Document:

exhibit10_2.htm

 

 

EXHIBIT 10.2

FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT

THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "Amendment") is entered into as of August 18, 2010, by and among the Lenders party hereto, WELLS FARGO CAPITAL FINANCE, LLC, a Delaware limited liability company, as the agent for the Lenders (in such capacity, "Agent"), CENTURY ALUMINUM COMPANY, a Delaware corporation ("Century"), BERKELEY ALUMINUM, INC., a Delaware corporation ("Berkeley Aluminum"), CENTURY ALUMINUM OF WEST VIRGINIA, INC., a Delaware corporation ("Century West Virginia"), CENTURY ALUMINUM OF KENTUCKY GENERAL PARTNERSHIP, a Kentucky general partnership ("Century of Kentucky GP") and NSA GENERAL PARTNERSHIP, a Kentucky general partnership ("NSA", and together with Century, Berkeley Aluminum, Century West Virginia and Century of Kentucky GP, each a "Borrower" and collectively the "Borrowers").

WHEREAS, Borrowers, Agent, and Lenders are parties to that certain Loan and Security Agreement dated as of July 1, 2010 (as amended, modified or supplemented from time to time, the "Loan Agreement");

WHEREAS, Borrowers, Agent and Lenders have agreed to amend the Loan Agreement in certain respects, subject to the terms and conditions contained herein.

NOW THEREFORE, in consideration of the premises and mutual agreements herein contained, the parties hereto agree as follows:

1.            Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in the Loan Agreement.

2.            Amendments to Loan Agreement. Subject to the satisfaction of the conditions set forth in Section 4 below and in reliance upon the representations and warranties of Borrowers set forth in Section 5 below, the Loan Agreement is amended as follows:

	
(a)  

	
The defined term "Bank Product Provider" set forth in Appendix A (General Definitions) to the Loan Agreement is hereby amended and restated in its entirety as follows:

	
  

	
Bank Product Provider – Wells Fargo, any Affiliate of Wells Fargo or any Lender or Affiliate of a Lender.

  

  

  

 

	
(b)  

	
The defined term "Obligations" set forth in Appendix A (General Definitions) to the Loan Agreement is hereby amended and restated in its entirety as follows:

Obligations – all Loans, all LC Obligations, and all other advances, debts, liabilities, and obligations, together with all interest (including all interest that accrues (or, but for the commencement of any bankruptcy, insolvency or similar proceeding, would accrue) after the commencement of any insolvency, bankruptcy or other similar proceeding of any Borrower, whether or not a claim for post-filing interest is allowed in such proceeding), fees and other charges thereon, of any kind or nature, present or future, whether or not evidenced by any note, guaranty or other instrument, whether direct or indirect (including those acquired by assignment), absolute or contingent, primary or secondary, due or to become due, now existing or hereafter arising and however acquired, owing, arising, due or payable (a) from any Borrower to Agent, for its own benefit, or to WFCF or any other Affiliate of Agent, in each case arising under any of the Loan Documents, (b) from any Borrower to WFCF, any Affiliate of WFCF, any Lender, or any Affiliate of any Lender in respect of Product Obligations, or (c) from any Borrower to Agent for the benefit of any Lender or to any Lender directly, in each case under any of the Loan Documents.

3.            Ratification; Other Agreements. This Amendment, subject to satisfaction of the conditions provided below, shall constitute an amendment to the Loan Agreement and all of the Loan Documents as appropriate to express the agreements contained herein. In all other respects, the Loan Agreement and the Loan Documents shall remain unchanged and in full force and effect in accordance with their original terms.

4.            Conditions to Effectiveness. This Amendment shall become effective as of the date hereof and upon the satisfaction of the following conditions precedent:

 

(a) Agent shall have received a fully executed copy of this Amendment; and

(b) no Default or Event of Default shall exist on the date hereof or as of the date of the effectiveness of this Amendment.

 

  

  

  

 

5.            Representations and Warranties. In order to induce Agent and Lenders to enter into this Amendment, each Borrower hereby represents and warrants to Agent and Lenders, after giving effect to this Amendment:

(a) the representations and warranties set forth in each of the Loan Documents are true and correct in all material respects on and as of the Closing Date and on and as of the date hereof with the same effect as though made on and as of the date hereof (except to the extent such representations and warranties by their terms expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct, in all material respects, as of such earlier date);

(b) no Default or Event of Default exists; and

 

(c) the execution, delivery and performance of this Amendment has been duly authorized by all requisite corporate or other relevant action on the part of such Borrower.

6.            Miscellaneous.

(a) Expenses. Borrowers agree to pay on demand all reasonable and documented out-of-pocket costs and expenses of Agent (including legal fees and expenses of outside counsel for Agent) in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith. All obligations provided in this Section 6(a) shall survive any termination of this Amendment and the Loan Agreement as amended hereby.

