Document:

AMENDMENT TO EMPLOYMENT AGREEMENT

 

Exhibit 10.1

AMENDMENT TO EMPLOYMENT
AGREEMENT

     AMENDMENT
dated as of June 27, 2003 (“Amendment”) to that certain
Employment Agreement (“Agreement”) dated as of September 6, 2000 by and between
Aetna Inc., a Pennsylvania corporation, and John W. Rowe, M.D. (“Executive”)
(certain capitalized terms used herein being defined in Article 7 of the
Agreement).

     WHEREAS, the Board and the Executive desire to extend the term of and
otherwise amend the Agreement on the terms and conditions set forth below;

     WHEREAS, the Company and Executive desire to enter into this Amendment
embodying the terms of such extension and amendment;

     NOW THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements of the parties set forth in this Amendment, and of
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound, agree
as follows:

     1.     Section 1.02 of the Agreement shall be deleted and replaced in its
entirety as follows:

		
	 	“SECTION 1.02. Term. Executive shall be employed by the Company
for a period commencing on the Effective Date and, subject to
earlier termination as provided herein, ending on December 31, 2006
(the “Employment Term”).”

     2.     Effective July 7, 2003, Executive’s Base Salary as referred to in
Section 2.01 shall be increased by $100,000 to the annual rate of $1,100,000,
payable in accordance with the payroll and administrative practices of the
Company from time to time; provided, however, that such increase shall be
mandatorily deferred (but nevertheless remain eligible for benefits) until the
later of a date or dates elected by Executive prior to the effective date of
such increase or the January 1st following Executive’s termination of
employment and shall earn a rate of return in accordance with the Company’s
deferral program applicable to the Company’s senior executive officers in
effect from time to time.

     3.     Section 2.04 of the Agreement shall be deleted and replaced in its
entirety as follows:

		
	 	“SECTION 2.04. Life Insurance. During the Employment Term,
Company shall pay an annual premium of $73,500 on life insurance
covering Executive and payable to beneficiaries designated by
Executive.”

     4.     Section 2.05(c) of the Agreement shall be deleted and replaced in its
entirety as follows:

 

 

		
	 	“SECTION 2.05. Employee Benefits. (c) Upon attaining age 62,
Executive shall be entitled to a single life annuity for his lifetime
under the Company’s supplemental non-qualified defined benefit plan
of not less than $750,000, offset by the single life annuity
equivalent amount, using the factors identified in said supplemental
non-qualified defined benefit plan, attributable to Company
contributions to the Company’s qualified and non-qualified defined
contribution and defined benefit plans (the “Pension Benefits”).
Executive shall vest in the Pension Benefits, subject to continued
employment with the Company, in annual installments as follows:
$300,000 on September 14, 2002, an additional $150,000 on September
14, 2003, an additional $150,000 on September 14, 2004, and an
additional $150,000 on September 14, 2005. The Pension Benefit shall
be payable in the form and at the times provided, from time to time,
in the Retirement Plan.”

     5.     Section 3.05 regarding non-renewal payments shall no longer be
applicable and shall be deleted in its entirety.

     Except as modified above, all of the provisions, terms and conditions of
the Agreement remain in full force and effect.

     IN WITNESS WHEREOF, the Company and Executive have executed this
Amendment, to be effective as of the day and year first written above.

	 	 	 
	JOHN W. ROWE, M.D.	 	
AETNA INC.

	 	 	 	 	 
	/s/: John W. Rowe, MD

	 	
By:
	 	/s/: Elease E. Wright

Elease E. Wright

Title: Senior Vice President HRLETTER AGREEMENT

 

Exhibit 10.2

	 	151 Farmington Avenue

Hartford, CT 06156

	 	 	 
	 	 	
John W. Rowe, M.D.
	 	 	
Chairman & CEO
	 	 	
860-273-4455
	June 30, 2003	 	
Fax: 860-273-6872

David B. Kelso

Dear David:

In order to facilitate the continuation of our discussions, I believe that we
should change the notice period applicable to the extension of your employment
agreement. Accordingly, this letter is to evidence our mutual agreement to
reduce the 90 day written notice period specified in Section 1.02 of that
certain Employment Agreement dated as of September 13, 2001 by and between you
and the Company to a period of 30 days.

