Document:

First supplemental indenture

  
  

STAR GAS PARTNERS, L.P., 
  
 STAR GAS FINANCE COMPANY, 
  
 AND 
  
 UNION BANK OF CALIFORNIA, N.A., 
  
 AS TRUSTEE 
  
 101⁄4%
Senior Notes due 2013 
  
 FIRST SUPPLEMENTAL INDENTURE

  
 Dated as of January 22, 2004 
  
 Supplementing that certain Indenture dated as of February 6, 2003

  
  

  

 FIRST SUPPLEMENTAL INDENTURE 
  
 FIRST SUPPLEMENTAL INDENTURE, dated as of January 22, 2004, between STAR GAS PARTNERS, L.P., a Delaware limited partnership
(the “Company”), STAR GAS FINANCE COMPANY, a Delaware corporation (the “Co-Issuer”, together with the Company, the “Issuers”) and UNION BANK OF CALIFORNIA, N.A. (the “Trustee”) as
Trustee, supplementing that certain Indenture dated as of February 6, 2003 by and among the Issuers and the Trustee. All capitalized terms contained in this First Supplemental Indenture shall have the same meaning as set forth in the Indenture (as
defined below) except as set forth herein. 
  
 RECITALS OF THE
COMPANY 
  
 WHEREAS, the Issuers and the Trustee have
entered into the Indenture, providing for the issuance of debt securities; 
  
 WHEREAS, on February 6, 2003, the Issuers issued an aggregate principal amount of $200,000,000 of its 101⁄4% Senior Notes due 2013 (the “Original Notes”) under the Indenture;

  
 WHEREAS, as of the date hereof, for its lawful
corporate purposes, the Issuers have created and authorized an additional aggregate principal amount of $35,000,000 101⁄4% Senior Notes due 2013 (the “Additional Notes”) to be authenticated and delivered pursuant to the
Indenture; 
  
 WHEREAS, pursuant to Section 9.1 of the
Indenture, the Issuers and the Trustee have elected to amend the Indenture without notice to or consent of any Securityholder in order to cure certain ambiguities, omissions, defects and inconsistencies under the Indenture; and 
  
 WHEREAS, the Original Notes have been and the Additional Notes are
being issued under the Indenture, and are subject to the terms contained therein and this First Supplemental Indenture. 
  
 NOW, THEREFORE, for and in consideration of the mutual entry into this First Supplemental Indenture by the parties hereto, and for other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged by each party hereto, the parties hereto agree for the equal and ratable benefit of all Securityholders as follows: 
  
 PREAMBLE 
  
 1. Amendment of PREAMBLE. The second paragraph of the preamble to the Indenture is hereby modified and amended
in its entirety to read in full as follows: 
  
 “Each party
agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Securityholders of (i) the Issuers’ 101⁄4% Senior Notes due 2013, issued on the date hereof (the “Initial Securities”), (ii)
if and when issued, an unlimited principal amount of additional 101⁄4% Senior Notes due 2013 in a non-registered offering or in a registered offering of the Issuers that may be offered from time to time subsequent to the Issue Date (the
“Additional Securities” or the 
  

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 “Additional Notes”) and (iii) if and when issued, the Issuers’ 101⁄4% Senior Notes due 2013 that
may be issued from time to time in exchange for Initial Securities or any Additional Securities in an offer registered under the Securities Act as provided in a Registration Rights Agreement (as hereinafter defined the “Exchange
Securities,” and together with the Initial Securities and the Additional Securities, the “Securities” or the “Notes”).” 
  
 ARTICLE I 
  
 Definitions and Incorporation by Reference 
  
 2. Amendment of SECTION 1.1. SECTION 1.1 of the Indenture is hereby modified to add the following defined term: 
  
 ““Board Resolution” means (i) in the case of the
Company, a resolution properly authorized and approved by the board of directors of the general partner of the Company; and (ii) in the case of the Co-Issuer, a resolution properly authorized and approved by the board of directors of the
Co-Issuer.” 
  
 3. Amendment of SECTION 1.1.
SECTION 1.1 of the Indenture is hereby modified to delete the following defined term in its entirety and substituting in lieu thereof the following: 
  
 ““Registration Rights Agreement” means (i) in the case of the Original Notes, that certain registration rights agreement dated as of
February 6, 2003 by and among the Company and the initial purchasers set forth therein; (ii) in the case of the Additional Notes, that certain registration rights agreement dated as of January 22, 2004 by and among the Company and the initial
purchaser set forth therein; and (iii) in the case of the issuance of any other Additional Securities, that certain registration rights agreement dated as of and entered into in connection with the issuance of such Additional Securities.”