(b) Governing Law. This Amendment shall be a contract made under and governed by the internal laws of the State of New York.

 

(c) Counterparts. This Amendment may be executed in any number of counterparts, and by the parties hereto on the same or separate counterparts, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment.

  

  

  

 

 

7.            Release.

(a) In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Loan Party, on behalf of itself and its successors and assigns hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges (the "Release") Agent and Lenders, and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, each Lender and all such other Persons being hereinafter referred to collectively as the "Releasees" and individually as a "Releasee"), of and from all actions, causes of action, suits and any and all other claims and rights of set-off whatsoever (individually, a "Claim" and collectively, "Claims") of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which such Loan Party or any of its respective successors or assigns may now or hereafter own, hold, have or claim to have against the Releasees or any of them for or on account of or in relation to any of the Loan Agreement or any of the other Loan Documents or transactions thereunder which arises at any time on or prior to the day and date of this Amendment; provided, that the foregoing Release shall not apply, and shall have no effect with respect to, any Claim, whether arising on, prior to or after the day and date of this Amendment, for or on account of, or in relation to, any Bank Product.

(b) Each Loan Party understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.

 

(c) Each Loan Party agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.

 

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized and delivered as of the date first above written.

	  	
BORROWERS:

	  	  	  
	  	
CENTURY ALUMINUM COMPANY

	  	  	  
	  	
By:

	
/s/ Michelle Lair

	  	
Name:

	
Michelle Lair

	  	
Title:

	
Vice President

	  	  	  
	  	
BERKELEY ALUMINUM, INC.

	  	  	  
	  	
By:

	
/s/ Michelle Lair

	  	
Name:

	
Michelle Lair

	  	
Title:

	
Vice President

	  	  	  
	  	
CENTURY ALUMINUM OF WEST VIRGINIA, INC.

	  	  	  
	  	
By:

	
/s/ Michelle Lair

	  	
Name:

	
Michelle Lair

	  	
Title:

	
Vice President

	  	  	  
	  	
CENTURY ALUMINUM OF KENTUCKY GENERAL PARTNERSHIP

	 	 	 
	 	By:	 METALSCO LLC, its Managing Partner
	  	  	  
	  	
By:

	
/s/ Michelle Lair

	  	
Name:

	
Michelle Lair

	  	
Title:

	
Vice President

	  	  	  
	  	
NSA GENERAL PARTNERSHIP

	  	  	  
	  	
By:

	
CENTURY KENTUCKY, INC., its Managing Partner

	  	  	  
	  	
By:

	
/s/ Michelle Lair

	  	
Name:

	
Michelle Lair

	  	
Title:

	
Vice President

 

  

  

  

 

 

	  	
AGENT AND LENDERS:

	  	  	  
	  	
WELLS FARGO CAPITAL FINANCE, LLC,

	  	
As Agent and as a Lender

	  	  	  
	  	
By:

	
/s/ Daniel Whitwer

	  	
Name:

	
Daniel Whitwer

	  	
Title:

	
Senior Vice PresidentExhibit 10.1

Exhibit 10.1

July 30, 2010

Marion H. Van Fosson

1111 Muckey Road

Marathon, NY 13803

Dear Marion:

On behalf of EMS Technologies, Inc. I am pleased to offer you the position of Vice President and
General Manager, Defense & Space division reporting to John B. Mowell, Executive Director, Chairman
of the Board. We believe your skills and background will be valuable assets to our organization
and we look forward to having you join our team.

Compensation Program

In this position, your initial salary will be $8,846.15 per pay period, payable as earned. You will
be paid on a bi-weekly basis. We would like you to start work on or before 8/23/2010.

Incentive Compensation:

This position participates in our Annual Incentive Compensation Plan. Your position is scheduled
for a target award of 40% of your annual base pay upon achievement of company, divisional and
individual performance targets. Awards, if earned, are granted in cash and/or stock in the first
quarter of the year following each Plan year. You will be eligible for a pro rata award payment in
2011 for the 2010 Plan year. Your participation will be subject to the terms of the Plan, which is
available for your review upon request.

The Company may modify the Plan at any time. Relevant participation levels and targets are
reviewed annually and revised by the Company, in its discretion. The incentive awards are based on
Company performance against specified targets, and the Company’s evaluation of your contributions,
performance and level of responsibility. Amounts paid are likely to vary from year to year.

EMS Performance Bonus:

This position participates in our EMS Performance Bonus (EPB) program, a compensation program that
allows EMS to share the rewards of successful business unit and corporate performance results with
our employees. Your target EPB bonus is 4% of your actual base pay for the plan year, which is
January 1st through December 31st. EPB bonus payments are determined by
operating profit results compared to business unit and corporate plans, and will be paid, if
earned, in the Spring following the end of the plan year. Program terms are available for your
review upon request.

