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                                                                    EXHIBIT 10.7

                              EMPLOYMENT AGREEMENT
                          VICE-PRESIDENT AND CONTROLLER

      THIS EMPLOYMENT AGREEMENT ("Agreement") is made by and between Superior
Well Services, Inc., a Delaware corporation ("Company"), and Fred Kistner
("Executive").

                              W I T N E S S E T H:

      WHEREAS, Executive is to be directly employed by Company; and

      WHEREAS, Company is desirous of directly employing Executive in an
executive capacity on the terms and conditions and for the consideration
hereinafter set forth (which includes new and additional consideration to that
which Executive is currently receiving), and Executive is desirous of being
directly employed by Company on such terms and conditions and for such
consideration;

      NOW, THEREFORE, for and in consideration of the mutual promises,
covenants, and obligations contained herein, Company and Executive agree as
follows:

ARTICLE 1: DEFINITIONS AND INTERPRETATIONS

      1.1 DEFINITIONS.

            (a) "AFFILIATE" shall mean with respect to any natural person, firm,
      partnership, association, corporation, limited liability company, company,
      trust, entity, public body or government (a "Person"), any Person which,
      directly or indirectly, controls, is controlled by, or is under a common
      control with, such Person. The term "control" (including the terms
      "controlled by" and "under common control with") as used in this
      definition means the possession, directly or indirectly, of the power to
      direct or cause the direction of management and policies of a Person,
      whether through the ownership of voting securities, by contract, or
      otherwise. With respect to any natural person, the term "Affiliate" shall
      also mean (1) the spouse or children (including those by adoption) and
      siblings of such Person; and any trust whose primary beneficiary is such
      Person, such Person's spouse, such Person's siblings and/or one or more of
      such Person's lineal descendants, (2) the legal representative or guardian
      of such Person or of any such immediate family member in the event such
      Person or any such immediate family member becomes mentally incompetent
      and (3) any Person controlled by or under the common control with any one
      or more of such Person and the Persons described in clauses (1) or (2)
      preceding.

            (b) "ANNUAL BASE SALARY" shall mean, as of a specified date,
      Executive's annual base salary as of such date determined pursuant to
      Section 4.1.

            (c) "ANNUAL COMPENSATION" shall mean an amount equal to the greater
      of:

                  (i) Executive's Annual Base Salary at the annual rate in
            effect at the date of his Involuntary Termination;

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                  (ii) Executive's Annual Base Salary at the annual rate in
            effect 60 days prior to the date of his Involuntary Termination; or

                  (iii) Executive's Annual Base Salary at the annual rate in
            effect immediately prior to a Change of Control if Executive's
            employment shall be subject to an Involuntary Termination during the
            Change of Control Period.

            (d) "BOARD" means the Board of Directors of Company.

            (e) "CAUSE" shall mean Executive (i) has engaged in gross
      negligence, gross incompetence, or willful misconduct in the performance
      of his duties, (ii) has refused, without proper reason, to perform his
      duties, (iii) has willfully engaged in conduct which is materially
      injurious to Company or its subsidiaries (monetarily or otherwise), (iv)
      has committed an act of fraud, embezzlement, or willful breach of a
      fiduciary duty to Company or an Affiliate (including the unauthorized
      disclosure of confidential or proprietary material information of Company
      or an Affiliate), (v) has been convicted of (or pleaded no contest to) a
      crime involving fraud, dishonesty, or moral turpitude or any felony, or
      (vi) has engaged in any other act of misconduct.

            (f) "CHANGE IN TERMS OF SERVICE" shall mean:

                  (i) The occurrence, prior to a Change of Control or after the
            expiration of a Change of Control Period, of any one or more of the
            following:

                        (1) a reduction in Executive's Annual Base Salary; or

                        (2) a material diminution in employee benefits
                  (including but not limited to medical, dental, life insurance,
                  and long-term disability plans) and perquisites applicable to
                  Executive from those substantially similar to the employee
                  benefits and perquisites provided by Company (including its
                  subsidiaries) to executives with comparable duties.

                  (ii) The occurrence, within a Change of Control Period, of any
            one or more of the following:

                        (1) a reduction in Executive's Annual Base Salary from
                  that provided to him immediately prior to the date on which a
                  Change of Control occurs;

                        (2) a diminution in Executive's eligibility to
                  participate in bonus, stock option, incentive award, and other
                  compensation plans which provide opportunities to receive
                  compensation which are the greater of (A) the opportunities
                  provided by Company (including its subsidiaries) for
                  executives with comparable duties or (B) the opportunities
                  under any such plans under which he was participating
                  immediately prior to the date on which a Change of Control
                  occurs; or

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                        (3) a material diminution in employee benefits
                  (including but not limited to medical, dental, life insurance,
                  and long-term disability plans) and perquisites applicable to
                  Executive from the greater of (A) the employee benefits and
                  perquisites provided by Company (including its subsidiaries)
                  to executives with comparable duties or (B) the employee
                  benefits and perquisites to which he was entitled immediately
                  prior to the date on which a Change of Control occurs.

            (g) "CHANGE OF CONTROL" shall mean:

                  (i) a merger of Company with another entity, a consolidation
            involving Company, or the sale of all or substantially all of the
            assets of Company to another entity if, in any such case, (A) the
            holders of equity securities of Company immediately prior to such
            transaction or event do not beneficially own immediately after such
            transaction or event equity securities of the resulting entity
            entitled to 50% or more of the votes then eligible to be cast in the
            election of directors generally (or comparable governing body) of
            the resulting entity in substantially the same proportions that they
            owned the equity securities of Company immediately prior to such
            transaction or event or (B) the persons who were members of the
            Board immediately prior to such transaction or event shall not
            constitute at least a majority of the board of directors of the
            resulting entity immediately after such transaction or event;

                  (ii) the dissolution or liquidation of Company; or

                  (iii) when any person or entity (other than the Snyder Holders
            or any Snyder Holder or any other Affiliate of the Company),
            including a "group" as contemplated by Section 13(d)(3) of the
            Securities Exchange Act of 1934, acquires or gains ownership or
            control (including, without limitation, power to vote) of more than
            50% of the combined voting power of the outstanding securities of
            Company.

            For purposes of the preceding sentence, (1) "resulting entity" in
            the context of a transaction or event that is a merger,
            consolidation or sale of all or substantially all assets shall mean
            the surviving entity (or acquiring entity in the case of an asset
            sale) unless the surviving entity (or acquiring entity in the case
            of an asset sale) is a subsidiary of another entity and the holders
            of common stock of Company receive capital stock of such other
            entity in such transaction or event, in which event the resulting
            entity shall be such other entity, and (2) subsequent to the
            consummation of a merger or consolidation that does not constitute a
            Change of Control, the term "Company" shall refer to the resulting
            entity.

            (h) "CHANGE OF CONTROL PERIOD" means, with respect to a Change of
      Control, the six-month period beginning on the date upon which such Change
      of Control occurs.

            (i) "CODE" shall mean the Internal Revenue Code of 1986, as amended.

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            (j) "COMPENSATION COMMITTEE" shall mean the Compensation Committee
      of the Board.

