Document:

EX-4.5

 Exhibit 4.5 
 SPARTECH CORPORATION 
 2001 STOCK OPTION PLAN 

ARTICLE I 

PURPOSE AND DEFINITIONS 
 1.1. PURPOSE. This Spartech Corporation 2001 Stock Option Plan (the “PLAN”) has been established by Spartech Corporation (the “COMPANY”) to promote the long-term financial interest of
the Company and its shareholders by (i) enhancing the Company’s ability to attract and retain persons eligible to participate in the Plan, through incentive compensation opportunities that are competitive with those of other similar
companies, and (ii) providing an incentive for the participants in the Plan to identify their interests with those of the Company’s other shareholders, through compensation based on the value of the Company’s common stock. 

1.2 DEFINITIONS. 
 “BOARD” means the Board of Directors of the Company. 

“COMMITTEE” has the meaning stated in Section 2.1. 

“COMPANY” has the meaning stated in Section 1.1. 
 “ELIGIBLE PERSONS” means (i) the employees of the Company, (ii) the employees of the Company’s Subsidiaries, and (iii) except with respect to Incentive Stock Options, the
members of the Board. 
 “INCENTIVE STOCK OPTION” means an Option which is intended to satisfy the requirements
applicable to an “incentive stock option” described in Section 422(b) of the Internal Revenue Code. 

“OPTION” means a right granted to an Eligible Person to purchase Shares under this Plan, at a price, for a period of time, and
on such other terms and conditions as are established by the Committee consistent with this Plan. 
 “PARTICIPANT”
means an Eligible Person who has been granted an Option under the Plan. 
 “PLAN” has the meaning stated in
Section 1.1. 
 “SHARES” means shares of common stock of the Company, subject to any adjustments under
Section 3.4. 
 “SUBSIDIARY” means a corporation, limited liability company, partnership, joint venture or other
business entity of which at least a 50% voting or profits interest is owned, directly or indirectly, by the Company, and any other business venture designated by the Committee in which the Company has a significant interest as determined in the
discretion of the Committee. 
 ARTICLE II 
 ADMINISTRATION; TERM AND AMENDMENT 

 2.1. ADMINISTRATION. The Plan shall be administered by a committee of the Board comprised of
two or more members of the Board who are “non-employee directors” as defined in Rule 16b-3 under the Securities Exchange Act of 1934 (the “COMMITTEE”). The Committee shall approve the names of all persons to whom options are
proposed to be granted, and shall determine, within the limits set forth in the Plan, the number of shares, the price and the other terms of any option to be granted hereunder. The Committee may in its discretion interpret the Plan; establish, amend
and rescind rules and regulations, forms, notices and agreements relating to the Plan; and make all determinations necessary or advisable for the operation of the Plan. Subject to the provisions of the Plan, the charter and bylaws of the Company and
applicable laws, all ultimate powers of approval shall be vested in the Committee as a body, and the Committee shall have absolute and final discretion with respect to all determinations under the Plan. 

2.2. APPROVAL; DURATION. Subject to the approval of the shareholders of the Company at the Company’s 2001 annual meeting of its
shareholders, the Plan shall become effective as of the date of such meeting and shall continue until all Options available hereunder have been granted and none of such Options remain outstanding, or until such earlier date as the Plan may be
terminated by the Board. 
 2.3 AMENDMENTS AND TERMINATION. The Board may at any time amend or terminate the Plan; provided that
(i) no amendment may increase the maximum numbers of Shares that may be issued pursuant to Options or Incentive Stock Options hereunder, without the further approval of the Company’s shareholders (except for adjustments under
Section 3.4), and (ii) no amendment or termination may adversely affect the rights of any Participant which exist on the date the amendment or termination is adopted by the Board, without the written consent of the Participant. 

ARTICLE III 

GRANTS OF OPTIONS 

3.1. PERIOD DURING WHICH OPTIONS MAY BE GRANTED. Options may be granted from time to time during the term of the Plan in the discretion
of the Committee. 
 3.2. PARTICIPATION. Subject to the other terms and conditions of this Plan, the Committee shall determine
and designate, from time to time in its sole discretion, from among the Eligible Persons, those persons who will be granted one or more Options under the Plan and who will thereby become Participants in the Plan. The Committee may receive the
recommendations of the various officers and divisional executives of the Company and its Subsidiaries with respect thereto. 

