Document:

Exhibit 10.35

 

Exhibit 10.35

ISG Stock Appreciation Rights Summary Plan Document

DESIGN OF THE PLAN

	 	 	 
	Eligibility

	 	Participants must have been employed in a position eligible for stock appreciation rights (SARs) on or before June
1 prior to the September 1 SAR grant date in order to be eligible for an award in any year. Eligible service
includes active service and does not include any type of leave of absence, whether occupational or
non-occupational.
	 
	 	 
	Performance

Period

	 	The term of the SAR is five years, with additional SAR grants anticipated annually.
Annual grants will be awarded based on the overall performance of the company.
	 
	 	 
	Grants

	 	Individual Grants — Grants consist of stock appreciation rights (SARs) linked to the value of ISG stock. An SAR
is the right to receive the value of the appreciation of a share of the company’s stock over a specified period of
time.
	 
	 	 
	

	 	Size of Grant — The size of your grant is indicated on your Grant agreement. The initial incentive award size (for
the 2002 year only) is based on the number of shares equal to your annual base compensation (rounded for purpose of
calculating whole shares). Subsequent awards will be capped at 50% of your annual base compensation. In the event
the company experiences an exceptionally profitable year, it is anticipated that the maximum award will be capped
at not more than 100% of your annual base compensation. “Exceptionally Profitable Year” will be as determined by
the Board of Directors.
	 
	 	 
	

	 	Base Price — The base price of the SARs is the fair market value of the ISG stock on the grant date. The grant
date is anticipated to be September 1 of each year. The base price is indicated on your Grant agreement.
	 
	 	 
	

	 	Vesting Schedule — Twenty-five percent of the SARs will vest 12 months after the grant date; twenty-five percent
of the SARs will vest 24 months after the grant date; twenty-five percent of the SARs will vest 36 months after the
grant date and the remaining twenty-five percent of the SARs will vest 48 months after the grant date. The
preceding vesting schedule will be modified when necessary to avoid the vesting of fractional shares. SARs cannot
be exercised until they are vested.
	 
	 	 
	

	 	Expiration — SARs associated with this grant will expire at the end of five years. The expiration date is
indicated on your Grant agreement. All SARs should be exercised prior to that date. Any SARs that have not been
exercised prior to the expiration date will be canceled.
	 
	 	 
	Awards

	 	SAR Valuation - Following vesting of the SARs associated with this grant, participants may contact the HR
Department of ISG Corporate, in writing, either by fax or e-mail, and exercise all or a portion of their vested
SARs. The value of the stock will be the closing price of the stock on the date of exercise or, if the stock is
not traded at that time, the value as determined by the Compensation Committee. If there is a question

 

 

	 	 	 
	

	 	regarding the exercise date, the exercise will take place on the date the request
is received by the HR Department. Within four weeks following the request to
exercise, the SAR award will be paid in cash to the participant. Except as
provided for below in the section “Administration”, subsection “Termination”,
participants must be actively employed at the time of award distribution to be
eligible to receive the award.
	 
	

	 	Only four requests for exercise of the SARs can be made during the term of the SAR.
Any SARs not exercised prior to the expiration date will be canceled.
	 
	 	 
	

	 	Exercise Forms - Exercise forms are included. Additional forms are
available from the HR Department of ISG Corporate at 1-330-659-9170.
	 
	 	 
	

	 	Maximum Value - A limit on the maximum award value of the SARs associated
with this grant has been established at an amount equal to one times the base
price. Appreciation over this value will not result in any larger awards. All
vested SARs will be paid out immediately if the maximum value is reached.
	 
	 	 
	ADMINISTRATION
	 
	 	 
	Payment

Awards

	 	Upon exercise of an SAR, the employee will receive a cash payment in an amount equal
to the difference between the fair market value of the stock that is the subject of the
SAR as of the exercise date minus the fair market value of the stock on the date on
which the SAR was granted (i.e., the base price), except that not more than one (1)
times the initial base price will be payable with respect to any SAR.
	 
	

	 	All awards are subject to federal, state, and local withholding taxes as required
by law.
	 
	 	 
	Termination

	 	Vested SARs may be exercised by the employee during the duration of the SAR and the
employee’s continued employment. Upon termination of employment, any vested SARs must be
exercised within 90 days of the termination, except that if the termination is due to death or
disability, the SAR will remain exercisable for 180 days following termination.
	 