            (k) "DISABILITY" shall mean that, as a result of Executive's
      incapacity due to physical or mental illness, he shall have been absent
      from the full-time performance of his duties for six consecutive months
      and he shall not have returned to full-time performance of his duties
      within 30 days after written notice of termination is given to Executive
      by Company (provided, however, that such notice may not be given prior to
      30 days before the expiration of such six-month period).

            (l) "EFFECTIVE DATE" shall mean ____________, 2005.

            (m) "INVOLUNTARY TERMINATION" shall mean any termination of
      Executive's employment with Company which:

                  (i) does not result from a resignation by Executive (other
            than a resignation pursuant to clause (ii) of this Section 1.1(m));
            or

                  (ii) results from a resignation by Executive on or before the
            date which is 60 days after the date upon which Executive receives
            notice of a Change in Terms of Service;

            provided, however, the term "INVOLUNTARY TERMINATION" shall not
            include a termination for Cause or any termination as a result of
            death or Disability.

            (n) "MONTHLY SEVERANCE AMOUNT" shall mean an amount equal to
      one-twelfth of Executive's Annual Compensation.

            (o) "SEVERANCE AMOUNT" shall mean an amount equal to one-half times
      Executive's Annual Compensation.

            (p) "SEVERANCE PERIOD" shall mean the period commencing on the date
      of an Involuntary Termination and continuing for six months.

            (q) "SNYDER HOLDERS" shall mean each of Thomas C. Snyder, David E.
      Snyder, Mark A. Snyder, Dennis C. Snyder, Richard G. Snyder, C.H. Snyder,
      Jr. Grantor Retained Annuity Trust dated November 1, 2004, a Pennsylvania
      trust, Allegheny Mineral Corp., a Pennsylvania corporation, Armstrong
      Cement & Supply Corp., a Pennsylvania corporation, Glacial Sand & Gravel
      Co., a Pennsylvania corporation and any of their respective Affiliates.

      1.2 INTERPRETATIONS. In this Agreement, unless a clear contrary intention
appears, (a) the words "herein," "hereof" and "hereunder" and other words of
similar import refer to this Agreement as a whole and not to any particular
Article, Section or other subdivision, (b) reference to any Article or Section,
means such Article or Section hereof, (c) the words "including" (and with
correlative meaning "include") means including, without limiting the generality
of any description preceding such term, and (d) where any provision of this
Agreement refers to action to be taken by either party, or which such party is
prohibited from

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taking, such provision shall be applicable whether such action is taken directly
or indirectly by such party.

ARTICLE 2: EMPLOYMENT AND DUTIES

      2.1 EMPLOYMENT. Effective as of the Effective Date and continuing for the
period of time set forth in Section 3.1 of this Agreement, Executive's
employment by Company shall be subject to the terms and conditions of this
Agreement.

      2.2 POSITIONS. From and after the Effective Date, Company shall employ
Executive in the positions of Vice-President and Controller, or in such other
positions as the parties mutually may agree.

      2.3 DUTIES AND SERVICES. Executive agrees to serve in the positions
referred to in Section 2.2 and to perform diligently and to the best of his
abilities the duties and services appertaining to such offices, as well as such
additional duties and services appropriate to such offices which the parties
mutually may agree upon from time to time. Executive's employment shall also be
subject to the policies maintained and established by Company that are of
general applicability to Company's executive employees, as such policies may be
amended from time to time.

      2.4 OTHER INTERESTS. Executive agrees, during the period of his employment
by Company, to devote substantially all of his business time, energy and best
efforts to the business and affairs of Company and its Affiliates and not to
engage, directly or indirectly, in any other business or businesses, whether or
not similar to that of Company, except with the consent of the Board. The
foregoing notwithstanding, the parties recognize and agree that Executive may
engage in passive personal investment and charitable activities that do not
conflict with the business and affairs of Company or interfere with Executive's
performance of his duties hereunder, which shall be at the sole determination of
the Board.

      2.5 DUTY OF LOYALTY. Executive acknowledges and agrees that Executive owes
a fiduciary duty of loyalty to act at all times in the best interests of
Company. In keeping with such duty, Executive shall make full disclosure to
Company of all business opportunities pertaining to Company's business and shall
not appropriate for Executive's own benefit business opportunities concerning
Company's business.

ARTICLE 3: TERM AND TERMINATION OF EMPLOYMENT

      3.1 TERM. Unless sooner terminated pursuant to other provisions hereof,
Company agrees to employ Executive for the period beginning on the Effective
Date and ending on the third anniversary of the Effective Date (the "INITIAL
EXPIRATION DATE"); provided, however, that beginning on the Initial Expiration
Date, and on each anniversary of the Initial Expiration Date thereafter, if this
Agreement has not been terminated pursuant to Section 3.2 or 3.3, then said term
of employment shall automatically be extended for an additional one-year period
unless on or before the date that is 90 days prior to the first day of any such
extension period either party shall give written notice to the other that no
such automatic extension shall occur.

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      3.2 COMPANY'S RIGHT TO TERMINATE. Notwithstanding the provisions of
Section 3.1, Company shall have the right to terminate Executive's employment
under this Agreement at any time for any of the following reasons:

            (a) upon Executive's death;

            (b) upon Executive's Disability;

            (c) for Cause; or

            (d) for any other reason whatsoever, in the sole discretion of the
      Board.

      3.3 EXECUTIVE'S RIGHT TO TERMINATE. Notwithstanding the provisions of
Section 3.1 Executive shall have the right to terminate his employment under
this Agreement for any of the following reasons:

            (a) as a result of a Change in Terms of Service; provided, however,
      that prior to Executive's termination as a result of a Change in Terms of
      Service, Executive must give written notice to Company of the specific
      occurrence that resulted in the Change in Terms of Service and such
      occurrence must remain uncorrected for 10 days following such written
      notice; or

            (b) at any time for any other reason whatsoever, in the sole
      discretion of Executive.

      3.4 NOTICE OF TERMINATION. If Company desires to terminate Executive's
employment hereunder at any time prior to expiration of the term of employment
as provided in Section 3.1, it shall do so by giving written notice to Executive
that it has elected to terminate Executive's employment hereunder and stating
the effective date and reason for such termination, provided that no such action
shall alter or amend any other provisions hereof or rights arising hereunder. If
Executive desires to terminate his employment hereunder at any time prior to
expiration of the term of employment as provided in Section 3.1, he shall do so
by giving a 30-day written notice to Company that he has elected to terminate
his employment hereunder and stating the effective date and reason for such
termination, provided that no such action shall alter or amend any other
provisions hereof or rights arising hereunder.

      3.5 DEEMED RESIGNATIONS. Any termination of Executive's employment shall
constitute an automatic resignation of Executive as an officer of Company and
each Affiliate of Company and an automatic resignation of Executive from the
Board (if applicable) and from the board of directors of any Affiliate of
Company and from the board of directors or similar governing body of any
corporation, limited liability company, or other entity in which Company or any
Affiliate holds an equity interest and with respect to which board or similar
governing body Executive serves as Company's or such Affiliate's designee or
other representative.

