Document:

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                                                                    EXHIBIT 10.4

                                 AMENDMENT NO. 1

                                     TO THE

                       RPM, INC. BENEFIT RESTORATION PLAN

                  THIS AMENDMENT NO. 1 to the RPM, Inc. Benefit Restoration Plan
(hereinafter known as the "Plan") is executed as of the date set forth below by
RPM, Inc. (hereinafter known as the "Company").

                                   WITNESSETH:

                  WHEREAS, the Company maintains the Plan for the benefit of
certain of its employees and certain employees of affiliated companies; and

                  WHEREAS, the Company reserved the right, pursuant to Section
4.5 of the Plan, for the Board of Directors to make certain amendments thereto;
and

                  WHEREAS, it is the desire of the Company to amend the Plan in
order to reflect the freeze of benefit accruals under the Plan, effective June
1, 1997 and to make other desirable changes to the Plan;

                  NOW, THEREFORE, pursuant to Section 4.5 of the Plan, the Board
of Directors hereby amends the Plan as follows, effective as of June 1, 1997:

         1.       Article 1 of the Plan is hereby amended by the addition of a
new Section 1.7A to read as follows:

         "1.7A    Common Shares.  `Common Shares' means the common shares,
without par value, of the Company."

         2.       Article 1 of the Plan is hereby amended by the addition of a
new Section 1.10A to read as follows:

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         "1.10A   Restricted Stock Plan.  `Restricted Stock Plan' means the RPM,
Inc. 1997 Restricted Stock Plan, as the same may be amended form time to time."

         3.       Article 1 of the Plan is hereby amended by the addition of a
new Section 1.11A to read as follows:

         "1.11A   Supplemental Restoration Benefit. `Supplemental Restoration
Benefit' means a Supplemental Retirement Restoration Benefit or a Supplemental
Death Restoration Benefit."

         4.       Section 3.3 of the Plan is hereby amended by the deletion of
said section in its entirety and the substitution in lieu thereof of a new
Section 3.3 to read as follows:

         "3.3     Lump Sum Payment. The Supplemental Restoration Benefit shall
be paid in a lump sum which shall be determined by using the actuarial
assumptions set forth in the Basic Retirement Plan; provided, however, that if
the Participant has been issued restricted Common Shares under the Restricted
Stock Plan for the purpose of replacing all or a portion of the Supplemental
Restoration Benefit which the Participant had accrued hereunder prior to June 1,
1997, the lump sum payable hereunder with respect to such Supplemental
Restoration Benefit shall be reduced by the aggregate dollar amount attributable
to such shares as set forth in the agreement(s) pursuant to which such Common
Shares were acquired by the Participant."

         5.       Section 4.2 of the Plan is hereby amended by the deletion of
said section in its entirety and the substitution in lieu thereof of a new
Section 4.2 to read as follows:

         "4.2     Termination. This Plan may be terminated at any time by the
Board of Directors of the Company, in which event the rights of Participants to
their accrued Supplemental Restoration Benefits established under this Plan
shall become nonforfeitable. In the event of termination of this Plan, the
Company shall remain obligated to pay Supplemental Restoration Benefits in
respect of those employees who are Participants on the date of such termination
to the extent and on the same date as such benefits would otherwise be payable
under this Plan as if it

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had not been terminated; provided, however, that solely for the purpose of
determining the amount of the benefit payable to such Participants upon actual
retirement, such Participants shall be deemed to have retired on the date of
such termination of this Plan. Notwithstanding the above, the Company, in its
sole discretion, may, in lieu of making a future benefit payment, make payment
to any Participant on any date before the payment date otherwise provided for
under the Plan."

         6.       The Plan is hereby amended by the addition of a new Section
4.12 to read as follows:

         "4.12    Termination of Accruals. As of June 1, 1997, Participants
shall cease to accrue any further Supplemental Restoration Benefit hereunder.
Notwithstanding the foregoing, any Participant who had accrued a Supplemental
Restoration Benefit prior to June 1, 1997 shall remain entitled to such benefit,
provided that the dollar amount of such benefit shall be equal to the dollar
amount that would have been payable to the Participant if the Participant had
retired on May 31, 1997. Nothing in this Section 4.12 shall be construed as
precluding any reduction in the Supplemental Restoration Benefit as provided in
Section 3.3 hereof."

                  IN WITNESS WHEREOF, RPM., Inc., by officers duly authorized by
its Board of Directors, has caused this Amendment No. 1 to the RPM, Inc. Benefit
Restoration Plan to be signed effective June 1, 1997.

                                             RPM, INC.

                                             By: /s/ THOMAS C. SULLIVAN
                                                 -------------------------------

                                             And: /s/ RONALD RICE
                                                 -------------------------------

                                        3<PAGE>

                                                                    EXHIBIT 10.5

                            FOURTH AMENDMENT TO THE
                RPM INTERNATIONAL INC. 1997 RESTRICTED STOCK PLAN

         THIS FOURTH AMENDMENT to the RPM International Inc. 1997 Restricted
Stock Plan is executed by RPM International Inc. (hereinafter referred to as the
"Company") as of the date set forth below.

