Document:

Exhibit 10.37

SIXTH AMENDMENT TO

LOAN AND SECURITY AGREEMENT

THIS SIXTH AMENDMENT TO
LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of April 2, 2007
(the “Effective Date”), is entered into by and among Channell Commercial
Corporation, a Delaware corporation (“Domestic Borrower”), Channell Commercial
Canada, Inc., an Ontario corporation (“Canadian Borrower”), Channell Limited, a
limited liability company incorporated under the laws of England and Wales (“CLU”),
Channell Commercial Europe Limited, a limited liability company incorporated
under the laws of England and Wales (“CCEL” and, together with CLU, “UK
Borrowers”, and, together with Domestic Borrower, Canadian Borrower and CLU, “Borrowers”),
Bank of America, N.A., as assignee of Banc of America Leasing and Capital, LLC,
successor-in-interest to Fleet Capital Corporation, as Administrative Agent
under the Loan Agreement referred to below (in such capacity, the “Administrative
Agent”), BABC Global Finance Inc., as assignee of Fleet Capital Global Finance,
Inc., as assignee of Fleet Capital Canada Corporation, as Canadian Agent under
the Loan Agreement referred to below (in such capacity, the “Canadian Agent”),
Bank of America, N.A., as successor-in-interest to Fleet National Bank, London
U.K. Branch, as UK Agent under the Loan Agreement referred to below (in such
capacity, the “UK Agent”), and the Lenders party to the Loan Agreement referred
to below, with reference to the following facts:

RECITALS

A.            The Borrowers are party to the Loan and Security
Agreement dated as of September 25, 2002 (as heretofore amended, the “Loan
Agreement”), with the lenders party thereto from time to time (collectively,
the “Lenders”), the Administrative Agent, the Canadian Agent, and the UK Agent,
pursuant to which the Lenders have provided certain credit facilities to the
Borrowers.

B.            Pursuant to the letter agreement dated as of July 25,
2006, by and among the Administrative Agent, Domestic Borrower and Canadian
Borrower, the Administrative Agent consented to an intercompany loan by
Domestic Borrower to Bushmans Group Pty Limited (“Busman Tanks”), an affiliate
of Domestic Borrower, in an initial principal amount of $1,600,000, which loan
was to mature on March 22, 2007 (such loan is hereafter referred to as the “Bushman
Tanks Loan”). The current outstanding principal amount of the Bushman Tanks
Loan is $943,000.

C.            Pursuant to the Waiver and Fifth Amendment to Loan and
Security Agreement dated as of February 12, 2007, by and among the Borrowers,
the Administrative Agent, the Canadian Agent, the UK Agent and the Lenders, the
parties thereto agreed to amend the Loan Agreement to, inter alia,
(i) temporarily decrease the amount of Reserves established under the Loan
Agreement from $600,000 to $300,000 and (ii) temporarily decrease the
Aggregate Availability required pursuant to Section 8.2.18 of the Loan
Agreement from $1,500,000 to $500,000.

D.            The Borrowers have requested that the Lenders consent to
an extension of the maturity date of, and an increase in the principal amount
of, the Bushman Tanks Loan.

 1
 

E.             The Lenders are willing to consent to such amendments,
subject to the conditions hereof, including without limitation, (i) an increase
in the required Aggregate Availability to $1,500,000 and (ii) an increase in
the amount of the Reserves to $600,000.

NOW,
THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration, the adequacy of which is hereby acknowledged, each of the
undersigned hereby agrees as follows:

1.             Defined
Terms. Any and all initially capitalized terms used in this Amendment
without definition shall have the respective meanings specified in the Loan
Agreement.

2.             Increase
of Reserves. Without limiting its right to impose additional discretionary
Reserves from time to time pursuant to Section 1.1.5 of the Loan Agreement, as
of the Effective Date, the Reserves heretofore established by the
Administrative Agent under the Loan Agreement shall be increased from $300,000
to $600,000.

3.             Increase
in Aggregate Availability Requirement. Section 8.2.18 of the Loan Agreement
is amended to read in full as follows:

“8.2.18 Aggregate Availability.

Permit Aggregate
Availability to be less than $1,500,000.”