ARTICLE 4: COMPENSATION AND BENEFITS

      4.1 BASE SALARY. During the period of this Agreement, Executive shall
receive a minimum Annual Base Salary of $120,000. Executive's Annual Base Salary
shall be reviewed

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by the Compensation Committee on an annual basis, and, in the sole discretion of
the Compensation Committee, such Annual Base Salary may be increased, but not
decreased, effective as of any date determined by the Compensation Committee.
Executive's Annual Base Salary shall be paid in equal installments in accordance
with Company's standard policy regarding payment of compensation to executives
but no less frequently than monthly.

      4.2 BONUSES. Executive shall be eligible to participate in Company's
annual bonus plan or plans applicable to Executive as approved from time to time
by the Board or the Compensation Committee in amounts to be determined by the
Compensation Committee based upon criteria established by the Compensation
Committee.

      4.3 OTHER PERQUISITES. During his employment hereunder, Executive shall be
afforded the following benefits as incidences of his employment:

            (a) BUSINESS AND ENTERTAINMENT EXPENSES - Subject to Company's
      standard policies and procedures with respect to expense reimbursement as
      applied to its executive employees generally, Company shall reimburse
      Executive for, or pay on behalf of Executive, reasonable and appropriate
      expenses incurred by Executive for business related purposes, including
      dues and fees to industry and professional organizations and costs of
      entertainment and business development.

            (b) VACATION - During his employment hereunder, Executive shall be
      entitled to four weeks of paid vacation each calendar year (or such
      greater amount of vacation as provided to executives of Company generally)
      and to all holidays provided to executives of Company generally; provided,
      however, that for the period beginning on the Effective Date and ending on
      the last day of the calendar year in which the Effective Date occurs,
      Executive shall be entitled to 16 days of paid vacation (or such greater
      amount of vacation as provided to executives of Company generally)
      reduced by the number of vacation days that Executive has already used
      during such calendar year and prior to the Effective Date.

            (c) AUTOMOBILE - The Company shall lease for and provide to
      Executive a vehicle designated by Executive; provided, however, that the
      lease cost to the Company of such vehicle shall not exceed $800 per month.

            (d) OTHER COMPANY BENEFITS - Executive and, to the extent
      applicable, Executive's spouse, dependents and beneficiaries, shall be
      allowed to participate in all benefits, plans and programs, including
      improvements or modifications of the same, which are now, or may hereafter
      be, available to other executive employees of Company. Such benefits,
      plans and programs shall include, without limitation, any profit sharing
      plan, thrift plan, health insurance or health care plan, life insurance,
      disability insurance, pension plan, supplemental retirement plan, vacation
      and sick leave plan, and the like which may be maintained by Company.
      Company shall not, however, by reason of this paragraph be obligated to
      institute, maintain, or refrain from changing, amending, or discontinuing,
      any such benefit plan or program, so long as such changes are similarly
      applicable to executive employees generally.

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ARTICLE 5: EFFECT OF TERMINATION ON COMPENSATION; ADDITIONAL PAYMENTS

      5.1 TERMINATION OTHER THAN AN INVOLUNTARY TERMINATION. If Executive's
employment hereunder shall terminate upon expiration of the term provided in
Section 3.1 hereof because either party has provided the notice contemplated in
such paragraph, or if Executive's employment hereunder shall terminate for any
other reason except those described in Sections 5.2 and 5.3, then all
compensation and all benefits to Executive hereunder shall continue to be
provided until the date of such termination of employment and such compensation
and benefits shall terminate contemporaneously with such termination of
employment.

      5.2 INVOLUNTARY TERMINATION OTHER THAN DURING A CHANGE OF CONTROL PERIOD.
Subject to the provisions of Section 5.6 hereof, if Executive's employment by
Company or any subsidiary thereof or successor thereto shall be subject to an
Involuntary Termination which occurs prior to a Change of Control or after the
expiration of a Change of Control Period, then Company shall, as additional
compensation for services rendered to Company (including its subsidiaries), pay
to Executive the following amounts and take the following actions after the last
day of Executive's employment with Company:

            (a) Pay Executive the Monthly Severance Amount on the first day of
      each month throughout the Severance Period; provided, however, that if
      commencement of such payments would cause any part of the Monthly
      Severance Amount to be subject to additional taxes and interest under
      Section 409A of the Code, then the payment of the Monthly Severance Amount
      shall be deferred to the earliest date upon which such payments can
      commence without being subject to such additional taxes and interest and
      the first payment of the Monthly Severance Amount shall include all
      amounts that would have been paid prior to the date of such payment but
      for the deferral required pursuant to this sentence.

            (b) During the portion, if any, of the Severance Period that
      Executive is eligible to elect and elects to continue coverage for himself
      and his eligible dependents under Company's group health plans under the
      Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and/or
      Sections 601 through 608 of the Employee Retirement Income Security Act of
      1974, as amended, Company shall promptly reimburse Executive on a monthly
      basis for the difference between the amount Executive pays to effect and
      continue such coverage and the employee contribution amount that active
      senior executive employees of Company pay for the same or similar coverage
      under Company's group health plans.

      5.3 INVOLUNTARY TERMINATION DURING A CHANGE OF CONTROL PERIOD. Subject to
the provisions of Section 5.6 hereof, if Executive's employment by Company or
any subsidiary thereof or successor thereto shall be subject to an Involuntary
Termination during a Change of Control Period, then Company shall, as additional
compensation for services rendered to Company (including its subsidiaries), pay
to Executive the following amounts and take the following actions after the last
day of Executive's employment with Company:

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            (a) Pay Executive a lump sum cash payment in an amount equal to the
      Severance Amount on or before the fifth day after the last day of
      Executive's employment with Company; provided, however, that if the lump
      sum cash payment would be subject to additional taxes and interest under
      Section 409A of the Code, then payment of the lump sum cash payment shall
      be deferred to the earliest date upon which such amount can be paid
      without being subject to such additional taxes and interest.

            (b) Cause any and all outstanding options to purchase common stock
      of Company held by Executive to become immediately exercisable in full and
      cause Executive's accrued benefits under any and all nonqualified deferred
      compensation plans sponsored by Company to become immediately
      nonforfeitable.

            (c) Cause Executive and those of his dependents (including his
      spouse) who were covered under Company's medical and dental benefit plans
      on the day prior to Executive's Involuntary Termination to continue to be
      covered under such plans (or to receive equivalent benefits) throughout
      the Severance Period at no greater cost to Executive than that applicable
      to a similarly situated Company executive who has not terminated
      employment; provided, however, that (i) such coverage shall terminate if
      and to the extent Executive becomes eligible to receive medical and dental
      coverage from a subsequent employer (and any such eligibility shall be
      promptly reported to Company by Executive), (ii) if Executive (and/or his
      spouse) would have been entitled to retiree medical and/or dental coverage
      under Company's plans had he voluntarily retired on the date of such
      Involuntary Termination, then such coverages shall be continued as
      provided under such plans, and (iii) such coverage to Executive (or the
      receipt of equivalent benefits) shall be provided under one or more
      insurance policies so that reimbursement or payment of benefits to
      Executive thereunder shall not result in taxable income to Executive (or,
      if any such reimbursement or payment of benefits is taxable, then Company
      shall pay to Executive an amount as shall be required to hold Executive
      harmless from any additional tax liability resulting from the failure by
      Company to so provide insurance policies so that reimbursement or payment
      of benefits to Executive thereunder shall not result in taxable income to
      Executive).