                                   WITNESSETH:

         WHEREAS, the Company adopted and maintains the RPM International Inc.
1997 Restricted Stock Plan (hereinafter referred to as the "Plan") for the
benefit of certain of its employees and certain employees of the Company's
subsidiaries; and

         WHEREAS, the Company reserved the right, pursuant to Section 8 of the
Plan, to make certain amendments thereto; and

         WHEREAS, it is the desire of the Company to amend the Plan so that the
payment of dividends on Shares awarded under the Plan to employees who are
citizens of the United States of America will be made to the employee, and that
dividends on shares awarded under the Plan to all other employees will be
retained by the Company with a credit of like amount of money to be paid to the
account of the employee under the RPM International Inc. Deferred Compensation
Plan;

         NOW, THEREFORE, pursuant to Section 8 of the Plan, the Company hereby
amends the Plan as follows, effective on January 13, 2003 as set forth below:

                  1.       Article 4 of the Plan is here by amended by the
         deletion of Section 4.5 in its entirety and the substitution in lieu
         thereof of a new Section 4.5 to read as follows:

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                  "4.5     Dividends paid on any Shares awarded under this Plan
         to employees who are citizens of the United States of America, shall be
         paid to the participant in whose name the certificates are issued.
         Notwithstanding any other provision of this Plan, any dividends paid on
         any Shares awarded under this Plan to employees who are not citizens of
         the United States of America shall be retained by the Company. As of
         the date of any dividend paid on any shares awarded to employees who
         are not citizens of the United States of America, the employee shall be
         credited with a dividend equivalent credit to the RPM International
         Inc. Deferred Compensation Plan equal to either:

                           (a)      the amount of any cash dividend; or

                           (b)      if the dividend is paid in Shares, an amount
                  equal to the number of Shares and fractions thereof multiplied
                  by the Share's closing price on the date the dividend is
                  paid."

         IN WITNESS WHEREOF, RPM International Inc., by its officer duly
authorized, has caused this Fourth Amendment to the RPM International Inc. 1997
Restricted Stock Plan to be signed this 20th day of January, 2003.

                                      RPM INTERNATIONAL INC.

                                      By:  /s/ Frank C. Sullivan
                                           ------------------------------

                                      Its: President and Chief Executive Officer
                                           -------------------------------------exv10w1k

 

Exhibit 10.1K

NINTH MODIFICATION AGREEMENT

     BY THIS NINTH MODIFICATION AGREEMENT (the “Agreement”), made and entered
into as of the 3rd day of February, 2003, WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, whose address is 100 West
Washington, Post Office Box 29742, MAC #S4101-251, Phoenix, Arizona 85038-9742
(hereinafter called “Lender”), and APOLLO GROUP, INC., an Arizona corporation,
whose address is 4615 East Elwood Street, Suite 400, Phoenix, Arizona 85040
(hereinafter called “Company”), in consideration of the mutual covenants herein
contained and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, hereby confirm and agree as
follows:

SECTION 1. RECITALS.

     1.1     Company and Lender entered into a Loan Agreement dated November 17,
1997 (as amended, the “Loan Agreement”), which provided for, among other
things, a revolving line of credit (the “RLC”) in the amount of $10,000,000.00,
evidenced by a Revolving Promissory Note dated November 17, 1997, executed by
the Company (the “RLC Note”), all upon the terms and conditions contained
therein. The Loan Agreement was previously modified by that Modification
Agreement dated as of February 5, 1998, that Second Modification Agreement
dated as of August 13, 1998, that Third Modification Agreement dated as of
April 30, 1999, that Fourth Modification Agreement dated as of August 3, 1999,
that Fifth Modification Agreement dated as of November 1, 1999, that Sixth
Modification Agreement dated as of March 2, 2000, that Seventh Modification
Agreement dated as of February 23, 2001 and that Eighth Modification Agreement
dated as of January 15, 2002. All undefined capitalized terms used herein
shall have the meaning given them in the Loan Agreement.

     1.2     As of the date hereof, prior to the effect of the modifications
contained herein, the outstanding principal balance of the RLC is $0.00.

     1.3     Company and Lender desire to modify the Loan Agreement as set forth herein.

SECTION 2. LOAN AGREEMENT.

     The modifications provided in this Section 2 shall be effective as of
February 3, 2003 as though entered into as of such date.

     2.1     The following definition in Section 2.1 of the Loan Agreement is
hereby amended to read as follows:

		
	 	     “Maturity Date” means February 1, 2005.

SECTION 3. OTHER MODIFICATIONS, RATIFICATIONS AND AGREEMENTS.

     3.1     All references to the Loan Agreement in the Loan Agreement, the RLC
Note and the other documents delivered with respect to the RLC (the “Loan
Documents”) are hereby amended to refer to the Loan Agreement as hereby
amended.