4.             Consent
to Amendments to Bushman Tanks Loan. The Lenders hereby consent to an
amendment to the Bushman Tanks Loan in order to (a) increase the aggregate
outstanding principal amount from $943,000 to $1,193,000 and (b) to extend
the maturity date from March 22, 2007 to June 30, 2007.

5.             Amendment
Fee. In consideration of the agreement of the Agents and the Lenders to
enter into this Amendment, Domestic Borrower hereby agrees to pay to the
Administrative Agent on the Effective Date, for the sole account of the
Domestic Lender, an amendment fee in the amount of $5,000 (the “Amendment Fee”),
which fee shall be deemed fully-earned and non-refundable once paid. Domestic
Borrower hereby acknowledges and agrees that the Administrative Agent may
effect payment of the Amendment Fee by charging the full amount thereof to the
Domestic Loan Account.

6.             Conditions
Precedent. The effectiveness of this Amendment shall be subject to the
prior satisfaction of the following conditions:

(a)           This
Amendment. The Administrative Agent shall have received, in form and
substance satisfactory to the Administrative Agent, an original of this
Amendment, duly executed by the Borrowers, the Administrative Agent, the
Canadian Agent, and the UK Agent;

(b)           Intercompany
Note. The Administrative Agent shall received, in form and substance
satisfactory to the Administrative Agent, an original amended and restated
intercompany note evidencing the Bushman Tanks Loan duly executed by

 2
 

Bushman Tanks,
along with an original endorsement allonge for such note, duly executed by
Domestic Borrower;

(c)           No
Defaults. The Borrowers and all other Loan Parties shall be in compliance
with all the terms and provisions of the Loan Documents applicable to such
Person or its Property, and no Default or Event of Default shall have occurred
and be continuing;

(d)           Accuracy
of Representations and Warranties. All of Borrowers’ representations and
warranties contained herein shall be true and correct on and as of the date of
execution hereof; and

(e)           Payment
of the Amendment Fee. The Administrative Agent shall have received the
Amendment Fee.

7.                                       Representations
and Warranties.

(a)           Reaffirmation of Prior
Representations and Warranties. Each Borrower hereby reaffirms and restates
as of the date hereof all of the representations and warranties made by such
Borrower in the Loan Agreement and the other Loan Documents, which shall be
true and correct in all material respects, except to the extent such
representations and warranties specifically relate to an earlier date.

(b)           No Default. No Default or
Event of Default has occurred and remains continuing under any of the Loan
Documents.

8.                                       Miscellaneous.

(a)           Reference to Loan Agreement. The
Loan Agreement, each of the other Loan Documents, and any and all other
agreements, documents or instruments now or hereafter executed and delivered
pursuant to the terms hereof, or pursuant to the terms of the Loan Agreement as
amended hereby, are hereby amended so that any reference therein to the Loan
Agreement shall mean a reference to the Loan Agreement as amended by this
Amendment.

(b)           Loan Agreement Remains in Effect.
The Loan Agreement and the other Loan Documents remain in full force and effect
and the Borrowers ratify and confirm their agreements and covenants contained
therein.

(c)           APPLICABLE LAW. THIS AMENDMENT
SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN THE STATE OF
CALIFORNIA AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF CALIFORNIA.

 3
 

(d)           Counterparts. This Amendment
may be executed in one or more counterparts, each of which when so executed
shall be deemed to be an original, but all of which when taken together shall
constitute one and the same instrument.

[signature page
follows]

 4

IN
WITNESS WHEREOF, the parties have entered into this Amendment by their
respective duly authorized officers as of the date first above written.

	
  

  	
  Channell Commercial Corporation,

  	
   

  
	
   

  	
  a Delaware corporation

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patrick E. McCready

  	
   

  
	
   

  	
  Name:

  	
  Patrick E. McCready

  	
   

  
	
   

  	
  Title:

  	
  CFO

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Channell Commercial Canada Inc.,

  	
   

  
	
   

  	
  an Ontario corporation

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William H. Channell, Jr

  	
   

  
	
   

  	
  Name:

  	
  William H. Channell, Jr

  	
   

  
	
   

  	
  Title:

  	
  President & CEO

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Channell Limited,

  	
   

  
	
   

  	
  a limited liability company incorporated

  	
   

  
	