      5.4 INTEREST ON LATE PAYMENTS. If any payment provided for in Section 5.2
or Section 5.3 hereof is not made when due, then Company shall pay to Executive
interest on the amount payable from the date that such payment should have been
made under such Section until such payment is made, which interest shall be
calculated at 2% plus the prime or base rate of interest announced by JPMorgan
Chase Bank (or any successor thereto) at its principal office in New York, and
shall change when and as any such change in such prime or base rate shall be
announced by such bank.

      5.5 PARACHUTE PAYMENTS. Notwithstanding anything to the contrary in this
Agreement, if Executive is a "disqualified individual" (as defined in Section
280G(c) of the Code), and the benefits provided for in this Article, together
with any other payments and benefits which Executive has the right to receive
from Company and its Affiliates, would constitute a "parachute payment" (as
defined in Section 280G(b)(2) of the Code), then the benefits provided hereunder
(beginning with any benefit to be paid in cash hereunder) shall be either (1)
reduced (but not below zero) so that the present value of such total amounts and

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benefits received by Executive from Company will be one dollar ($1.00) less than
three times Executive's "base amount" (as defined in Section 280G(b)(3) of the
Code) and so that no portion of such amounts and benefits received by Executive
shall be subject to the excise tax imposed by Section 4999 of the Code or (2)
paid in full, whichever produces the better net after-tax position to Executive
(taking into account any applicable excise tax under Section 4999 of the Code
and any other applicable taxes). The determination as to whether any such
reduction in the amount of the benefits provided hereunder is necessary shall be
made by the Compensation Committee in good faith. If a reduced cash payment is
made and through error or otherwise that payment, when aggregated with other
payments and benefits from Company (or its Affiliates) used in determining if a
"parachute payment" exists, exceeds one dollar ($1.00) less than three times
Executive's base amount, then Executive shall immediately repay such excess to
Company upon notification that an overpayment has been made. Nothing in this
Section 5.5 shall require Company to be responsible for, or have any liability
or obligation with respect to, Executive's excise tax liabilities under Section
4999 of the Code.

      5.6 RELEASE AND FULL SETTLEMENT. As a condition to the receipt of any
severance compensation and benefits under this Agreement, Executive will enter
into and deliver to the Company a separate full release and waiver substantially
in the form attached hereto as Exhibit A (with such changes to such form as the
Company may reasonably require to reflect the circumstances relating to the
termination of Executive's employment and/or changes in applicable law).
Notwithstanding anything to the contrary in this Agreement, severance
compensation and other benefits will not be payable by the Company unless and
until the release has been executed by Executive, has not been revoked and is no
longer subject to revocation by Executive.

      5.7 LIQUIDATED DAMAGES. In light of the difficulties in estimating the
damages for an early termination of Executive's employment under this Agreement,
Company and Executive hereby agree that the payments, if any, to be received by
Executive pursuant to this Article 5 shall be received by Executive as
liquidated damages.

      5.8 OTHER BENEFITS. This Agreement governs the rights and obligations of
Executive and Company with respect to Executive's base salary and certain
perquisites of employment. Except as expressly provided herein, Executive's
rights and obligations both during the term of his employment and thereafter
with respect to stock options, restricted stock, incentive and deferred
compensation, life insurance policies insuring the life of Executive, and other
benefits under the plans and programs maintained by Company shall be governed by
the separate agreements, plans and other documents and instruments governing
such matters.

ARTICLE 6: NON-SOLICITATION OBLIGATIONS

      6.1 GENERAL. As part of the consideration for Company's employment of
Executive and the compensation and benefits that may be paid to Executive
hereunder; to protect the trade secrets and confidential information of Company
or its Affiliates that have been or will in the future be disclosed or entrusted
to Executive, the business good will of Company or its Affiliates that has been
or will in the future be developed in Executive, or the business opportunities
that have been or will in the future be disclosed or entrusted to Executive by
Company or its Affiliates; and as an additional incentive for Company to enter
into this Agreement, Company

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and Executive agree to the provisions of this Article 6. Executive agrees that
during his employment with Company and for a period of two (2) years following
the termination of Executive's employment with Company for any reason (the
"Non-Solicitation Period"), Executive shall not:

            (a) directly or indirectly, either as principal, agent, independent
      contractor, consultant, director, officer, employee, employer, advisor,
      stockholder, or partner or in any other individual or representative
      capacity whatsoever, either for his own benefit or for the benefit of any
      other person or entity either (i) hire, contract or solicit, or attempt
      any of the foregoing, with respect to hiring any employee of Company or
      its Affiliates, or (ii) induce or otherwise counsel, advise, or encourage
      any employee of Company or its Affiliates to leave the employment of
      Company or its affiliates;

            (b) directly or indirectly, either as principal, agent, independent
      contractor, consultant, director, officer, employee, employer, advisor,
      stockholder, partner or in any other individual or representative capacity
      whatsoever, either for his own benefit or for the benefit of any other
      person or entity, call upon, solicit, divert, or take away any customer or
      vendor of Company or its Affiliates with whom Executive dealt, directly or
      indirectly, during his engagement with Company or its Affiliates, in
      connection with any business in any of the business territories in which
      Company is presently or from time-to-time conducting business that either
      conducts a business substantially similar to that conducted by Company or
      its Affiliates or provides or sells a service or product that is the same,
      substantially similar to, or otherwise competitive with the products and
      services provided or sold by Company or its Affiliates (a "COMPETITIVE
      OPERATION"); or

            (c) call upon any prospective acquisition candidate on Executive's
      own behalf or on behalf of any Competitive Operation, which candidate is a
      Competitive Operation or which candidate was, to Executive's knowledge
      after due inquiry, either called upon by Company or for which Company or
      any of its Affiliates made an acquisition analysis, for the purpose of
      acquiring such entity.

      6.2 NON-DISPARAGEMENT. During Executive's employment with Company and
following any termination of employment with Company, each of Company and
Executive agree not to disparage, either orally or in writing, the other, or any
of the business, products, services, or practices of the Company or any of their
directors, officers, agents, representatives, stockholders, employees, or
Affiliates.

      6.3 REMEDIES. Executive acknowledges that money damages would not be
sufficient remedy for any breach of this Article 6 by Executive, and Company or
its Affiliates shall be entitled to enforce the provisions of this Article 6 by
terminating payments then owing to Executive under this Agreement or otherwise
and to specific performance and injunctive relief as remedies for such breach or
any threatened breach. Such remedies shall not be deemed the exclusive remedies
for a breach of this Article 6 but shall be in addition to all remedies
available at law or in equity, including the recovery of damages from Executive
and his agents.

      6.4 REFORMATION. Company and Executive agree that the foregoing
restrictions are reasonable under the circumstances and that any breach of the
covenants contained in this

                                       11
<PAGE>

Article 6 would cause irreparable injury to Company. Executive understands that
the foregoing restrictions may limit Executive's ability to engage in certain
businesses anywhere in the United States during the Non-Solicitation Period but
acknowledges that Executive will receive sufficiently high remuneration and
other benefits from Company to justify such restriction. Further, Executive
acknowledges that his skills are such that he can be gainfully employed in
non-competitive employment and that the agreement not to solicit will in no way
prevent him from earning a living. Nevertheless, if any of the aforesaid
restrictions are found by a court of competent jurisdiction to be unreasonable,
overly broad as to geographic area or time, or otherwise unenforceable, the
parties intend for the restrictions therein set forth to be modified by the
court making such determination so as to be reasonable and enforceable and, as
so modified, to be fully enforced. By agreeing to this contractual modification
prospectively at this time, Company and Executive intend to make this provision
enforceable under the law or laws of all applicable States so that the entire
agreement not to solicit and this Agreement as prospectively modified shall
remain in full force and effect and shall not be rendered void or illegal. Such
modification shall not affect the payments made to Executive under this
Agreement.