3.3 SHARES AVAILABLE FOR OPTIONS. The total number of Shares for which Options may be granted under this Plan during each fiscal year of
the Company is ten percent (10%) of the outstanding Shares (i.e. excluding treasury shares), determined as of the prior fiscal year end. Such number shall not be cumulative, so that if Options for fewer than the maximum number of Shares are not
in fact issued during any fiscal year, the excess shall not be available for Options in the next fiscal year. Option Shares may come either from authorized but unissued Shares or from shares reacquired by the Company, whether purchased in the open
market or in private transactions. Shares subject to issuance under Options which expire or are cancelled without delivery of Shares shall again become available for grants of Options under 

 
the Plan; but Shares subject to issuance under Options which are settled in cash, and Shares which are withheld to pay the exercise price or tax withholding with respect to an Option, shall not
be available for new Option grants. 
 3.4. ADJUSTMENTS TO SHARES. Upon any stock split, reverse stock split or stock dividend
in excess of 5%, or any other recapitalization, combination or exchange affecting the Shares generally, the number and kind of Shares available for issuance under the Plan shall be appropriately and automatically adjusted. The Committee may in its
discretion provide for similar adjustments of outstanding Options upon any of such events or in the event of any other combination or exchange of Shares, spin-off, split-up, merger or consolidation or similar event affecting the Shares generally, in
order to preserve the benefits or potential benefits of the Options. 
 3.5 LIMITATION ON INDIVIDUAL GRANTS. No Participant may
be granted Options under this Plan during any fiscal year of the Company for more than five percent (5%) of the outstanding Shares (i.e. excluding treasury shares), determined as of the prior fiscal year end. 

ARTICLE IV 
 TERMS
OF OPTIONS 
 4.1. TYPES OF OPTIONS. Subject to the provisions of this Plan and applicable laws and regulations, any Option may
be granted as either an Incentive Stock Option or any other form of stock option, as determined in the discretion of the Committee. 
 4.2. EXERCISE PRICE. The Committee shall determine the exercise price per Share of all Options, except that the exercise price may not be less than the fair market value of the Shares subject to the
Option on the date the Option is granted, or if greater, the par value of the Shares. Except as incidental to adjustments under Section 3.4, the exercise price of an outstanding Option may not be decreased after the date of grant, nor may an
outstanding Option be surrendered to the Company as consideration for the grant of a new Option with a lower exercise price. 

4.3 PERIOD OF EXERCISE. The Committee shall determine the times at which any Option granted hereunder may be exercised, including the
times at which the Option will first become exercisable in whole or in part. 
 4.4 OTHER OPTION TERMS. The Committee shall
determine the other terms of each Option, including without limitation the procedures for exercising the Option, the manner of payment of the exercise price and any tax withholding obligations, and any restrictions on the exercise or transfer of the
Option or on the transfer of the underlying Shares, in its sole discretion. 
 4.5 INCENTIVE STOCK OPTIONS. In addition to the
other provisions of this Plan, Incentive Stock Options shall be subject to all laws and regulations applicable to Incentive Stock Options, and shall be subject to the following provisions: 

(i) The maximum number of Shares that may be issued pursuant to Incentive Stock Options granted under this Plan is 3,000,000 Shares.

 (ii) Members of the Board shall not be Eligible Persons with respect to Incentive Stock
Options. 
 (iii) No Incentive Stock Option may be granted under the Plan after December 6, 2010. 

(iv) No Incentive Stock Option shall be exercisable in whole or in part later than the day preceding the 10th anniversary of the grant
date. 
 (v) Incentive Stock Options may not be transferred other than by will or the laws of descent and distribution, and may
be exercised during the lifetime of the Participant to whom it is granted only by such Participant. 
 (vi) An Incentive Stock
Option granted to a person who at the time of the grant owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any subsidiary or parent company (A) shall have an exercise price at least
110% of the fair market value of the Shares subject to the Option on the date the Option is granted and (B) shall not be exercisable after the expiration of five years from the date the Option is granted. To the extent that an Incentive Stock
Option does not meet the requirements of Section 422(b) of the Internal Revenue Code the Option shall not be void but shall be treated as an Option other than an Incentive Stock Option. No Participant shall have any claim for damages or any
other recourse against the Company, the Board or the Committee because of the failure of any Option to be an “incentive stock option.” 
 4.6. OPTION AGREEMENTS. The grant and terms of each Option shall be evidenced by a written agreement or other written documentation, a copy of which shall be provided to the Participant. The Committee may
require the Participant to execute such agreement or otherwise accept the grant and terms as a condition of the Option. In the event of any inconsistency between the provisions of this Plan and the terms or conditions of an Option, the provisions of
this Plan shall govern. 
 4.7 LIMITATION OF IMPLIED RIGHTS. Neither a Participant nor any other person shall acquire any right
in or title to any assets, funds or property of the Company or any Subsidiary by reason of participation in the Plan or the grant of any Option. Neither this Plan nor any Option will constitute a contract of employment or give any Eligible Person
any right to be retained in the employ of the Company or a Subsidiary. No Eligible Person or Participant will have any right under the Plan or any Option except to the extent such right has accrued under the terms of the Plan and the Option, and no
Option shall give a Participant any rights as a shareholder of the Company prior to the date on which the Participant duly exercises the Option according to its terms.EX-10.44

