8. Notices. Any notice to be given under the terms of this Agreement to the Company
will be addressed to the Secretary of the Company at Layne Christensen Company, 1900 Shawnee
Mission Parkway, Mission Woods, Kansas 66205, and any notice to be given to the Option Holder will
be addressed to him or her at the address given beneath his or her signature hereto. By a notice
given pursuant to this Section 8, either party may hereafter designate a different address for
notices to be given to him or her. Any notice which is required to be given to the Option Holder
will, if the Option Holder is then deceased, be given to the Option Holder’s personal
representative if such representative has previously informed the Company of his or her status and
address by written notice under this Section 8. Any notice will be deemed duly given when enclosed
in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid)
in a post office or branch post office regularly maintained by the United States Postal Service.

     9. Nontransferability. Except as otherwise provided in this Agreement or in the Plan,
the Option and the rights and privileges conferred hereby will not be transferred, assigned,
pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be
subject to execution, attachment, or similar process. Upon any attempt to transfer, assign,
pledge, hypothecate or otherwise dispose of the Option, or of any right or privilege conferred
hereby, or upon the levy of any attachment or similar process upon the rights and privileges
conferred hereby, contrary to the provisions hereby, this Option and the rights and privileges
conferred hereby will immediately become null and void.

     10. Status of Option Holder. The Option Holder shall not be deemed a stockholder of
the Company with respect to any of the Shares subject to this Option, except for those Shares that
have been purchased and issued to him or her. The Company shall not be required to issue or
transfer any certificates for Shares purchased upon exercise of this Option until all applicable
requirements of law have been complied with and, if applicable, such Shares shall have been duly
listed on any securities exchange on which the Shares may then be listed.

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     11. Titles. Titles are provided herein for convenience only and are not to serve as a
basis for interpretation or construction of this Agreement.

     12. Amendment. This Agreement may be amended only by a writing executed by the
parties hereto which specifically states that it is amending this Agreement.

     13. Governing Law. The laws of the State of Delaware will govern the interpretation,
validity and performance of the terms of this Agreement regardless of the law that might be applied
under principles of conflicts of laws.

     14. Binding Effect. Except as expressly stated herein to the contrary, this Agreement
will be binding upon and inure to the benefit of the respective heirs, legal representatives,
successors and assigns of the parties hereto.

     This Agreement has been executed and delivered by the parties hereto.

     This Agreement has been executed and delivered by the parties hereto.

	 	 	 	 	 	 	 
	The Company:	 	The Option Holder:
	 
	 	 	 	 	 	 
	Layne Christensen Company	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	 	 	Address of the Option Holder:
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

4Exhibit 10.1b

 

SIXTH AMENDMENT TO CREDIT AGREEMENT

THIS SIXTH AMENDMENT TO CREDIT AGREEMENT ("Sixth
Amendment") is executed this 20th day of June, 2006, to be effective
as of May 30, 2006 ("Effective Date"), by and between U.S. PREMIUM BEEF,
LLC, a limited liability company formed under the laws of the State of Delaware
(successor, by merger, to U.S. Premium Beef, Ltd.), ("Borrower"), whose
mailing address is 12200 North Ambassador Drive, Suite 501, Kansas City,
Missouri 64163, and COBANK, ACB ("CoBank"), as agent for the benefit of
the Syndication Parties (in that capacity, "Agent"), whose mailing
address is 5500 South Quebec Street, Greenwood Village, Colorado 80111.

RECITALS

A.      CoBank, as Agent and as a Syndication Party
(collectively, the present and future Syndication Parties shall be referred to
herein as the "Syndication Parties" and, each, a "Syndication Party")
and Borrower's predecessor, U.S. Premium Beef, Ltd. ("Original Borrower
Entity"), entered into that certain Credit Agreement (Term Loan) dated as
of November 25, 1997, as amended by that certain First Amendment to Credit
Agreement (Term Loan) dated effective as of March 21, 2000, as amended by that
certain Second Amendment to Credit Agreement (Term Loan) dated effective as of
August 24, 2001, as amended by that certain Third Amendment to Credit Agreement
dated effective as of August 29, 2002, as amended by that certain Fourth
Amendment to Credit Agreement dated effective as of August 6, 2003, and as
amended by that certain Fifth Amendment to Credit Agreement dated effective as
of September 29, 2004 (as so amended and as further amended, modified,
supplemented, restated or replaced from time to time, the "Credit Agreement")
pursuant to which the Syndication Parties agreed to make a term loan to
Original Borrower Entity under the terms and conditions set forth in the Credit
Agreement.

B.      Borrower has requested that the Syndication
Parties amend the Credit Agreement to facilitate Borrower's acquisition of
additional membership units in National Beef Packing Company, LLC, which the
Syndication Parties are willing to do under the terms and conditions as set
forth in this Sixth Amendment.