ARTICLE 7: MISCELLANEOUS

      7.1 INDEMNIFICATION. If Executive shall obtain any money judgment or
otherwise prevail with respect to any litigation brought by Executive or Company
to enforce or interpret any provision contained herein, Company, to the fullest
extent permitted by applicable law, hereby indemnifies Executive for his
reasonable attorneys' fees and disbursements incurred in such litigation and
hereby agrees (i) to pay in full all such fees and disbursements and (ii) to pay
prejudgment interest on any money judgment obtained by Executive from the
earliest date that payment to him should have been made under this Agreement
until such judgment shall have been paid in full, which interest shall be
calculated at 2% plus the prime or base rate of interest announced by JPMorgan
Chase Bank (or any successor thereto) at its principal office in New York, and
shall change when and as any such change in such prime or base rate shall be
announced by such bank.

      7.2 PAYMENT OBLIGATIONS ABSOLUTE. Company's obligation to pay (or cause
one of its subsidiaries to pay) Executive the amounts and to make the
arrangements provided herein shall be absolute and unconditional and shall not
be affected by any circumstances, including, without limitation, any set-off,
counterclaim, recoupment, defense, or other right which Company (including its
subsidiaries) may have against him or anyone else. All amounts payable by
Company (including its subsidiaries hereunder) shall be paid without notice or
demand. Executive shall not be obligated to seek other employment in mitigation
of the amounts payable or arrangements made under any provision of this
Agreement, and, except as provided in Section 5.3(c) hereof, the obtaining of
any such other employment shall in no event effect any reduction of Company's
obligations to make (or cause to be made) the payments and arrangements required
to be made under this Agreement.

      7.3 NOTICES. For purposes of this Agreement, notices and all other
communications provided for herein shall be in writing and shall be deemed to
have been duly given when personally delivered or when mailed by United States
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

                                       12
<PAGE>

       IF TO COMPANY TO:          Superior Well Services, Inc.
                                  1380 Rt. 286 East, Suite #121
                                  Indiana, Pennsylvania 15701
                                  Attention: Chairman of the Board of Directors

       IF TO EXECUTIVE TO:        ______________________________________________
                                  ______________________________________________
                                  ______________________________________________

or to such other address as either party may furnish to the other in writing in
accordance herewith, except that notices or changes of address shall be
effective only upon receipt.

      7.4 APPLICABLE LAW. This Agreement is entered into under, and shall be
governed for all purposes by, the laws of the Commonwealth of Pennsylvania.

      7.5 NO WAIVER. No failure by either party hereto at any time to give
notice of any breach by the other party of, or to require compliance with, any
condition or provision of this Agreement shall be deemed a waiver of similar or
dissimilar provisions or conditions at the same or at any prior or subsequent
time.

      7.6 SEVERABILITY. Any provision in this Agreement which is prohibited or
unenforceable in any jurisdiction by reason of applicable law shall, as to such
jurisdiction, be ineffective only to the extent of such prohibition or
unenforceability without invalidating or affecting the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.

      7.7 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
together will constitute one and the same Agreement.

      7.8 WITHHOLDING OF TAXES AND OTHER EMPLOYEE DEDUCTIONS. Company may
withhold from any benefits and payments made pursuant to this Agreement all
federal, state, city and other taxes as may be required pursuant to any law or
governmental regulation or ruling and all other normal employee deductions made
with respect to Company's employees generally.

      7.9 HEADINGS. The paragraph headings have been inserted for purposes of
convenience and shall not be used for interpretive purposes.

      7.10 GENDER AND PLURALS. Wherever the context so requires, the masculine
gender includes the feminine or neuter, and the singular number includes the
plural and conversely.

      7.11 ASSIGNMENT. This Agreement shall be binding upon and inure to the
benefit of Company and any successor of Company, by merger or otherwise. This
Agreement shall also be binding upon and inure to the benefit of Executive and
his estate. If Executive shall die prior to full payment of amounts due pursuant
to this Agreement, such amounts shall be payable pursuant to the terms of this
Agreement to his estate. Executive shall not have any right to pledge,
hypothecate, anticipate or assign this Agreement or the rights hereunder, except
by will or the laws of descent and distribution.

                                       13
<PAGE>

      7.12 TERM. This Agreement has a term co-extensive with the term of
employment provided in Section 3.1. Termination shall not affect any right or
obligation of any party which is accrued or vested prior to such termination.

      7.13 ENTIRE AGREEMENT. This Agreement constitutes the entire agreement of
the parties with regard to the subject matter hereof, and contains all the
covenants, promises, representations, warranties, and agreements between the
parties with respect to such subject matter. Without limiting the scope of the
preceding sentence, all understandings and agreements preceding the date of
execution of this Agreement and relating to the subject matter hereof are hereby
null and void and of no further force and effect, including, without limitation,
all prior employment and severance agreements, if any, by and between Company
and Executive. Any modification of this Agreement will be effective only if it
is in writing and signed by the party to be charged.

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
_____ day of ________________, 2005, to be effective as of the Effective Date.

                                                 SUPERIOR WELL SERVICES, INC.

                                                 By: ___________________________
                                                     Name:
                                                     Title:

                                                                        COMPANY

                                                 By: ___________________________
                                                     Name:
                                                     Title:

                                                                       EXECUTIVE

                                       14
<PAGE>

                                    EXHIBIT A

                                RELEASE AGREEMENT

      This Release Agreement (this "Agreement") constitutes the release referred
to in that certain Employment Agreement (the "Employment Agreement") dated as of
_________, 2005, by and between Fred Kistner ("Executive") and Superior Well
Services, Inc. (the "Company").