 

 

     3.2     Company acknowledges that the indebtedness evidenced by the RLC Note
is just and owing, that the balance thereof is correctly shown in the records
of Lender as of the date hereof, and Company agrees to pay the indebtedness
evidenced by the RLC Note according to the terms thereof, as herein modified.

     3.3     Company hereby reaffirms to Lender each of the representations,
warranties, covenants and agreements of Company set forth in the RLC Note and
the Loan Agreement, with the same force and effect as if each were separately
stated herein and made as of the date hereof.

     3.4     Company hereby ratifies, reaffirms, acknowledges, and agrees that the
RLC Note and the Loan Agreement, represent valid, enforceable and collectible
obligations of Company, and that there are no existing claims, defenses,
personal or otherwise, or rights of setoff whatsoever with respect to any of
these documents or instruments. In addition, Company hereby expressly waives,
releases and absolutely and forever discharges Lender and its present and
former shareholders, directors, officers, employees and agents, and their
separate and respective heirs, personal representatives, successors and
assigns, from any and all liabilities, claims, demands, damages, action and
causes of action, whether known or unknown and whether contingent or matured,
that Company may now have, or has had prior to the date hereof, or that may
hereafter arise with respect to acts, omissions or events occurring prior to
the date hereof. To the best of Company’s knowledge, Company further
acknowledges and represents that no event has occurred and no condition exists
that, after notice or lapse of time, or both, would constitute a default under
this Agreement, the RLC Note or the Loan Agreement.

     3.5 All terms, conditions and provisions of the RLC Note and the Loan
Agreement are continued in full force and effect and shall remain unaffected
and unchanged except as specifically amended hereby. The RLC Note and the Loan
Agreement, as amended hereby, are hereby ratified and reaffirmed by Company,
and Company specifically acknowledges the validity and enforceability thereof.

SECTION 4. GENERAL.

     4.1     This Agreement in no way acts as a release or relinquishment of those
rights securing payment of the RLC. Such rights are hereby ratified,
confirmed, renewed and extended by Company in all respects.

     4.2     The modifications contained herein shall not be binding upon Lender
until Lender shall have received all of the following:

		
	 	     (a)     An original of this Agreement fully executed by the Company.

		
	 	     (b)     Such resolutions or authorizations and such other
documents as Lender may reasonably require relating to the
existence and good standing of the Company and the authority of
any person executing this Agreement or other documents on behalf
of the Company.

     4.3     Company shall execute and deliver such additional documents and do
such other acts as Lender may reasonably require to fully implement the intent
of this Agreement.

-2-

 

     4.4     Company shall pay all costs and expenses, including, but not limited
to, reasonable attorneys’ fees incurred by Lender in connection herewith,
whether or not all of the conditions described in Paragraph 4.2 above are
satisfied. Lender, at its option, but without any obligation to do so, may
advance funds to pay any such costs and expenses that are the obligation of the
Company, and all such funds advanced shall be due and payable upon demand.

     4.5     Notwithstanding anything to the contrary contained herein or in any
other instrument executed by Company or Lender, or in any other action or
conduct undertaken by Company or Lender on or before the date hereof, the
agreements, covenants and provisions contained herein shall constitute the only
evidence of Lender’s consent to modify the terms and provisions of the Loan
Agreement. Accordingly, no express or implied consent to any further
modifications involving any of the matters set forth in this Agreement or
otherwise shall be inferred or implied by Lender’s execution of this Agreement.
Further, Lender’s execution of this Agreement shall not constitute a waiver
(either express or implied) of the requirement that any further modification of
the RLC or of the RLC Note or the Loan Agreement, shall require the express
written approval of Lender; no such approval (either express or implied) has
been given as of the date hereof.

     4.6 Time is hereby declared to be of the essence hereof of the RLC, of the
RLC Note and of the Loan Agreement, and Lender requires, and Company agrees to,
strict performance of each and every covenant, condition, provision and
agreement hereof, of the RLC Note and the Loan Agreement.

     4.7     This Agreement shall be binding upon, and shall inure to the benefit
of, the parties hereto and their heirs, personal representatives, successors
and assigns.

     4.8     This Agreement is made for the sole protection and benefit of the
parties hereto, and no other person or entity shall have any right of action
hereon.

-3-

 

     4.9     This Agreement shall be governed by and construed according to the
laws of the State of Arizona.

     IN WITNESS WHEREOF, these presents are executed as of the date indicated
above.

	 	 	 
	 	 	
WELLS FARGO BANK, NATIONAL
	 	 	
ASSOCIATION, a national banking association
	 	 	 
	 	 	
By:
	 	 	

	 	 	
Name:
	 	 	

	 	 	
Its:
	 	 	

	 	 	 
	 	 	
LENDER
	 	 	 
	 	 	
APOLLO GROUP, INC., an Arizona corporation
	 	 	 
	 	 	
By:
	 	 	

	 	 	
Name:
	 	 	

	 	 	
Its:
	 	 	

	 	 	 
	 	 	
COMPANY

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