AGREEMENT

NOW, THEREFORE, for good and
valuable consideration, the receipt of which is hereby acknowledged, including
the mutual promises and agreements contained herein, the parties hereto hereby
agree as follows:

 

 

1.        
Amendments to Credit Agreement.  The Credit Agreement
is amended as of the Effective Date as follows:

1.1       The following new Section is added to Article I reading as
follows:

1.133   Acquisition
Transaction:  means the transaction whereby Borrower will (a) acquire from
Brawley Beef, LLC a certain number of limited partnership units representing a
limited partnership interest in, and issued by, National Beef California, L. P.
("NBC Partnership Units"), and (b) immediately thereafter contribute the
NBC Partnership Units to National Beef LLC in exchange for (i) 5,899,297 Class
A units and (ii) 664,475 Class B-1 units, in each case reflecting membership
interests in, and issued by, National Beef LLC ("Additional National Beef LLC
Units").

1.134   Additional
National Beef LLC Units:  shall have the meaning set forth in Section
1.133.

            1.131   NBC
Partnership Units:  shall have the meaning set forth in Section 1.133.

1.2       Section 9.1 is amended by the addition of the following sentence
at the end of such Section:

Notwithstanding
the foregoing, the term "Collateral" shall not include the NBC Partnership
Units and Borrower shall not be required to grant to the Agent a security
interest in the NBC Partnership Units.

1.3       Clause (e) of Section 13.8 is amended in its entirety to read
as follows:

(e) (i) a membership
interest, up to a one-hundred percent (100%) interest, in National Beef LLC,
and (ii) in connection with the Acquisition Transaction, the NBC Partnership
Units and the Additional National Beef LLC Units; and

2.         Conditions to Effectiveness of this Sixth
Amendment.  The effectiveness of this Sixth Amendment is subject to
satisfaction, in Agent's sole discretion, of each of the following conditions
precedent:

2.1        Representations and Warranties. 
The representations and warranties of Borrower shall be true and correct in all
material respects on and as of the Effective Date as though made on and as of
such date.

2.2        No Event of Default.  No Event of Default shall have
occurred and be continuing under the Credit Agreement as of the Effective Date
of this Sixth Amendment. 

2.3        Amendment Fee and Costs and Expenses.  Borrower shall
have reimbursed Agent for all of its costs and expenses incurred in connection
with this Sixth Amendment, including attorney's fees to Agent's counsel.

 

	
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3.         General Provisions.

3.1        No Other Modifications.  The Credit Agreement, as
expressly modified herein, shall continue in full force and effect and be
binding upon the parties thereto.        

3.2        Successors and Assigns.  This Sixth Amendment shall be
binding upon and inure to the benefit of Borrower and Agent, and their
respective successors and assigns, except that Borrower may not assign or
transfer its rights or obligations hereunder. 

3.3        Definitions.  Capitalized terms used, but not defined,
in this Sixth Amendment shall have the meaning set forth in the Credit
Agreement.

3.4        Severability. 
Should any provision of this Sixth Amendment be deemed unlawful or
unenforceable, said provision shall be deemed several and apart from all other
provisions of this Sixth Amendment and all remaining provisions of this Sixth
Amendment shall be fully enforceable.

3.5        Governing
Law.  To the extent not governed by federal law, this Sixth Amendment and
the rights and obligations of the parties hereto shall be governed by,
interpreted and enforced in accordance with the laws of the State of Colorado.

3.6        Headings. 
The captions or headings in this Sixth Amendment are for convenience only and
in no way define, limit or describe the scope or intent of any provision of
this Sixth Amendment.

3.7        Counterparts.  This Sixth Amendment may be executed in
any number of counterparts and by different parties to this Sixth Amendment 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.  Copies of documents or signature pages bearing original signatures,
and executed documents or signature pages delivered by telefax or facsimile or
by e-mail transmission of an Adobeâ
file format document (also known as a PDF file), shall, in each such instance,
be deemed to be, and shall constitute and be treated as, an original signed
document or counterpart, as applicable.  Any party
delivering an executed counterpart of this Sixth Amendment by telefax or telefacsimile, or by e-mail
transmission of an Adobe file format document also
shall deliver an original executed counterpart of this Sixth Amendment, but the failure to deliver an original executed
counterpart shall not affect the validity, enforceability, and binding effect
of this Sixth Amendment.

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IN WITNESS WHEREOF,
the parties hereto have caused this Sixth Amendment to Credit Agreement to be
executed as of the Effective Date.

BORROWER:

U.S.
PREMIUM BEEF, LLC, a limited liability company 

formed under the laws of the
State of Delaware

By: /s/
Steven D. Hunt                                                 

Name:
Steven D. Hunt

Title:
Chief Executive Officer

AGENT:

COBANK,
ACB

By: /s/
Jim Stutzman                                                     

Name: Jim
Stutzman

Title:
Vice President, Corporate Finance Division

SYDICATION
PARTY:

COBANK,
ACB

By: /s/
Jim Stutzman                                                     

Name: Jim
Stutzman 

Title: Vice President, Corporate Finance Division

 

 

 

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