      For good and valuable consideration, including the Company's provision of
certain payments and benefits to Executive in accordance with Section 5.2 or 5.3
of the Employment Agreement, Executive hereby releases, discharges and forever
acquits the Company, its Affiliates and the past, present and future
stockholders, members, partners, directors, managers, employees, agents,
attorneys, heirs, legal representatives, successors and assigns of the
foregoing, in their personal and representative capacities (collectively, the
"Company Parties"), from liability for, and hereby waives, any and all claims,
damages, or causes of action of any kind related to Executive's employment with
any Company Party, the termination of such employment, and any other acts or
omissions related to any matter on or prior to the date of this Agreement
including without limitation any alleged violation through the date of this
Agreement of: (i) the Age Discrimination in Employment Act of 1967, as amended;
(ii) Title VII of the Civil Rights Act of 1964, as amended; (iii) the Civil
Rights Act of 1991; (iv) Section 1981 through 1988 of Title 42 of the United
States Code, as amended; (v) the Employee Retirement Income Security Act of
1974, as amended; (vi) the Immigration Reform Control Act, as amended; (vii) the
Americans with Disabilities Act of 1990, as amended; (viii) the Fair Labor
Standards Act, as amended; (ix) the Occupational Safety and Health Act, as
amended; (x) the Worker Adjustment and Retraining Notification Act of 1988; (xi)
the Sarbanes-Oxley Act of 2002; (xii) the Pennsylvania Human Relations Act;
(xiii) the Pennsylvania Minimum Wage Act; (xiv) the Pennsylvania Equal Pay Law,
as amended; (xv) the Pennsylvania Wage Payment and Collection Law, as amended;
(xvi) any other state anti-discrimination law; (xvii) any other state wage and
hour law; (xviii) any other local, state or federal law, regulation, or
ordinance; (xix) any public policy, contract, tort, or common law claim; (xx)
any allegation for costs, fees, or other expenses including attorneys' fees
incurred in these matters; (xxi) any and all rights, benefits, or claims
Executive may have under any employment contract, incentive compensation plan,
or stock option plan with any Company Party, or to any ownership interest in any
Company Party, except as expressly provided in the Employment Agreement and any
incentive equity or stock option agreement between Executive and the Company;
and (xxii) any claim for compensation or benefits of any kind not expressly set
forth in the Employment Agreement or any such incentive equity or stock option
agreement (collectively, the "Released Claims"). This Agreement is not intended
to indicate that any such claims exist or that, if they do exist, they are
meritorious. Rather, Executive is simply agreeing that, in exchange for the
consideration recited in the first sentence of this paragraph, any and all
potential claims of this nature that Executive may have against the Company
Parties, regardless of whether they actually exist, are expressly settled,
compromised, and waived. By signing this Agreement, Executive is bound by it.
Anyone who succeeds to Executive's rights and responsibilities, such as heirs or
the executor of Executive's estate, is also bound by this Agreement. This
release also applies to any claims brought by any person or agency or class
action under which Executive may have a right or

                                       15
<PAGE>

benefit. THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL
NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY,
OF ANY OF THE COMPANY PARTIES.

      Executive affirms that he has not filed, caused to be filed, and presently
is not a party to, any claim, complaint, or action against Employer in any forum
or form. Executive further affirms that he has been paid and/or has received all
leave (paid or unpaid), compensation, wages, bonuses, commissions, and/or
benefits to which he may be entitled and that no other leave (paid or unpaid),
compensation, wages, bonuses, commissions, and/or benefits are due to him,
except as provided in the Employment Agreement. Executive furthermore affirms
that he has no known workplace injuries or occupational diseases and has been
provided and/or has not been denied any leave requested under the Family and
Medical Leave Act of 1993. Executive agrees not to bring or join any lawsuit
against any of the Company Parties in any court relating to any of the Released
Claims. Executive represents that Executive has not brought or joined any
lawsuit or filed any charge or claim against any of the Company Parties in any
court or before any government agency and has made no assignment of any rights
Executive has asserted or may have against any of the Company Parties to any
person or entity, in each case, with respect to any Released Claims. If
Executive brings or joins any lawsuit against any of the Company Parties in any
court (except as necessary to protect Executive's rights under this release or
with respect to Executive's entry into this release) relating to any of the
Released Claims, and Executive is the prevailing party in such lawsuit,
Executive shall be obligated to return to the Company all amounts paid to
Executive under this release, to the extent permitted under applicable law and
ordered by the court. Further, if Executive violates the covenant not to sue set
forth in this paragraph, Executive shall be required to pay all costs and
expenses (including the reasonable fees of counsel, related disbursements of
counsel and court costs) incurred by any Company Party to defend such lawsuit or
other claim.

      By executing and delivering this Agreement, Executive acknowledges that:

            (a) Executive has carefully read this Agreement;

            (b) Executive has had at least 21 days to consider this Agreement
      before the execution and delivery hereof to the Company;

            (c) Executive has been and hereby is advised in writing that
      Executive may, at Executive's option, discuss this Agreement with an
      attorney of Executive's choice and that Executive has had adequate
      opportunity to do so; and

            (d) Executive fully understands the final and binding effect of this
      Agreement; the only promises made to Executive to sign this Agreement are
      those stated in the Employment Agreement and herein; and Executive is
      signing this Agreement voluntarily and of Executive's own free will, and
      that Executive understands and agrees to each of the terms of this
      Agreement.

      Notwithstanding the initial effectiveness of this Agreement, Executive may
revoke the delivery (and therefore the effectiveness) of this Agreement within
the seven day period beginning on the date Executive delivers this Agreement to
the Company (such seven day period

                                       16
<PAGE>

being referred to herein as the "Release Revocation Period"). To be effective,
such revocation must be in writing signed by Executive and must be delivered to
_________________ before 11:59 p.m., __________, Pennsylvania time, on the last
day of the Release Revocation Period. If an effective revocation is delivered in
the foregoing manner and timeframe, this Agreement shall be of no force or
effect and shall be null and void ab initio. No consideration shall be paid or
provided if this Agreement is revoked by Executive in the foregoing manner.

Executed on this ___________ day of _____________, _______.

                                                  ______________________________

STATE OF ___________________    Section
                                Section
COUNTY OF __________________    Section

      BEFORE ME, the undersigned authority personally appeared ____________, by
me known or who produced valid identification as described below, who executed
the foregoing instrument and acknowledged before me that he subscribed to such
instrument on this _____ day of ______________, ________.

                                            ____________________________________
                                            NOTARY PUBLIC in and for the
                                            State of ___________________
                                            My Commission Expires:  ____________
                                            Identification produced:

                                       17Exhibit 10.1

 

EXHIBIT 10.1

EXECUTION VERSION

SECOND AMENDMENT

TO CREDIT AGREEMENT

     THIS SECOND AMENDMENT TO CREDIT AGREEMENT, dated as of June 23, 2005 (this
“Amendment”), is by and among HAMILTON BEACH/PROCTOR-SILEX, INC., a Delaware corporation
(the “Company”), its U.S. and Canadian Subsidiaries identified as Subsidiary Borrowers on
the signature pages hereto (the “Subsidiary Borrowers”) (hereinafter, the Company and the
Subsidiary Borrowers are collectively referred to as the “Borrowers” or individually
referred to as a “Borrower”), each of the financial institutions identified as Lenders on
the signature pages hereto (the “Lenders”), WACHOVIA BANK, NATIONAL ASSOCIATION
(“Wachovia”), as administrative agent for the Lenders (the “Administrative Agent”
or the “Agent”), ABN AMRO BANK N.V., CANADA BRANCH, as Canadian Agent (the “Canadian
Agent”), KEY BANK, NATIONAL ASSOCIATION, as Syndication Agent, FLEET CAPITAL CORPORATION, as
Documentation Agent, NATIONAL CITY BUSINESS CREDIT, INC., as Documentation Agent, and CONGRESS
FINANCIAL CORPORATION (CANADA) (“Congress”), as successor Canadian Agent.