 Exhibit 10.44 
 SEVENTH AMENDMENT TO CREDIT AGREEMENT 
 This
SEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of the 18th day of December, 2012, and is by and among ARI COMPONENT VENTURE LLC, a Delaware limited
liability company (in its capacity as Co-Administrative Agent for all Lenders, “ARI Co-Administrative Agent”), AMSTED RAIL COMPANY, INC., a Delaware corporation and
successor to ASF-Keystone, Inc. (in its capacity as Co-Administrative Agent for all Lenders, “Amsted Co-Administrative Agent” and, together with ARI Co-Administrative Agent, collectively, the “Administrative
Agent”), the undersigned Lenders and AXIS OPERATING COMPANY LLC, a Delaware limited liability company (“Borrower”). 

W I T N E S S E T H: 

WHEREAS, immediately prior to giving effect to the transactions referenced in the next recital, Bank of America, N.A., a national banking
association, successor by merger to LaSalle Bank National Association (in its capacity as Administrative Agent for the Prior Lenders, “Prior Administrative Agent”), the Prior Lenders referred to below and Borrower were parties to
that certain Credit Agreement, dated as of December 28, 2007 (as amended, modified or supplemented from time to time, the “Credit Agreement”; unless otherwise defined herein, capitalized terms used herein shall have the
meanings ascribed to such terms in the Credit Agreement); 
 WHEREAS, on August 5, 2009, (i) Bank of America, N.A.,
The CIT Group/Equipment Financing, Inc. and First Bank (collectively, the “Prior Lenders”) assigned 100% of the Loans and their rights under the Loan Documents to the Lenders, (ii) the Prior Administrative Agent resigned as
Administrative Agent under the Credit Agreement and the ARI Co-Administrative Agent and the Amsted Co-Administrative Agent were appointed, collectively, as Administrative Agent for the Lenders under the Credit Agreement and (iii) the
Administrative Agent, the Lenders and the Borrower entered into the Fourth Amendment to Credit Agreement; and 
 WHEREAS,
Borrower has requested that Administrative Agent and Lenders further amend the Credit Agreement in certain respects as provided herein; 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows: 
 1. Amendments to Credit Agreement. In reliance upon the
representations and warranties of Borrower set forth in Section 4 below and subject to the conditions to effectiveness set forth in Section 3 below, the Credit Agreement is hereby amended as follows: 

(a) Section 1.1 of the Credit Agreement is amended by amending and restating the following defined term: 

“Termination Date means the earlier of (a) December 31, 2013 or (b) such other date on which the Commitments
terminate pursuant to Section 6 or Section 13.” 
 (b) Section 1.1 of the Credit Agreement is
amended by amending and restating the following defined term: 
 “Term Loans—see
Section 2.1.2.” 

 (c) Section 6.4.2 of the Credit Agreement is hereby amended by deleting the same in its
entirety and inserting the following in lieu thereof: 
 “6.4.2. Term Loans. The Term Loan shall be paid in
twenty-eight (28) installments, each in the respective amount set forth on Exhibit 6.4.2 attached hereto, commencing on March 31, 2013 and continuing on the last day of each Fiscal Quarter thereafter. Unless sooner paid in full, the
outstanding principal balance of the Term Loan shall be paid in full on the Term Loan Maturity Date.” 
 2. Conditions
to Effectiveness. This Amendment shall be effective upon consummation of each of the following conditions: 
 (a)
Administrative Agent shall have received a fully-executed copy of this Amendment, together with the Consent and Reaffirmation of the Guarantor attached hereto and such other documents, agreements and instruments as Administrative Agent may require,
each in form and substance reasonably acceptable to Administrative Agent; 
 (b) Administrative Agent shall have received a
fully-executed copy of the resolutions of the Executive Committee of the Guarantor and the Board of Directors of the Borrower in the form attached hereto as Exhibit A; 
 (c) All proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments and other legal matters incident thereto shall be reasonably satisfactory to
Administrative Agent and its legal counsel; and 
 (d) No Event of Default or Unmatured Event of Default shall have occurred and
be continuing or shall be caused by the transactions contemplated by this Amendment. 
 3. Representations and
Warranties. To induce Administrative Agent and Lenders to enter into this Amendment, Borrower hereby represents and warrants to Administrative Agent and Lenders that: 
 (a) The execution, delivery and performance by Borrower of this Amendment and each of the other agreements, instruments and documents contemplated hereby are within its limited liability company power,
have been duly authorized by all necessary limited liability company action, have received all necessary governmental approvals (if any shall be required), and do not and will not contravene or conflict with any provision of law applicable to any
Transaction Party, the certificate of formation and limited liability company agreement of any Transaction Party, any order, judgment or decree of any court or governmental agency, or any agreement, instrument or document binding upon any
Transaction Party or any of their property; 
 (b) Each of the Credit Agreement and the other Loan Documents, as amended by this
Amendment and the documents and agreements contemplated thereby, are the legal, valid and binding obligation of the Transactions Parties which are parties thereto, enforceable against such Transaction Party, in accordance with its terms; 