   

  	
  under the laws of England and Wales

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William H. Channell, Jr

  	
   

  
	
   

  	
  Name:

  	
  William H. Channell, Jr

  	
   

  
	
   

  	
  Title:

  	
  President & CEO

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Channell Commercial Europe Limited,

  	
   

  
	
   

  	
  a limited liability company incorporated

  	
   

  
	
   

  	
  under the laws of England and Wales

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William H. Channell, Jr

  	
   

  
	
   

  	
  Name:

  	
  William H. Channell, Jr

  	
   

  
	
   

  	
  Title:

  	
  President & CEO

  	
   

  

 

 5
 

 

	
  

  	
  Bank of America, N.A.,

  	
   

  
	
   

  	
  (as assignee of Banc of America

  	
   

  
	
   

  	
  Leasing and Capital, LLC, successor-

  	
   

  
	
   

  	
  in-interest to Fleet Capital Corporation),

  	
   

  
	
   

  	
  as Administrative Agent and as sole

  	
   

  
	
   

  	
  Domestic Lender

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew R. Van Steenhuyse

  	
   

  
	
   

  	
   

  	
  Matthew R. Van Steenhuyse

  	
   

  
	
   

  	
   

  	
  Senior Vice President & Portfolio Manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Bank of America, N.A., Canada Branch

  	
   

  
	
   

  	
  (successor to BABC Global Finance Inc.)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Nelson Lam

  	
   

  
	
   

  	
  Name:

  	
  Nelson Lam

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Bank of America, N.A.

  	
   

  
	
   

  	
  (successor-in-interest to Fleet National Bank,

  	
   

  
	
   

  	
  London U.K. Branch), as UK Agent and as UK

  	
   

  
	
   

  	
  Lender

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew R. Van Steenhuyse

  	
   

  
	
   

  	
   

  	
  Matthew R. Van Steenhuyse

  	
   

  
	
   

  	
   

  	
  Senior Vice President & Portfolio Manager

  	
   

  

 

 6Exhibit
10.1

 

Forest
Oil Corporation

Annual
Incentive Plan

2007

 

Forest
Oil Corporation

2007 Annual Incentive Plan

Summary

Plan Objectives

The Annual Incentive Plan
(the “Plan”) has been designed to meet the following objectives:

·                  Provide
an annual incentive plan framework that is performance-driven and focused on
objectives that are critical to the Company’s success.

·                  Offer
competitive cash compensation opportunities to all key employees.

·                  Reward
outstanding achievement.

Basic Plan Concept

The Plan generally
provides annual incentive awards, which will be determined primarily on the
basis of the Company’s consolidated results on selected financial, operating
and other performance measures.  However,
business unit or department performance and individual performance will also be
considered in determining the actual participant award payout.  Therefore, the Company shall have the
flexibility to adjust individual awards to reflect individual or team
performance.

Performance Measures and Weights

Each year the Company
will establish the threshold, target and outstanding performance levels on each
performance measure and its appropriate weighting.  These performance measures and their
weighting will be reviewed (and modified, if appropriate) in light of changing
Company priorities and strategic objectives.

The recommended 2007
Company performance measures and their respective weightings are described in
detail on Attachment 1.

Plan Administration

The Plan will be
administered by the Compensation Committee (“Committee”) of the Board of
Directors and the President and Chief Executive Officer (“CEO”) (for all
positions except his own).  Certain
elements of the Plan administration will be delegated to the senior Human
Resources executive of the Company.  The
Executive Vice President and Chief Financial Officer will verify the performance
calculation for the performance and operating measures in consultation with the
Senior Vice President, Business Development and Engineering who shall be
responsible for the estimation of the Company’s oil and gas reserves.

Actual performance goals,
standards, award determinations and modifications to the Plan design must be
approved by the Committee.

	
  Measure

  	
   

  	
  Weighting (Example)

  	
   

  
	
  Total
  Shareholder Return

  	
   

  	
  15

  	
  %

  
	
  Cash Cost

  	
   

  	
  15

  	
  %

  
	
  Acquisitions

  	
   

  	
  20

  	
  %

  
	
  Production

  	
   

  	
  30

  	
  %

  
	
  Rate of Return
  on Capital Investments

  	
   

  	
  20

  	
  %

  
	
  Total Financial
  and Operating

  	
   

  	
  100

  	
  %

  

 

Once the total bonus pool
has been established following the performance calculations, the President
& CEO shall have the discretion to distribute bonus monies within business
units and the corporate group or to move monies from one group to another, and
to allocate incentive monies to individuals, based on his assessment (with
advice of other senior managers) as to individual or group performance.