	 	 
	Non-Transferability
	

	 	SARs will not be assignable or transferable for any reason, except that in the case
of an employee’s death, the SAR will be exercisable by the employee’s estate or
heirs.
	 
	 	 
	Adjustments or Amendments
	

	 	If, for any reason, the ISG stock price cannot be
determined on any date, the Committee has the right to set
the value of the stock price for award calculation
purposes.
	 
	 	 
	

	 	If significant acquisitions, sales, or other events occur,
which in the sole judgment of the Compensation Committee
(at the direction of the Board of Directors), may have a
Committee may make such adjustments in the awards so as to
avoid inequities or windfall payments to participants, and
carry out the overall goals of the Plan.
	 
	 	 
	

	 	The Committee and/or Officers shall have the power to
interpret the Plan and make all determinations necessary or
desirable for the Plan administration.

1

 

	 	 	 
	SUMMARY

	 	This document summarizes the International Steel Group Inc.
Managers Incentive Plan. It is intended for general
information only. The actual Plan text as interpreted by
the Committee shall govern the administration of the
Managers Incentive Plan.

2Exhibit 10(A)

 

Exhibit No. 10(A)

THIRD AMENDMENT TO THE PROGRESSIVE CORPORATION

EXECUTIVE DEFERRED COMPENSATION PLAN

(2003 Amendment and Restatement)

               WHEREAS, The Progressive Corporation Executive Deferred Compensation Plan is currently
maintained pursuant to a 2003 Amendment and Restatement and the First and Second Amendments thereto
(“Plan”); and

               WHEREAS, it is deemed desirable to amend the Plan further;

               NOW, THEREFORE, the Plan is hereby amended in the respects hereinafter set forth:

	1.  	Effective March 17, 2005, Section 4.2 of the Plan is hereby amended and restated in its
entirety to provide as follows:

                        “4.2 Investment of Accounts.

All credits to a Deferral Account of a Participant shall be deemed to be invested in
such Investment Fund or Funds as the Participant shall elect from time to time in
accordance with Article 5. The number of shares of Stock to be credited to a
Participant’s Account by virtue of a Participant’s initial election to invest a
portion of a Deferral in the Company Stock Fund shall be determined on the date of
the Deferral in accordance with such procedures as the Committee shall establish,
based on the weighted average price paid for all shares of Stock purchased by the
Trustee and deposited in the Trust on that date pursuant to Article 6.
Notwithstanding the preceding provisions of this Section 4.2, (i) all credits to a
Deferral Account of a Participant relating to a deferred Restricted Stock Award
granted prior to March 17, 2005, shall be deemed to be invested in the Company Stock
Fund until six (6) months and one (1) day following the expiration of the
restrictions applicable to such Award, unless otherwise determined by the Committee
at or after the deferral of such Award, and, thereafter, the preceding provisions of
this Section 4.2 shall apply, and (ii) all credits to a Deferral Account of a
Participant relating to a deferred Restricted Stock Award granted on or after March
17, 2005, shall be deemed to be invested in the Company Stock Fund until the balance
of such Deferral Account has been distributed or withdrawn in accordance with
Article 3.”

	2.  	Effective March 17, 2005, the following is hereby added to the end of Section 5.4 of the
Plan:

“Notwithstanding the preceding provisions of this Section 5.4, each Deferral of a
Restricted Stock Award granted on or after March 17, 2005 shall be deemed to be
invested in the Company Stock Fund until the Deferral Account to which such Deferral
has been credited has been distributed or withdrawn in accordance with Article 3 of
this Plan.”

	3.  	Except as expressly provided in this Amendment, the terms and provisions of the Plan shall
remain entirely unchanged and continue in full force and effect.

               IN WITNESS WHEREOF, the undersigned has hereunto caused this Amendment to be executed by its
duly authorized representative effective as of the date set forth above.

	 	 	 	 	 
	 	THE PROGRESSIVE CORPORATION

 	 
	 	By:  	/s/ Charles E. Jarrett
 	 
	 	 	 	 
	 	Title: 	Vice President & SecretaryLimited Waiver to Financing Agreement

EXHIBIT 10.1

 

 

LIMITED
WAIVER TO FINANCING AGREEMENT

LIMITED
WAIVER TO FINANCING AGREEMENT, dated as of March 14, 2005 (this "Limited
Waiver"), among
Milacron Inc., a Delaware corporation ("Milacron"), each
subsidiary of Milacron listed as a borrower or a guarantor on the signature
pages thereto, the Lenders party thereto, JPMorgan Chase Bank, National
Association, as administrative agent and collateral agent for the Lenders (in
each such capacity, together with its successors in each such capacity, the
"Administrative
Agent" and
"Collateral
Agent",
respectively).

