Document:

JAS 11 Exhibit 10-2

Exhibit (10-2)

Summary of Personal Benefits Available to Certain Officers and Non-employee Directors

ADDITIONAL PROGRAMS AVAILABLE TO CERTAIN OFFICERS AND NON-EMPLOYEE DIRECTORS

I.    Certain Officer Programs

The following is a summary of programs that are available to employees at the President level or higher (“Eligible Employees”).

Financial Counseling
The Financial Counseling Program is a reimbursement program designed to address the special financial planning needs of Eligible Employees.  The Company provides a one-time initial reimbursement of up to $12,500 for program set-up, to include initial consultations with tax and financial experts and tax and financial counseling for the initial year in which the employee participates in the program.  Thereafter, the Company reimburses Eligible Employees up to $8,500 annually for tax and financial counseling services.

The amounts described above are maximum reimbursement levels and may be used only for eligible expenses.  Reimbursements may not be used for broker, portfolio management or similar fees, and the Company does not make cash payouts of any unused allowances.

Executive Physical
The Company will reimburse the cost of an annual physical examination for each Eligible Employee.

Personal Security
The Company provides personal security services such as home security systems/monitoring and secured workplace parking to the Chief Executive Officer, Chief Financial Officer and the Vice Chairs of the Company, at Company expense.  In addition, the Global Human Resources Officer may approve personal security services to other Company Employees where appropriate, again at Company expense.

Spouse and Personal Travel
The Company pays for reasonable air and ground transportation, other incidental costs plus sightseeing tours and similar activities when applicable, when spouses (or significant others) accompany employees for business purposes.  Business purpose is established and approved by the Global Human Resources Officer, for example in circumstances where there is a need to familiarize the spouse with business issues and demands facing employees, or to meet other P&G employees and spouses.

While Company aircraft is generally used for Company business only, for security reasons the Chief Executive Officer is required to use Company aircraft for all air travel, including personal travel and travel to outside board meetings.  While traveling on Company aircraft, the Chief Executive may bring a limited number of guests to accompany him.  If a Company aircraft flight is already scheduled for business purposes and can accommodate additional passengers, the Chief Financial Officer and the Vice Chairs of the Company may use the aircraft for personal travel and guest accompaniment including travel to outside board meetings where the other company cannot provide transportation.  Outside boards typically provide some level of reimbursement to the Company for these trips.  To the extent personal travel results in imputed income to the executive, the Company does not provide gross-up payments to cover the executive's personal income tax due on such imputed income.

Limited Local Transportation
To increase efficiency, Eligible Employees are provided limited local transportation within Cincinnati.

II.    Non-Employee Director Programs

This paragraph summarizes a travel program available to spouses, significant others and family members (collectively, “Guests”) who accompany non-employee directors (“Directors”).  The purpose of this program is to familiarize the Guests with the business issues and demands facing the Directors and to meet other Guests.

Generally, Guests are permitted to accompany Directors to regular Board meetings and other Board activities, so long as the Director is using Company aircraft and the Guests do not cause incremental aircraft costs.  In addition, Directors are encouraged to bring a Guest to two Board meetings each year.  With respect to these meetings, the Guests' travel costs may be incremental and/or may involve commercial flights.  The Company pays for these costs and arranges and pays for sightseeing tours and similar activities and other incidental costs for Directors and Guests, while Directors attend both regular and off-site Board meetings.ex_101.htm

EXHIBIT 10.1

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

This AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”) dated as of August 12, 2011 is entered into by and among MUELLER INDUSTRIES, INC., a Delaware corporation (the “Borrower”), BANK OF AMERICA, N.A., in its capacity as administrative agent for the Lenders (as defined in the Credit Agreement described below) (in such capacity, the “Administrative Agent”) and in its capacity as L/C Issuer (as defined in the Credit Agreement described below), each of the Lenders signatory hereto, and each of the Subsidiary Guarantors (as defined in the Credit Agreement described below) signatory hereto.  Each capitalized term used and not otherwise defined in this Amendment has the definition specified in the Credit Agreement described below.