  
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 (c) The representations and warranties contained in the Credit Agreement and the other Loan
Documents are true and correct in all material respects as of the date hereof (except to the extent such representations and warranties relate to a specific earlier date, in which case such representations and warranties shall be true and correct in
all material respects as of such earlier date), shall be deemed fully incorporated herein by this reference, and shall have the same force and effect as if such had been made on and as of the date hereof. 

(d) The Transaction Parties have performed all of their respective obligations under the Credit Agreement and the other Loan Documents to
be performed by them on or before the date hereof and as of the date hereof, the Transaction Parties are in compliance with all applicable terms and provisions of the Credit Agreement and each of the other Loan Documents to be observed and performed
by it and no Event of Default or Unmatured Event of Default has occurred and is continuing. 
 4. Severability. Any
provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable (other than with respect to a material provision or term of this Amendment) shall not impair or invalidate the remainder of this Amendment and the
effect thereof shall be confined to the provision so held to be invalid or unenforceable. 
 5. References.
Administrative Agent, Lenders and Borrower hereby agree that all references to the Credit Agreement which are contained in any of the other Loan Documents shall refer to the Credit Agreement as amended by this Amendment. 

6. Counterparts. This Amendment may be executed in any number of counterparts, in original, facsimile or other authenticated
electronic transmission, and by the different parties on separate counterparts, and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment. 

7. Continued Effectiveness. Except as specifically set forth herein, the Credit Agreement and each of the other Loan Documents
shall continue in full force and effect according to its terms. 
 8. Costs and Expenses. Borrower hereby agrees that all
expenses incurred by Administrative Agent and Lenders in connection with the preparation, negotiation and closing of this Amendment and the transactions contemplated hereby, including without limitation reasonable attorneys’ fees and expenses,
shall be part of the Obligations. 
 9. GOVERNING LAW. THIS AMENDMENT SHALL BE A CONTRACT MADE UNDER AND
GOVERNED BY THE INTERNAL LAWS OF THE STATE OF ILLINOIS APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 

10. Binding Agreement. This Amendment shall be binding upon Borrower, Administrative Agent and Lenders and their respective
successors and assigns. 
 [signature page follows] 

  
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 IN WITNESS WHEREOF, this Amendment has been executed as of, and is effective as of, the day
and year first written above. 
  

			
	AXIS OPERATING COMPANY, LLC, as Borrower
		
	By	 	/s/ Michael Obertop
	Its Secretary
	
	ARI COMPONENT VENTURE LLC, as co-Administrative Agent, as co-Issuing Lender and as a Lender
		
	By	 	/s/ James Cowan
	Its President and C.E.O.
	
	AMSTED RAIL COMPANY, INC., as co-Administrative Agent, as co-Issuing Lender and as a Lender
		
	By	 	/s/ John Wories
	Its President

 Signature Page to Seventh Amendment to Credit Agreement 

 CONSENT AND REAFFIRMATION 

The undersigned hereby (a) acknowledges receipt of a copy of the foregoing Seventh Amendment to Credit Agreement (the
“Amendment”); (b) consents to Borrower’s execution and delivery of the Amendment; (c) agrees to be bound by the Amendment; (d) affirms that nothing contained in the Amendment shall modify in any respect
whatsoever any Loan Document to which it is a party; and (e) reaffirms that such Loan Documents shall continue to remain in full force and effect. Although the undersigned has been informed of the matters set forth herein and has acknowledged
and agreed to same, the undersigned understands that Administrative Agent and Lenders have no obligation to inform the undersigned of such matters in the future or to seek the undersigned’s acknowledgment or agreement to future amendments,
waivers or consents, and nothing herein shall create such a duty. 
 IN WITNESS WHEREOF, the undersigned has executed this
Consent and Reaffirmation on and as of the date of the Amendment. 
  

			
	AXIS, LLC
		
	By:	 	/s/ Michael Obertop
	Title: Secretary

 Consent and Reaffirmation to Seventh Amendment to Credit Agreement

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