 

W I T N E S S E T H:

 

WHEREAS,
Milacron, certain subsidiaries of Milacron, the Lenders named therein, the
Agents and the other parties thereto have entered into that certain Financing
Agreement dated as of June 10, 2004 (as amended, supplemented or otherwise
modified from time to time, the "Financing
Agreement";
capitalized terms used herein but not otherwise defined herein shall have the
meanings given such terms in the Financing Agreement);

 

WHEREAS,
Milacron has requested that the Agents and the Lenders waive compliance with
certain provisions of the Financing Agreement relating to the timely filing with
the Securities and Exchange Commission (the "SEC") of an
Annual Report on Form 10-K (or equivalent securities filing or any required
amendment thereto) (a "Form
10-K")
containing Milacron’s internal control report (the "Report")
pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, as amended;
and

 

WHEREAS,
the Lenders and the Agents are willing to waive compliance with such provisions
in connection with the timely filing of such Report on the terms and subject to
the conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the premises and the agreements herein contained,
each of the Loan Parties, the Lenders, and the Agents hereby agree as
follows:

 

ARTICLE
I  

 

LIMITED
WAIVER

 

Section
1.1  Limited
Waiver. Subject
to the terms and conditions set forth herein, the Lenders hereby waive any
inaccuracy in, or inability to make, representations and warranties in the
Financing Agreement arising solely as a result of, or any Default or Event of
Default under the Financing Agreement solely caused by, any delay in the timely
filing of the Form 10-K or any amendment thereto containing the
Report.

 

Section
1.2  Termination
of Waiver. The
waiver set forth in Section
1.1 hereof
shall terminate and shall cease to be of further force and effect, without any
further action by any Person, if (i) the Report is not filed as part of the Form
10-K or an amendment thereto on or before June 30, 2005 or (ii) the SEC or any
other Governmental Authority commences an enforcement action or initiates any
other formal action, suit or proceeding based
upon any delay in the timely filing of the Report as part of the Form 10-K or an
amendment thereto that could reasonably be expected to have a Material Adverse
Effect. Upon any such termination, the Agents and the Lenders shall have all of
their rights and remedies in respect of any Default or Event of Default under
the Financing Agreement or any breach of the representations

 

 

LIMITED
WAIVER

TO MILACRON FINANCING AGREEMENT

 

 

 and
warranties contained in the Loan Documents, in either case arising as a result
of any failure to timely file the Report as part of the Form 10-K or an
amendment thereto.

 

ARTICLE
II  

 

CONDITIONS
TO CLOSING

 

This
Limited Waiver shall become effective as of the date first written above upon
the satisfaction of the following conditions (such date, the "Waiver
Effective Date"):

 

(a)  Delivery
of Limited Waiver. Each
Loan Party shall have delivered a duly executed counterpart of this Limited
Waiver to the Agents.

 

(b)  Officer's
Certificate. The
Loan Parties shall have delivered to the Agents a certificate of a duly
authorized officer of each Loan Party dated the date of this Limited Waiver, in
form and substance satisfactory to the Agents, certifying that the
representations and warranties set forth in Section
3.3 hereof
are true and correct as of such date.

 

(c)  Consent
of Required Lenders. The
Agents shall have received in writing the consent of the Required Lenders to
enter into this Limited Waiver on behalf of the Required Lenders.

 

(d)  Agent
Fees and Expenses. The
Loan Parties shall have paid all reasonable, out-of-pocket fees and expenses
(including, without limitation, reasonable fees, costs, client charges and
expenses of counsel) incurred by the Agents arising from or relating to the
negotiation, preparation, execution, delivery, performance and administration of
this Limited Waiver and arising under or relating to the other Loan Documents to
the extent invoiced and presented to the Administrative Borrower on or prior to
the Limited Waiver Effective Date.