 

WITNESSETH:

 

WHEREAS, the Borrower, the Administrative Agent, the L/C Issuer and the Lenders party thereto have entered into that certain Credit Agreement dated as of March 7, 2011 (the “Credit Agreement”), pursuant to which the Lenders have made available to the Borrower a revolving credit facility with a swing line sublimit and a letter of credit sublimit;

 

WHEREAS, each of the Subsidiary Guarantors has entered into the Subsidiary Guaranty pursuant to which it has guaranteed the payment and performance of the obligations of the Borrower under the Credit Agreement and the other Loan Documents;

 

WHEREAS, the Borrower has advised the Administrative Agent, the L/C Issuer and the Lenders that it desires to issue commercial letters of credit; and

 

WHEREAS, the Administrative Agent, the L/C Issuer and the Lenders are willing to amend the Credit Agreement to provide for the issuance of commercial letters of credit on the terms and conditions contained in this Amendment;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows:

 

1. Amendments to Credit Agreement.  Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended such that, after giving effect to all such amendments, it shall read in its entirety as Exhibit A attached hereto.  The Exhibits to the Credit Agreement are amended by adding a new “Exhibit H” to the end thereof in the form of Exhibit B attached hereto.

 

2. Effectiveness; Condition Precedent.  The effectiveness of this Amendment and the amendments provided in Section 1 are subject to the Administrative Agent’s receipt of (a) counterparts of this Amendment, duly executed by the Borrower, the Subsidiary Guarantors, the Administrative Agent, the L/C Issuer and the Required Lenders and (b) counterparts of the amendment to the Bank of America Fee Letter, duly executed by the Borrower, Bank of America and MLPFS.

 

  

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3. Consent of the Subsidiary Guarantors.  Each Subsidiary Guarantor hereby consents, acknowledges and agrees to the amendments set forth herein and hereby confirms and ratifies in all respects the Loan Documents to which such Person is a party (including without limitation the continuation of such Person’s payment and performance obligations thereunder, in each case upon and after the effectiveness of this Amendment and the amendments contemplated hereby) and the enforceability of such Loan Documents against such Person in accordance with its terms.

 

4. Representations and Warranties.  In order to induce the Administrative Agent, the Lenders and the L/C Issuer to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent, such Lenders and the L/C Issuer as follows:

 

(a) The representations and warranties made by it in Article V of the Credit Agreement, and by each Loan Party in each of the Loan Documents to which such Loan Party is a party, are true and correct in all material respects on and as of the date hereof, except that (i) if a qualifier relating to materiality or Material Adverse Effect applies, such representation or warranty is true and correct in all respects and (ii) to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date (except that if a qualifier relating to materiality or Material Adverse Effect applies, such representation or warranty is true and correct in all respects as of such earlier date).

 

(b) Since the date of the most recent financial reports of the Borrower delivered pursuant to Section 6.01 of the Credit Agreement, no act, event, condition or circumstance has occurred or arisen which, singly or in the aggregate with one or more other acts, events, occurrences or conditions (whenever occurring or arising), has had or could reasonably be expected to have a Material Adverse Effect;

 

(c) This Amendment has been duly authorized, executed and delivered by the Borrower and the Subsidiary Guarantors party hereto and constitutes a legal, valid and binding obligation of such Person, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally; and

 

(d) No Default or Event of Default has occurred and is continuing or will exist after giving effect to this Amendment.

 

5. Fees and Expenses.  The Borrower shall pay on demand all reasonable costs and expenses of the Administrative Agent in connection with the preparation, negotiation, execution, and delivery of this Amendment and any other documents prepared in connection herewith, including, without limitation, the reasonable fees, charges and disbursements of one counsel for the Administrative Agent.

 

  

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6. Entire Agreement.  This Amendment, together with the Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter.  No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty.  Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof.  None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement.

 

7. Full Force and Effect of Amendment.  Except as hereby specifically amended, modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to their respective terms.

 

8. Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, facsimile or other electronic transmission (including .pdf) shall be effective as delivery of a manually executed counterpart of this Amendment.