Targets

Targets for the total
Plan will be set consistent with the following:

·                  Threshold
— Minimum level at which payout occurs. 
The threshold percentage is 25% of the target award percentage.

·                  Target
— Level at which the participant receives the target award percentage.

·                  Outstanding
— Level at which the participant receives 200% of the target award percentage.

Completion percentages
between Threshold, Target and Outstanding will be determined, with the
exception of Total Shareholder Return, by interpolation.  Completion for results above Outstanding will
be directly proportional to the change in completion between Target and
Outstanding.

The Completion Percentage
for Total Shareholder Return is defined on the page describing the Total
Shareholder Return measure.  Targets
shall be adjusted for material changes made during the year to the business
plan or scope thereof, or to the capital expenditure budget.

Maximum Completion

Although there will be no
limit on completion of individual financial measures, completion for the total
Plan will be limited to 200% of target.

Performance Levels

Performance levels will
be set for individual measures.  Results
below the Threshold will equate to a zero completion percentage.

A minimum 25% completion
threshold is required for the total Plan.

Completion Calculation

Completion for total
financial measures will be the sum of the weighted completion for each
individual measure.  Completion for each
individual measure will be equal to the completion percentage of each measure
times the weighting for that measure.

Property Sales

In computing results,
non-budgeted property sales are not to be considered.  To avoid non-budgeted property sales from
affecting results, they will be incorporated into performance measures as
though they had been budgeted.

Participants

The CEO shall determine
which employees are to be participants in the Plan.  If a participant’s employment with the
Company is terminated for any reason prior to payment, no bonus award
will be paid.

The target award percentage
for the CEO is established by the Committee. Target award percentages for
Company officers are subject to the approval of the Committee. The CEO is
authorized to establish and adjust at his discretion the target award
percentages for non-officer Plan participants. Plan participants who change
positions and/or have their individual target incentive levels changed during
the Plan year will have their award prorated accordingly.  All awards paid will be rounded to the
nearest $100.

Incentive compensation
awards will be calculated based upon the participant’s base salary in effect at
the end of the Plan year or earned salary if the participant was a new hire
during the year.

Board of Directors’ Discretion

The granting of
any and all individual incentive compensation awards is at the discretion of
the Forest Oil Corporation Board of Directors.

Forest
Oil Corporation

Financial Measure

Total Shareholder Return

Objective

Measure Total Return to
Shareholders relative to a peer group.

Definition

Total Return to
Shareholders equals year-end share price plus common dividends per share paid
(plus capital returned to shareholders through share repurchase) during the
Plan year minus the beginning share price divided by beginning share price.

Share Price

Year-end share price
shall be defined as the closing price on the last trading day in December of
each year.  The beginning share price
shall be defined as the closing price on the last trading day in December of
the prior year (for Forest Oil for 2007, $32.68 on December 29, 2006).

In the event either the
Company or a member of the peer group is acquired for cash, the year-end share
price shall be defined as the cash purchase price per share.  If a member of the peer group is acquired for
stock, the year-end share price shall be defined as the exchange ratio
multiplied by the closing price of the acquirer on the last trading day of the
year.  In an acquisition involving both
cash and stock, each component of the purchase price will be measured as
described above to calculate a pro forma year-end stock price.

Completion Percentage

The completion percentage
shall be as detailed below.