 

ARTICLE
III  

 

MISCELLANEOUS

 

Section
3.1   Effect
of Limited Waiver. Except
as expressly set forth herein, this Limited Waiver shall not by implication or
otherwise limit, impair, constitute a waiver of, or otherwise affect the rights
and remedies of the Agents or any Lender under the Loan Documents, and shall not
alter, modify, amend or in any way affect any of the terms, conditions,
obligations, covenants or agreements contained in the Loan Documents, all of
which are ratified and affirmed in all respects and shall continue in full force
and effect. Nothing herein shall be deemed to entitle any Loan Party to a
consent to, or a waiver, amendment, modification or other change of, any of the
terms, conditions, obligations, covenants or agreements contained in the Loan
Documents in similar or different circumstances. This Limited Waiver shall
constitute a "Loan Document" for all purposes of the Financing Agreement and all
references to the Financing Agreement in any Loan Document shall mean the
Financing Agreement as modified hereby.

 

Section
3.2   No
Representations by Lenders or Agent. Each
Loan Party hereby acknowledges that it has not relied on any representation,
written or oral, express or implied, by any Lender or any Agent, other than
those expressly contained herein, in entering into this Limited
Waiver.

 

Section
3.3   Representations
of the Loan Parties. Each
Loan Party represents and warrants to the Agents and the Lenders that (i) after
giving effect to this Limited Waiver, (a)

 

 

LIMITED
WAIVER

TO MILACRON FINANCING AGREEMENT

 

 

 the
representations and warranties set forth in the Loan Documents are true and
correct in all respects on and as of the date hereof with the same effect as
though made on the date hereof, except to the extent that such representations
and warranties expressly relate to an earlier date and (b) no Default or Event
of Default has occurred and is continuing and (ii) this Limited Waiver has been
duly executed and delivered by such Loan Party and the Financing Agreement, as
amended hereby, constitutes a legal, valid and binding obligation of such Loan
Party, enforceable against such Loan Party in accordance with its terms, except
as may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors' rights generally and
subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law.

 

Section
3.4  Claims. Each
Loan Party represents and warrants that it has no defenses, offsets or
counterclaims with respect to the indebtedness owed by the Borrowers to the
Lenders, other than in respect of deposits.

 

Section
3.5  Successors
and Assigns. This
Limited Waiver shall be binding upon the parties hereto and their respective
successors and permitted assigns and shall inure to the benefit of the parties
hereto and the successors and permitted assigns of the Lenders and the
Agents.

 

Section
3.6   Headings. The
headings and captions hereunder are for convenience only and shall not affect
the interpretation or construction of this Limited Waiver.

 

Section
3.7   Severability. The
provisions of this Limited Waiver are intended to be severable. If for any
reason any provision of this Limited Waiver shall be held invalid or
unenforceable in whole or in part in any jurisdiction, such provision shall, as
to such jurisdiction, be ineffective to the extent of such invalidity or
unenforceability without in any manner affecting the validity or enforceability
thereof in any other jurisdiction or the remaining provisions hereof in any
jurisdiction.

 

Section
3.8   Costs
and Expenses. The
Loan Parties agree to reimburse the Agents for their reasonable out-of-pocket
expenses in connection with this Limited Waiver, including the reasonable fees,
charges and disbursements of counsel for the Agents.

 

Section
3.9  Counterparts. This
Limited Waiver may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument, and any party hereto may
execute this Limited Waiver by signing any such counterpart. Delivery of an
executed counterpart of a signature page to this Limited Waiver by telecopier
shall be effective as delivery of a manually executed counterpart of this
Limited Waiver.

 

Section
3.10  GOVERNING
LAW. THE
WHOLE OF THIS LIMITED WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HERETO SHALL BE GOVERNED, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE
STATE OF NEW YORK.

 

Section
3.11   JURISDICTION,
VENUE AND SERVICE. EACH
LOAN PARTY HEREBY IRREVOCABLY CONSENTS AND SUBMITS TO THE NONEXCLUSIVE
JURISDICTION AND VENUE OF ALL FEDERAL AND STATE COURTS LOCATED IN THE COUNTY OF
NEW YORK, STATE OF NEW YORK AND CONSENTS THAT ANY ORDER, PROCESS, NOTICE OF
MOTION OR OTHER APPLICATION TO OR BY ANY OF SAID COURTS OR A JUDGE THEREOF MAY
BE SERVED WITHIN OR WITHOUT SUCH

 

 

LIMITED
WAIVER

TO MILACRON FINANCING AGREEMENT

 

 