  
 ARTICLE III 
  
 Covenants 
  
 4. Amendment of SECTION 3.4(a)(3). SECTION 3.4(a)(3) of the Indenture is hereby modified and amended in its
entirety to read in full as follows: 
  
 “make any principal
payment on, or purchase, defease, repurchase, redeem or otherwise acquire or retire for value, prior to any scheduled maturity, scheduled repayment, scheduled sinking fund payment or other Stated Maturity, any subordinated Indebtedness of the
Company, other than any such Indebtedness owed to the Company or a Restricted Subsidiary; or” 
  
 5. Amendment of SECTION 3.8(b)(2). SECTION 3.8(b)(2) of the Indenture is hereby modified and amended in its entirety to read in full as
follows: 
  

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 “transactions permitted by Section 3.4 hereof;” 
  
 6. GOVERNING LAW. THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE

  
 GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. 
  
 7. Counterparts. This First
Supplemental Indenture may be executed in multiple counterparts, each of which shall be an original and all of which, when taken together, shall constitute one and the same instrument. 
  
 8. Effect of Headings. The Section headings herein are for convenience only and shall not affect the
construction of this First Supplemental Indenture. 
  
 [signature
page follows] 
  
  

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 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly
executed as of the day and year first above written. 
  

			
	 STAR GAS PARTNERS, L.P.
  
 By: STAR GAS LLC, its General Partner

		
	By:	 	 
	 	 	

	 	 	 Name:
 Title:

  
  

			
	STAR GAS FINANCE COMPANY
		
	By:	 	 
	 	 	

	 	 	 Name:
 Title:

  
  

			
	 UNION BANK OF CALIFORNIA, N.A.
 as
Trustee

		
	By:	 	 
	 	 	

	 	 	 Name:
 Title:

  
  

 5Exhibit 10.c

  
 EXHIBIT NO. 10(c)

  
 AMENDMENT NO. 4 
 TO THE 
 ROANOKE ELECTRIC STEEL
CORPORATION 
 EMPLOYEES’ STOCK OPTION PLAN 
  
 WHEREAS, the Board of Directors of Roanoke Electric Steel Corporation (“RESCO”) adopted the Roanoke Electric Steel
Corporation Employees’ Stock Option Plan (the “Plan”) on November 15, 1988, the shareholders of RESCO approved the Plan on January 16, 1989, and the Compensation and Stock Option Committee of the Board of Directors approved amendments
to the Plan in 1991, 1995 and 1998 to reflect three-for-two stock splits of RESCO’s common stock; and 
  
 WHEREAS, effective as of June 30, 2003, The Nasdaq Stock Market, Inc. (“Nasdaq”) amended its rules (the “Amended Rules”) relating to
shareholder approval of equity compensation plans, and, based on such amended rules, the Board of Directors believed that it was advisable to amend the terms of the Plan to comply with the terms of the Amended Rules and, on October 21, 2003,
approved an amendment to the Plan in the form set forth herein (the “Amendment”), subject to interpretative guidance from Nasdaq that the Plan, as amended by the Amendment, would be in compliance with the Amended Rules; and 
  
 WHEREAS, by a letter dated November 12, 2003, Nasdaq provided interpretative
guidance that the Amendment would not be considered a material amendment under the Amended Rules and that the Plan, as amended by the Amendment, would be grandfathered plan in compliance with the Amended Rules; 
  
 NOW, THEREFORE, BE IT RESOLVED, that: 
  

	 	1.	Paragraph 6 of the Plan is amended and restated as follows: 

  

	 	6.	Shares Available. 

  
 (a) From and after June 30, 2003 (the “Effective Date”), there shall be reserved for issuance under the Plan an aggregate of
112,500 shares of the Company’s Common Stock with respect to Options granted from and after the Effective Date, subject to the provisions in paragraph 6(c) and 7 of this Plan. 
  
 (b) As to Options granted prior to the Effective Date, the aggregate number of shares of the Company’s
Common Stock which may be issued upon the exercise of Options granted under the Plan shall not exceed 112,500 per Plan Year, subject to adjustment under the provisions of paragraph 7. 
  
 (c) Shares of Common Stock to be issued upon the exercise of options may be authorized but unissued shares
or shares issued or reacquired by the Company. In the event any Options shall, for any reason, terminate or expire or be surrendered without having been exercised in full, the shares subject to such Option but not purchased thereunder shall again be
available for Options granted under the Plan. 
  

	 	2.	In all other respects, the Plan is ratified and affirmed. 

  
 WITNESS the following signature, this 1st day of December, 2003. 
  

			
	 ROANOKE ELECTRIC STEEL CORPORATION

		
	 By:
	 	 /s/ George B. Cartledge, Jr.