Stock Options: Within three months of your start date you will be granted a formal option to
purchase 5,000 shares of EMS Technologies, Inc. Common Stock. This option requires approval by the
appropriate committee of the Board of Directors and will be issued at a price equal to the market
value of the stock on the date such approval is received. Options in this grant will become
exercisable 33% per year after one year of continued employment. All options will expire after six
years or upon termination of employment. Further details will be provided at the time of the
grant.

 

 

 

Sign On Bonus:

To demonstrate our commitment to having you join our team, this offer includes a $10,000 sign-on
bonus. The bonus will be paid during your first two weeks of employment. Specifics about this bonus
are attached as Schedule A.

Relocation:

This position requires your relocation to the Atlanta, GA metro area. To assist you with your
relocation expenses, EMS agrees to provide relocation assistance as described in the attached
Schedule B.

Benefits:

During the interview process, you received a summary of our benefit plans. In addition to the plans
described in the summary, you are eligible for a supplemental medical insurance plan through
Exec-U-Care. Detailed information regarding your benefits will be provided during New Employee
Orientation. Your New Employee Orientation will be held on your first day of employment.

Offer Conditions:

The offer described above is conditioned upon successful reference and background checks. In
addition, you will be required to complete a negative-results drug screening test before your start
date. Pre-employment drug screening is conducted in accordance with EMS’s Drug-Free Workplace
Policy (enclosed). You will receive an email with an eScreen ePassportTM outlining the location and
instructions for your pre-employment drug screen. If you have any questions regarding our policy
or the test, please contact the Human Resources Department as soon as possible.

This offer is also conditioned upon your signing and returning the enclosed employee agreement
dealing with inventions and non-disclosure, and is subject in all respects to the Terms of
Employment which you previously agreed to. Your employment relationship with EMS will be governed
by and determined in accordance with the laws of the State of Georgia.

Defense & Space (D&S) Employment:

Employees of the D&S division are required to provide proof of U.S. citizenship in order to obtain
access to controlled areas. You must provide proof of U.S. citizenship before your start date.
Acceptable proof of citizenship is an original of any of the following documents:

	 	1.	 	U.S. Birth Certificate
	 
	 	2.	 	Certificate of Naturalization
	 
	 	3.	 	A current or expired U.S. passport
	 
	 	4.	 	A record of military Processing-Armed forces of the United States (DD Form 1966)
indicating U.S. citizenship

Security Clearance:

The position for which are being hired requires that you obtain and maintain a US government
security clearance. Should you be unable to obtain the required security clearance, it will not be
possible for you to work in this position.

Acceptance:

The offer made by this letter is available for your acceptance (by signature below and return to
us) during the seven-day period following the date of this letter written above. After that date,
the offer is withdrawn and will no longer be open for acceptance.

 

2

 

Marion — congratulations in advance on the beginning of what we trust will be a long and rewarding
employment relationship with EMS. We look forward to your meaningful contributions to EMS
Technologies.

If you have any questions, please feel free to contact Laura Fincher at 770-263-9200 x6817.

Sincerely,

EMS Technologies, Inc.

	 	 	 
	/s/ Matthew Carlomagno
 

	 	 

Matthew Carlomagno

Corporate Director, People and Infrastructure

Enclosures

	 	 	 	 	 	 	 	 
	Accepted By:

	 	/s/ Maion H. Van Fosson
 

	 	Date: August 3, 2010
 

	 	 
	 
	 	 	 	 	 	 	 
	Start Date:

	 	 	August 23, 2010	 	 	 	 

 

3

 

Schedule A

Sign On Bonus:

Your $10,000 signing bonus will be paid within two weeks of hire as follows:

Thirty-five percent (35%) of the bonus will be withheld against applicable income taxes. Should you
leave within the first two years of your new assignment through voluntary resignation or
termination for cause, you will be required to reimburse the Company for the amount paid to you.
The amount due will be prorated monthly. In the event of termination through change of control of
the business, involuntarily without cause, death or disability during this period, reimbursement is
not expected.

At the end of your second year the amount of the signing bonus will be reported to the IRS and
reflected on your W-2 as income for the year, and the thirty-five percent (35%) withheld portion
will be applied at that time against withholding taxes that the Company must submit on your behalf.

Schedule B:

Relocation

You will receive an allowance of $50,000 to assist with your relocation. Relocation expenses
will be reimbursed from this allowance based on receipts submitted. Any amount not reimbursed
via receipts by the end of 2010 will be paid out in a lump sum, grossed up for taxes.

Should you leave within the first two years of your new assignment through voluntary
resignation or termination for cause, you will be required to reimburse the Company for the
funds provided for your move. The amount due will be prorated monthly. In the event of
termination through change of control of the business, involuntarily without cause, death or
disability during this period, reimbursement is not expected.

Initials: MHV Date: August 23, 2010

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}]]