 COURT’S
JURISDICTION BY REGISTERED MAIL OR BY PERSONAL SERVICE, PROVIDED A REASONABLE
TIME FOR APPEARANCE IS ALLOWED, IN CONNECTION WITH ANY ACTION OR PROCEEDING
ARISING OUT OF, UNDER OR RELATING TO THIS LIMITED WAIVER. AT THE OPTION OF THE
AGENTS, UPON THE INSTRUCTIONS OF THE REQUIRED LENDERS, ANY LOAN PARTY MAY BE
JOINED IN ANY ACTION OR PROCEEDING COMMENCED BY THE AGENTS OR THE LENDERS
AGAINST ANY OTHER LOAN PARTY IN CONNECTION WITH OR BASED ON THIS LIMITED WAIVER,
AND RECOVERY MAY BE HAD AGAINST ANY LOAN PARTY IN SUCH ACTION OR PROCEEDING OR
IN ANY INDEPENDENT ACTION OR PROCEEDING AGAINST ANY LOAN PARTY, WITHOUT ANY
REQUIREMENT THAT THE AGENTS OR THE LENDERS FIRST ASSERT, PROSECUTE OR EXHAUST
ANY REMEDY OR CLAIM AGAINST ANY OTHER LOAN PARTY. EACH LOAN PARTY HEREBY
IRREVOCABLY WAIVES (TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW) ANY
OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT,
ACTION OR PROCEEDING ARISING OUT OF, UNDER OR RELATING TO THIS LIMITED WAIVER
BROUGHT IN ANY FEDERAL OR STATE COURT LOCATED IN THE COUNTY OF NEW YORK, STATE
OF NEW YORK, AND HEREBY FURTHER IRREVOCABLY WAIVES (TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW) ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.

 

SECTION
3.12  WAIVER
OF JURY TRIAL. EACH OF
THE AGENTS, THE LENDERS AND THE LOAN PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVES (TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW) ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO
THIS LIMITED WAIVER, AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A
JUDGE SITTING WITHOUT A JURY. IN ADDITION, EACH OF THE AGENTS, THE LENDERS AND
THE LOAN PARTIES WAIVES THE RIGHT TO INTERPOSE ANY DEFENSE BASED UPON ANY
STATUTE OF LIMITATIONS OR ANY CLAIM OF LACHES AND ANY SET-OFF OR COUNTER CLAIM
OF ANY NATURE OR DESCRIPTION. EACH OF THE AGENTS, THE LENDERS AND THE LOAN
PARTIES ACKNOWLEDGES THAT THE FOREGOING WAIVERS ARE FREELY MADE.

 

* * *

 

 

  IN
WITNESS WHEREOF, the undersigned have caused this Limited Waiver to be duly
executed and delivered as of the date first above written.

BORROWERS:

MILACRON
INC.

 

 

By:
 /s/
R.P.
Lienesch                                                        
   

Name: R.P.
Lienesch

Title:  Vice President - Finance and Chief
Financial Officer

 

CIMCOOL
INDUSTRIAL PRODUCTS INC.

D-M-E
MANUFACTURING INC.

D-M-E
U.S.A. INC.

MILACRON
INDUSTRIAL PRODUCTS, INC.

MILACRON
MARKETING COMPANY

MILACRON
PLASTICS TECHNOLOGIES GROUP INC.

NICKERSON
MACHINERY CHICAGO, INC.

NORTHERN
SUPPLY COMPANY, INC.

OAK
INTERNATIONAL, INC.

PLIERS
INTERNATIONAL INC.

UNILOY
MILACRON INC.

UNILOY
MILACRON U.S.A. INC.

 

 

By:
/s/
R.P.
Lienesch                                                        
    

Name:
R.P. Lienesch

Title:
Treasurer

 

 

 

 

GUARANTORS:

 

D-M-E COMPANY

 

 

By:
 /s/
R.P.
Lienesch                                               
   

Name: R.P.
Lienesch

Title: Treasurer

 

 

MILACRON
CAPITAL HOLDINGS B.V.

 

 

By:
 /s/ G.
van
Deventer                                         
   

Name: G. van
Deventer

Title:  Managing
Director

 

 

 

MILACRON
INTERNATIONAL MARKETING COMPANY

 

 

By:
 /s/
R.P.
Lienesch                                               
   

Name: R.P.
Lienesch

Title: Treasurer
and Assistant Secretary

 

 

ADMINISTRATIVE
AGENT AND COLLATERAL AGENT:

 

JPMORGAN
CHASE BANK, NATIONAL

ASSOCIATION, as
Administrative Agent and Collateral Agent,

on behalf
of the Required Lenders

 

 

By:
 /s/
James M.
Barbato                                                
   

Name: James M.
Barbato

Title: Vice
President

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