W I T N E S S E T H:

     WHEREAS, pursuant to a Credit Agreement dated as of December 17, 2002 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”) among the
Borrowers, the Lenders and the Administrative Agent, the Lenders have extended commitments to make
certain credit facilities available to the Borrowers;

     WHEREAS, the Borrowers have requested that the Credit Agreement be amended as described
herein;

     WHEREAS, the Lenders are willing to make such amendments to the Credit Agreement and to grant
such waivers, subject to the terms and conditions hereof;

     NOW, THEREFORE, in consideration of the agreements herein contained, the parties hereby agree
as follows:

PART I

DEFINITIONS

     SUBPART 1.1. Certain Definitions. Unless otherwise defined herein or the
context otherwise requires, the following terms used in this Amendment, including its
preamble and recitals, have the following meanings:

     “Second Amendment Effective Date” is defined in Subpart
3.1.

 

 

     SUBPART 1.2. Other Definitions. Unless otherwise defined herein or the context
otherwise requires, terms used in this Amendment, including its preamble and recitals, have the
meanings provided in the Credit Agreement (as amended hereby).

PART II

AMENDMENTS TO CREDIT AGREEMENT

     Effective on (and subject to the occurrence of) the Second Amendment Effective Date, the
Credit Agreement is hereby amended in accordance with this Part II.

     SUBPART 2.1. Amendments to Section 1.1. Section 1.1 of the Credit Agreement is
hereby amended as follows:

     (A) The definition of “Applicable BA Discount Rate” is hereby deleted in its entirety
and replaced with the following:

     “Applicable BA Discount Rate” means, with respect to any Canadian
Lender that is a Schedule I Bank, as applicable to a Bankers’ Acceptance being
purchased by such Lender on any day, and with respect to Congress, as applicable to
a BA Equivalent Loan being made by Congress on any day, the percentage discount rate
per annum for a Canadian Dollar bankers’ acceptance for the term and face amount
comparable to the term and face amount of such Bankers’ Acceptance that appears on
the Reuters Screen CDOR Page as of 10:00 a.m., Toronto, Ontario time, on the date of
determination as reported by the Canadian Agent; provided, however,
that (a) if the Canadian Lender is not a Schedule I Bank or Congress or (b) if on
such day no rate appears on the Reuters Screen CDOR Page as contemplated, the rate
for such day shall be the average (as calculated by the Canadian Agent) of the
respective percentage discount rates (expressed to two decimal places and rounded
upward, if necessary, to the nearest 1/100th of 1%) quoted to the Canadian Agent by
each of the five largest Schedule I Banks (each a “Schedule I Reference
Bank”) as the percentage discount rate at which such Schedule I Reference Bank
would, in accordance with its normal practices, at or about 10:00 a.m., Toronto,
Ontario time, on such day, be prepared to purchase bankers’ acceptances accepted by

such Schedule I Reference Bank having a term and a face amount comparable to the
term and face amount of such Bankers’ Acceptance.

     (B) The table set forth in the definition of “Applicable Percentage” is hereby deleted
in its entirety and replaced with the following:

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	Applicable Percentage	 	 	Applicable	 	 	 	 
	 	 	 	 	 	 	 	for Eurodollar Loans,	 	 	Percentage for	 	 	Applicable	 
	 	Tier	 	 	 	 	 	Bankers’ Acceptances	 	 	Base Rate	 	 	Percentage for	 
	 	Levels	 	 	Leverage Ratio	 	 	and Letter of Credit Fees	 	 	Loan	 	 	Unused Fees	 
	 	1

	 	 	3 2.50 to 1.00
	 	 	 	2.00	%	 	 	 	0.50	%	 	 	 	0.35	%	 
	 	2

	 	 	3 2.00 to 1.00,
but < 2.50 to 1.00
	 	 	 	1.75	%	 	 	 	0.25	%	 	 	 	0.30	%	 
	 	3

	 	 	3 1.50 to 1.00,
but < 2.00 to 1.00
	 	 	 	1.50	%	 	 	 	0.00	%	 	 	 	0.25	%	 
	 	4

	 	 	3 1.25 to 1.00,
but < 1.50 to 1.00
	 	 	 	1.25	%	 	 	 	0.00	%	 	 	 	0.20	%	 
	 	5

	 	 	< 1.25 to 1.00,
	 	 	 	1.00	%	 	 	 	0.00	%	 	 	 	0.20	%	 
	 

     Notwithstanding anything to the contrary set forth in the Credit Agreement, Tier Level 4
shall be effective from the Second Amendment Effective Date until the next succeeding Calculation
Date.

     (C) The definition of “Canadian Account” is hereby deleted in its entirety and replaced
with the following:

     “Canadian Account” means Account No. 3012-102-082-5, established and
maintained in the name of the Canadian Borrower at Royal Bank of Canada in Toronto,
Ontario, Transit No. 03012, Bank No. 003, or such other account as the Canadian
Agent may establish from time to time with the prior written consent of the
Administrative Agent.

     (D) The definition of “Canadian Prime Rate” is hereby deleted in its entirety and
replaced with the following:

     “Canadian Prime Rate” means, at any time, the greater of (i) the rate
of interest equal to the sum of (A) the fluctuating rate of interest per annum
publicly announced by the Canadian Reference Bank as its “prime rate” in effect for
determining interest rates on Canadian Dollar denominated commercial loans in Canada
and (B) one-half percent (0.50%) per annum, and (ii) the annual rate of interest
equal to the sum of (A) the CDOR Rate at such time and (B) one and one-fourth
percent (1.25%) per annum.

     (E) The following definition is hereby added to Section 1.1 of the Audit Agreement in
file appropriate alphabetical order:

     “Canadian Reference Bank” means Bank of Montreal or such other Schedule I
Bank as may be designated by the Canadian Agent from time to time.

     (F) The definition of “Cash Management Products” is hereby deleted in its entirety and
replaced with the following:

 

 

     “Cash Management Products” means any one or more of the following types
of services or facilities extended to the Borrowers by any Lender, any Affiliate of
a Lender in reliance on such Lender’s agreement to indemnify such Affiliate or any
Schedule I Bank in reliance on the Canadian Agent’s agreement to indemnify such
Schedule I Bank: (i) Automated Clearing House (ACH) transactions; (ii) cash
management, including controlled disbursement services; and (iii) establishing and
maintaining deposit accounts.

     (G) The definition of “Eligible Trademarks Amount” is hereby deleted in its entirety
and replaced with the following:

     “Eligible Trademarks Amount” means the most recent appraised value of
the Eligible Trademarks reviewed and accepted by the Administrative Agent,
provided that in no event shall the Eligible Trademarks Amount equal more
than (a) $15,000,000 for the period from the Closing Date through January 31, 2004,
(b) $10,000,000 for the period from February 1, 2004 through January 31, 2005 or (c)
$5,000,000 for the period from February 1, 2005 through the Maturity Date.

     (H) The definition of “Maturity Date” is hereby deleted in its entirety and replaced
with the following:

     “Maturity Date” means July 31, 2009.

     (I) The following definition is hereby added to Section 1.1 of the Credit Agreement in
the appropriate alphabetical order:

     “Second Amendment Effective Date” means June 23, 2005.

     (J) The address of the Canadian Agent in Schedule 1.1A is hereby deleted in its
entirety and replaced with the following:

Congress Financial Corporation (Canada)

141 Adelaide Street West

Suite 1500

Toronto, Ontario

M5H 3L5

     SUBPART 2.1. Amendment to Section 3.2. Section 3.2(a) of the Credit Agreement is
hereby amended by inserting the parenthetical phrase “(or in the name of the Canadian Borrower so
long as such Canadian Account is subject to a Blocked Account Agreement)” after the phrase “in its
own name” and before the phrase “, naming the Administrative Agent” where such phrases appear in
the first sentence thereof.