Peer Group

The peer group shall be
defined as the following list of companies, which currently comprises 10
companies including Forest Oil Corporation. 
A listing of peer group companies is as follows:

1.               Newfield Exploration

2.               Forest Oil Corporation

3.               Pioneer Natural Resources

4.               St. Mary’s Land & Exploration

5.               Pogo Producing

6.               Exco

7.               Petrohawk

8.               Cimarex Energy Co.

9.               Whiting Petroleum

10.         Encore Acquisition Corporation

Completion Percentages

The Completion
Percentages will be based on a ranking of Total Shareholder Return over one
year for the 10 companies as follows:

	
  1st

  	
  —

  	
  200% Completion

  
	
  2nd

  	
  —

  	
  175% Completion

  
	
  3rd

  	
  —

  	
  150% Completion

  
	
  4th

  	
  —

  	
  100% Completion

  
	
  5th

  	
  —

  	
  75% Completion

  
	
  6th

  	
  —

  	
  50% Completion

  
	
  7th

  	
  —

  	
  0% Completion

  
	
  8th

  	
  —

  	
  0% Completion

  
	
  9th

  	
  —

  	
  0% Completion

  
	
  10th

  	
  —

  	
  0% Completion

  

Forest Oil Corporation

Financial Measure

Cash Cost

Objective

Measure cash cost on an
annual basis.

Definition

Corporate:  The sum of direct operating expense and
expensed workovers, but excluding ad valorem taxes, transportation expense and
total expensed G&A for the Company, divided by total production for the
Company measured in MCFE.

Business Unit:  The sum of direct operating expense and
expensed workovers, but excluding ad valorem taxes, transportation expense,
allocated corporate G&A expense for the business unit, and total expensed
G&A administrative costs for the Company, divided by production for the
business unit measured in MCFE.

Cash
Cost excludes production severance taxes. 
Additionally, the calculation of Cash Cost for the Canadian business
unit shall be calculated at the Plan exchange rate ignoring any variance
between the actual exchange rate and the exchange rate assumed in the Plan.

Targets

Measured against an
approved Annual Plan with:

·                  Threshold
equal to achievement of 105% of Business Plan objective.

·                  Target
equal to achievement of 100% of Business Plan objective.

·                  Outstanding
equal to achievement of 90% of Business Plan objective.

Forest
Oil Corporation

Financial Measure

Acquisitions

Objective

Measure on a yearly basis
the amount of oil and gas, converted to Bcfe, acquired by the Company.

Definition

The target objective for
2007 Acquisitions is to replace the 2007 Production target of 121.1 Bcfe.

Acquisitions are
calculated by adding the volumetric amount of estimated proved reserves
acquired by any method by the Company in 2007. 
Acquisition metrics shall not be less favorable than an average of $2.40
per Mcfe (prior to deferred tax gross-up) for total acquired proved reserves in
2007 upon a one-year look-back.

Targets

·                  Threshold
is an amount shown on Attachment 1B.

·                  Target
is an amount shown on Attachment 1B.

·                  Outstanding
is an amount shown on Attachment 1B.

Forest Oil Corporation

Operating Measure

Production

Objective

Measure net
production on an annual basis.

Definition

Net production
equals total net production (after royalty and other burdens) equal to that set
forth in the annual Business Plan.

Should a business
unit overspend budgeted Capex significantly, the Production target will either
be proportionately adjusted or the target level will become the threshold for
payout under this measure.

The calculation of
net production volumes for the Canadian business unit shall be calculated as if
Plan oil and gas prices were experienced, with no volume adjustments being made
for higher or lower prices.

Targets

Measured against an approved
Annual Plan with:

·                  Threshold
equal to achievement of 95% of Business Plan objective.

·                  Target
equal to achievement of 100% of Business Plan objective.

·                  Outstanding
equal to achievement of 110% of Business Plan objective.

Forest
Oil Corporation

Financial Measure

Rate-of-Return on Capital Investments

Objective

Measure on a yearly
basis, the pre-tax rate-of-return (“ROR”) on all capital projects.

Definition

Pre-tax rate-of-return on
all capital projects during the year including drilling projects, acquisitions,
recompletions, land lease, seismic and capitalized G&A.  The price assumptions to be utilized will be
those utilized for the Investment Results Report (“IRR”) and any prices hedged
(for the associated volumes) in direct connection with an acquisition.  In evaluating the accomplishment of this
objective, the Compensation Committee will take into account all revisions to
estimated proved reserves made in 2007.

Targets

Measured against an
approved annual Plan with:

·                  Threshold
is equal to the ROR indicated on Attachment 1D.

·                  Target
is equal to the ROR indicated on Attachment 1D.

·                  Outstanding
is equal to the ROR indicated on Attachment 1D.

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