	 	 	 Chairman, Compensation and
 Stock Option
CommitteeExhibit 10.d

  
 EXHIBIT NO. 10(d)

  
 ROANOKE ELECTRIC STEEL CORPORATION 
 NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN 
  
 1. Purpose. The purpose of the Roanoke Electric Steel Corporation Non-Employee Directors Stock Option Plan (the “Plan”) is to
encourage ownership in the Company by non-employee members of the Board of Directors, in order to promote long-term shareholder value and to provide non-employee members of the Board with an incentive to continue as directors of the Company.

  
 2. Definitions. As used in the Plan, the
following terms have the meanings indicated: 
  
 A. “Board” means the Board of Directors of the Company. 
  
 B. “Company” means Roanoke Electric Steel Corporation, a Virginia corporation. 
  
 C. “Committee” means the Compensation and Stock Option Committee of the Board. 
  
 D. “Company Stock” means the Common Stock of the
Company (including, but not limited to, rights, options or warrants for the purchase of common or preferred stock of the Company issued to shareholders generally). If the par value of the Company Stock is changed, or in the event of a change in the
capital structure of the Company (as provided in Section 10), the shares resulting from such a change shall be deemed to be the Company Stock within the meaning of the Plan. 
  
 E. “Date of Grant” means the date as of which a director is automatically awarded an Option
pursuant to Section 7. 
  
 F. “Effective
Date” means February 18, 1997. 
  
 G.
“Eligible Director” means a director described in Section 4. 
  
 H. “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 I. “Fair Market Value” means on a specific date the closing sales price of Company Stock on a nationally recognized stock
exchange or, if not traded on such an exchange, the Nasdaq Stock Market, on the date involved if that is the trading day, and if not, the first trading day prior to such day. If the Company Stock is not quoted on the Nasdaq Stock Market, then Fair
Market Value shall mean the average between the bid and asked prices of the Company Stock on the date involved if that is a trading day, or if not, the first trading day prior to such day. 
  
 J. “IRC” means the Internal Revenue Code of 1986,
as amended. 
  

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 K. “Option” or “Options” means the right to purchase Company Stock
subject to the terms and conditions set forth in Section 7. 
  
 L. “Subsidiary” means, with respect to any corporation, a corporation more than 50% of whose voting shares are owned directly or indirectly by the Company. 
  
 3. Administration. The Plan shall be administered by the
Committee. The award of Options under the Plan shall be automatic as described in Section 7. However, the Committee shall have all powers vested in it by the terms of the Plan, including, without limitation, the authority (within the limitations
described herein) to prescribe the form of the agreement applicable to evidence the award of Options under the Plan, to construe the Plan, to determine all questions arising under the Plan, and to adopt and amend rules and regulations for the
administration of the Plan as it may deem desirable. Any decision of the Committee in the administration of the Plan, as described herein, shall be final and conclusive. No member of the Committee shall be liable for anything done or omitted to be
done by him or any other member of the Committee in connection with the Plan, except for his own willful misconduct or as expressly provided by statute. 
  
 4. Participation in the Plan. Each director of the Company who is not otherwise an employee of the Company or any Subsidiary, shall be
eligible to participate in the Plan. 
  
 5. Stock Subject to
the Plan. The maximum number of shares of Company Stock that may be issued pursuant to the exercise of Options granted pursuant to the Plan shall be 25,000. Shares that have not been issued under the Plan allocable to Options and portions of
Options that expire or terminate unexercised may again be subject to the award of a new Option. For purposes of determining the number of shares that are available under the Plan, such number shall include the number of shares surrendered by an
optionee in connection with the exercise of an Option. 
  
 6.
Non-Statutory Stock Options. All Options granted under the Plan shall be non-statutory in nature and shall not be entitled to special tax treatment under Code Section 422. 
  
 7. Terms, Conditions and Awards of Options. Each award of an Option shall be evidenced by a written agreement
in such form as the Committee shall from time to time approve, which agreement shall comply with and be subject to the following terms and conditions: 
  
 (a) Awards of Options. Options for the purchase of shares of Company Stock shall be awarded at the times and for the number of
shares as follows: 
  
 (i) Each person who is an
Eligible Director on the Effective Date of the Plan shall automatically receive: (i) on the Effective Date of the Plan, an Option to purchase 1,000 shares of Company Stock; and (ii) on the one-year anniversary of the Effective Date of the Plan, an
option to purchase an additional 1,000 shares of Company Stock; and 
  

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 (ii) A Director who first becomes an Eligible Director after the Effective Date of the
Plan may, upon action of the Committee, be granted an Option or Options to purchase shares of Company Stock under the Plan. 
  
 (b) Option Exercise Price. The Option exercise price shall be the Fair Market Value of the shares of Company Stock subject to such
Option on the Date of Grant. 
  