 

 

PART III

CONDITIONS TO EFFECTIVENESS

     SUBPART 3.1. Second Amendment Effective Date. This Amendment shall be and become
effective as of the date hereof (the “Second Amendment Effective Date”) when all of the
conditions set forth in this Subpart 3.1 shall have been satisfied.

     SUBPART 3.1.1. Execution of Counterparts of Amendment. The
Administrative Agent shall have received counterparts of this Amendment, which
collectively shall have been duly executed on behalf of the Borrower and the
Required Lenders.

     SUBPART 3.1.2. Amendment Fee. The Borrower shall have paid or caused
to be paid an amendment fee to the Administrative Agent in connection with this
Amendment for the account of each Lender that shall have returned executed signature
pages to this Amendment no later than noon on June 23, 2005, as directed by the
Administrative Agent, in an aggregate amount equal to $143,750 to be shared by such
Lenders on a pro rata basis according to each such Lender’s aggregate Commitment as
of the date hereof.

     SUBPART 3.1.3. Other Fees. The Borrowers shall have paid such other
fees and expenses owed by them to the Lenders and the Administrative Agent to the
extent invoiced prior to the Second Amendment Effective Date.

     SUBPART 3.1.4. Resolutions. The Administrative Agent shall have
received certified copies of resolutions of the board of directors of each of the
Borrowers and consents from any applicable third party approving this Amendment and
authorizing the execution and delivery hereof.

     SUBPART 3.1.5. Budget. The Administrative Agent shall have received
and reviewed the Company’s budget for its fiscal year 2005 on a monthly basis and
for fiscal years 2006, 2007, 2008 and 2009 on an annual basis including a forecasted
balance sheet, income statement, statement of cash flow, borrowing base, excess
availability, capital expenditure and covenant compliance, each of which shall be
satisfactory to the Agent in its sole discretion.

     SUBPART 3.1.6 Blocked Account Agreement. The Administrative Agent
shall have received an executed copy of the Blocked Account Agreement to which the
Canadian Account is subject, which shall be satisfactory to the Agent in its sole
discretion.

     SUBPART 3.1.7 Other Documents. The Administrative Agent shall have
received such other documentation and legal opinions as the Administrative Agent may
reasonably request in connection with the foregoing, all in form reasonably
satisfactory to the Administrative Agent.

 

 

PART IV

REPRESENTATIONS AND WARRANTIES

     SUBPART 4.1. Each Borrower hereby represents and warrants that (i) the representations and
warranties contained in Article VI of the Credit Agreement are true and correct in all material
respects on and as of the date hereof as though made on and as of such date (except for those which
by their terms expressly relate to an earlier date) and after giving effect to the transactions
contemplated herein, (ii) no Default or Event of Default has occurred and is continuing on and as
of the date hereof and after giving effect to the transactions contemplated herein, (iii) it has
the corporate power and authority to execute and deliver this Amendment and to perform its
obligations hereunder and has taken all necessary corporate action to authorize the execution,
delivery and performance by it of this Amendment, and (iv) it has duly executed and delivered this
Amendment, and this Amendment constitutes its legal, valid and binding obligation enforceable in
accordance with its terms except as the enforceability thereof may be limited by bankruptcy,
insolvency or other similar laws affecting the rights of creditors generally or by general
principles of equity.

PART V

MISCELLANEOUS

     SUBPART 5.1. Consent and Appointment of Canadian Agent. In accordance with Section
13.9 of the Credit Agreement, by execution of this Amendment (w) each of the Company, the
Subsidiary Borrowers, the Agent and the Lenders party hereto accepts and acknowledges the
resignation of ABN AMRO Bank N.V., Canada Branch, as Canadian Agent, (x) each of the Lenders hereby
appoints Congress as successor Canadian Agent and the Company and the Subsidiary Borrowers hereby
consent to such appointment, and (y) Congress accepts such appointment to be Canadian Agent.
Accordingly, upon the Second Amendment Effective Date, all references in the Credit Agreement and
each other Credit Document to “Canadian Agent” and “ABN AMRO Bank N.V., Canada Branch” shall be
deemed to be references to Congress.

     SUBPART 5.2. Cross-References. References in this Amendment to any Part or Subpart
are, unless otherwise specified, to such Part or Subpart of this Amendment.

     SUBPART 5.3. Instrument Pursuant to Credit Agreement. This Amendment is a Credit
Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated
therein) be construed, administered and applied in accordance with the terms and provisions of the
Credit Agreement.

     SUBPART 5.4. References in Other Credit Documents. At such time as this Amendment
shall become effective pursuant to the terms of Subpart 3.1, all references in the Credit
Documents to the “Credit Agreement” shall be deemed to refer to the Credit Agreement as amended by
this Amendment.

 

 

     SUBPART 5.5. Survival. Except as expressly modified and amended in this Amendment,
all of the terms and provisions and conditions of each of the Credit Documents shall remain
unchanged.

     SUBPART 5.6. Counterparts. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an original and it shall
not be necessary in making proof of this Amendment to produce or account for more than one such
counterpart. Delivery of an executed counterpart of this Amendment by telecopy shall be as
effective as an original executed counterpart hereof and shall constitute a representation that an
original executed counterpart will be delivered.

     SUBPART 5.7. Governing Law. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE
UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE
CONFLICT OF LAW PRINCIPLES THEREOF.

     SUBPART 5.8. Successors and Assigns. This Amendment shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns.

[remainder of page intentionally left blank]

 

 

     Each of the parties hereto has caused a counterpart of this Amendment to be duly executed and
delivered as of the date first above written.

	 	 	 	 	 
	COMPANY:	 	HAMILTON BEACH/PROCTOR-SILEX, INC.,
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Name: James H. Taylor

Title: Vice President — Finance and Treasurer

	 	 	U.S. SUBSIDIARY BORROWERS:

NONE.

CANADIAN BORROWER:

PROCTOR-SILEX CANADA INC.

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	Name:  	James H. Taylor 	 
	 	Title:  	Treasurer 	 

 

 

	 	 	 	 	 
	 	 	AGENTS AND LENDERS:
	 
	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

in its capacity as Administrative Agent and as a Lender
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

 

 

	 	 	 	 	 
	 	 	ABN AMRO BANK N.V., CANADA BRANCH,

in its capacity as Canadian Agent
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

 

 

	 	 	 	 	 
	 	 	KEY BANK, NATIONAL ASSOCIATION,

in its capacity as Syndication Agent and as a Lender
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

 

 

	 	 	 	 	 
	 	 	FLEET CAPITAL CORPORATION,

in its capacity as Documentation Agent and as a Lender
	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

 

 

	 	 	 	 	 
	 	 	NATIONAL CITY BUSINESS CREDIT, INC.,

in its capacity as Documentation Agent and as a Lender
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

 

 

	 	 	 	 	 
	 	 	CONGRESS FINANCIAL CORPORATION (CANADA), 
as successor
Canadian Agent
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

[end of signature pages]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]