 

9. Governing Law.  This Amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of New York.

 

10. Enforceability.  Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.

 

11. References.  All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby and as from time to time hereafter further amended, modified, supplemented, restated or amended and restated.

 

12. Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the Borrower, each Subsidiary Guarantor, the Administrative Agent, each Lender, the L/C Issuer and their respective successors and assignees to the extent such assignees are permitted assignees as provided in Section 10.06 of the Credit Agreement.

 

[Signature pages follow.]

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to Credit Agreement to be executed as of the date first above written.

 

	  	
BORROWER:

	  	
MUELLER INDUSTRIES, INC.

	  	
By: /S/Kent McKee

	  	
Name: Kent McKee

	  	
Title:   Executive Vice President and Chief Financial Officer

	  	  

 

 

	  	
SUBSIDIARY GUARANTORS:

	  	  
	  	
EXTRUDED METALS, INC.

	  	
ITAWAMBA INDUSTRIAL GAS COMPANY, INC.

	  	
MUELLER BRASS CO.

	  	
MUELLER BRASS FORGING COMPANY, INC.

	  	
MUELLER COPPER TUBE COMPANY, INC.

	  	
MUELLER COPPER TUBE PRODUCTS, INC.

	  	
MUELLER EAST, INC.

	  	
MUELLER FITTINGS COMPANY, INC.

	  	
MUELLER IMPACTS COMPANY, INC.

	  	
MUELLER INDUSTRIAL REALTY CO.

	  	
MUELLER PLASTIC CORPORATION, INC.

	  	
PRECISION TUBE COMPANY, INC.

	  	
MUELLER PRESS COMPANY, INC.

	  	
MUELLER STREAMLINE CO.

	  	  
	  	
By:/S/Kent A. McKee

	  	
Name: Kent A. McKee

	  	
Title:   Vice President

	  	  

 

 

	  	
MUELLER REFRIGERATION, LLC

	  	  
	  	
By:/S/Kent A. McKee

	  	
Name: Kent A. McKee

	  	
Title:   President

	  	  

 

 

	  	
ADMINISTRATIVE AGENT:

	  	  
	  	
BANK OF AMERICAN, N.A., as

	  	
Administrative Agent

	  	  
	  	
By:/S/Michael Brashler

	  	
Name: Michael Brashler

	  	
Title:   Vice President

	  	  

 

 

	  	
BANK OF AMERICAN, N.A., as

	  	
as a Lender and L/C Issuer

	  	  
	  	
By:/S/David L. Grenville

	  	
Name: David L. Grenville

	  	
Title:   Senior Vice President

	  	  

 

  

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REGIONS BANK, as a Lender and Co-

	  	
Syndication Agent

	  	  
	  	
By:/S/Bryan W. Ford

	  	
Name: Bryan W. Ford

	  	
Title:   Senior Vice President

	  	  

 

 

	  	
SUNTRUST BANK, as a Lender and Co-

	  	
Syndication Agent

	  	  
	  	
By:/S/David Simpson

	  	
Name: David Simpson

	  	
Title:   Vice President

	  	  

 

 

	  	
WELLS FARGO BANK, NATIONAL

	  	
ASSOCIATION, as a Lender and Co-

	  	
Documentation Agent

	  	  
	  	
By:/S/Timothy Bolger

	  	
Name: Timothy Bolger

	  	
Title:   Vice President

	  	  

 

 

	  	
US BANK NATIONAL ASSOCIATION, as a

	  	
Lender and Co-Documentation Agent

	  	  
	  	
By:/S/Patrick McGraw

	  	
Name: Patrick McGraw

	  	
Title:   Vice President

	  	  

 

 

	  	
FIRST TENNESSEE BANK, as a Lender

	  	  
	  	
By:/S/Phillip E. Stevenson

	  	
Name: Phillip E. Stevenson

	  	
Title:   Sr. Vice President

	  	  

 

 

	  	
HSBC BANK USA, NA, as a Lender

	  	  
	  	
By:/S/Frank M. Eassa

	  	
Name: Frank M. Eassa

	  	
Title:   Assistant Vice President

	  	  

 

  

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