 (c) Options
Not Transferable. An Option shall not be transferable by the optionee otherwise than by will, or by the laws of descent and distribution, and shall be exercised during the lifetime of the optionee only by him. An Option transferred by will or by
the laws of descent and distribution may be exercised by the optionee’s personal representative as provided in Section 7(e). No Option or interest therein may be transferred, assigned, pledged or hypothecated by the optionee during his
lifetime, whether by operation of law or otherwise, or be made subject to execution, attachment or similar process. 
  
 (d) Exercise of Options. An Option shall be exercisable on the Date of Grant; provided, however, that no Option may be exercised:

  
 (i) before all applicable federal and state
securities laws have been complied with; 
  
 (ii)
if the optionee is not an Eligible Director on the Date of Grant; 
  
 (iii) if sooner terminated in accordance with the terms of the Plan or the Option, or later than ten (10) years from the Date of Grant; and 
  
 (iv) except by written notice to the Company (as provided in the Option) at its principal office, stating
the number of shares of Company Stock the optionee has elected to purchase, accompanied by payment in cash and/or by delivery to the Company of shares of Company Stock owned by the optionee (valued at Fair Market Value on the date of exercise) in
the amount of the full Option exercise price for the shares of Company Stock being acquired thereunder. No Option may be exercised for a fraction of a share, and no partial exercise of any Option may be for less than 100 shares. 
  
 (e) Death of Optionee. In the event of the
optionee’s death within the period the optionee could have exercised the Option, the Option may be exercised by the optionee’s personal representative within one year from the date of death to the extent and in the manner the optionee
could have exercised the Option on the date of death; provided that no Option may be exercised later than ten years from the date of grant. 
  
 (f) Withholding. Upon the exercise of Options issued hereunder, the Company shall have the right to require the optionee to pay the
Company the amount of taxes, if any, which the Company may be required to withhold with respect to such shares. 
  

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 8. Limitation of Rights. 
  
 (a) No Right to Continue as a Director. Neither the Plan nor the grant of an Option, nor any other
action taken pursuant to the Plan, shall constitute or be evidence of any agreement or understanding, express or implied, that the Company will retain any person as a director for any period of time. 
  
 (b) No Shareholders Rights Under Options. An optionee
shall have no rights as a shareholder with respect to shares of Company Stock covered by his Options until the date of exercise of the Option, and, except as permitted in Section 11, no adjustment will be made for dividends or other rights for which
the record date is prior to the date of such exercise. 
  
 9.
Changes in Capital Structure. 
  
 (a) If the number of outstanding shares of Company Stock is increased or decreased as a result of a subdivision or consolidation of shares, the payment of a stock dividend, stock split, spin-off, or any other change in capitalization
effected without receipt of consideration by the Company (including, but not limited to, the creation or issuance to shareholders generally of rights, options or warrants for the purchase of common or preferred stock of the Company), the number and
kind of shares of stock or securities of the Company to be subject to the Plan, the maximum number of shares or securities which may be delivered under the Plan, and other relevant provisions may, in its discretion, be appropriately adjusted by the
Committee, whose determination shall be binding and conclusive on all persons, provided that in no event shall the rights or value of the Options be enhanced as a result of any such adjustment. 
  
 (b) Notwithstanding anything in the Plan to the contrary,
the Committee may take the foregoing actions without the consent of any optionee, and the Committee’s determination shall be conclusive and binding on all persons for all purposes. 
  
 10. Duration and Amendment of the Plan. There is no express limitation upon the duration of the Plan. The
Board may terminate the Plan or amend the Plan in any respect; provided that any termination of the Plan will not have the effect of terminating Options then outstanding under the Plan. Such outstanding Options shall continue in effect pursuant to
their terms and the terms of the Plan in effect on the date of termination of the Plan. The Plan shall not be amended more than once every six months other than an amendment required to comply with changes in the Internal Revenue Code or regulations
thereunder. 
  
 11. Notice. All notices and other
communications required or permitted to be given under this Plan shall be in writing and shall be deemed to have been duly given if delivered personally or mailed first class, postage prepaid, as follows: (a) if to the Company—at its principal
business address to the attention of the Secretary; (b) if to any optionee—at the last address of the optionee known to the sender at the time the notice or other communication is sent. 
  
 12. Construction. The terms of this Plan shall be governed by
the laws of the Commonwealth of Virginia. 
  

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 As evidence of its adoption of the Plan, the Company has caused this document to be signed by its officer
duly authorized this 18th day of February, 1997. 
  

			
	ROANOKE ELECTRIC STEEL CORPORATION
		
	 By
	 	 /s/ Donald G. Smith

	 	 	 President

  

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