All capitalized terms used herein shall have the same meanings as set forth in
the Agreement.

Sincerely,

/s/: John W. Rowe

John W. Rowe, M.D.

Agreed:

/s/: David B. Kelso

David B. Kelso

/s/: 6/30/03

Date<PAGE>

                                                                     EXHIBIT 4.2
                                                                  Execution Copy

                          FIRST SUPPLEMENTAL INDENTURE

                  FIRST SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"),
dated as of June 9, 2003, among HLI Netherlands Holdings, Inc., a Delaware
corporation, Hayes Lemmerz Funding Corporation, a Delaware corporation, Hayes
Lemmerz Funding Company, LLC, a Delaware limited liability company, Hayes
Lemmerz International Import, Inc., a Delaware corporation and CMI-Quaker Alloy,
Inc., a Pennsylvania corporation (each an "Additional Guarantor"), each of which
is a direct or indirect, wholly-owned subsidiary of HLI Operating Company, Inc.,
a Delaware corporation (the "Company"), the Company and U.S. Bank National
Association, as trustee under the Indenture referred to below (the "Trustee").

                               W I T N E S S E T H

                  WHEREAS, the Company has heretofore executed and delivered to
the Trustee an indenture (the "Indenture"), dated as of June 3, 2003, providing
for the initial issuance of an aggregate principal amount of $250.0 million of
10-1/2% Senior Notes due 2010 (the "Notes");

                  WHEREAS, Section 4.19(b) of the Indenture provides that each
Additional Guarantor shall execute and deliver to the Trustee a Note Guaranty
(as defined in the Indenture) within five Business Days of the dismissal of
bankruptcy cases relating to the Additional Guarantors;

                  WHEREAS, the bankruptcy cases relating to the Additional
Guarantors were dismissed on June 2, 2003 and, accordingly, each of the
Additional Guarantors has heretofore executed and delivered to the Trustee a
Note Guaranty in the form specified by the Indenture and, in connection
therewith, is executing and delivering this Supplemental Indenture; and

                  WHEREAS, pursuant to Section 9.06 of the Indenture, the
Trustee is authorized to execute and deliver this Supplemental Indenture.

                  NOW THEREFORE, in consideration of the foregoing and for other
good and valuable consideration, the receipt of which is hereby acknowledged,
each Additional Guarantor and the Trustee mutually covenant and agree for the
equal and ratable benefit of the Holders of the Notes as follows:

         1.       CAPITALIZED TERMS. Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture.

         2.       AGREEMENT TO GUARANTEE. Each Additional Guarantor hereby
agrees to jointly and severally Guarantee to each Holder of a Note authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns,
the due and punctual payment of the principal of, premium, if any and interest
on the Notes and all of the other obligations of the Company under the
Indenture, the Registration Rights Agreement or

<PAGE>

any other agreement for the benefit of the Holders and the Trustee, in each
case, pursuant to, and subject to the provisions of, the terms and conditions of
Article 10 of the Indenture, and to otherwise assume the obligations and accept
the rights of a Guarantor under the Indenture.

         3.       EXECUTION AND DELIVERY. To evidence its guarantee set forth in
Section 2 of this Supplemental Indenture, each Additional Guarantor has
heretofore executed and delivered to the Trustee a notation of such guarantee in
substantially the form included in Exhibit E to the Indenture.

         4.       NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND
SHAREHOLDERS. No past, present or future director, officer, employee,
incorporator or shareholder of the Company, any successor Person, any Guarantor
or any Additional Guarantor, as such, shall have any liability for any
obligations of the Company, of the Guarantors or of the Additional Guarantors
under the Notes, this Indenture, the Guarantees or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder, by
accepting a Note, waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes. The waiver and release
may not be effective to waive or release liabilities under the federal
securities laws.

         5.       RELEASE OF ADDITIONAL GUARANTORS. The Guarantees of each of
the Additional Guarantors are subject to release upon the terms set forth in the
Indenture for the release of Guarantees.

         6.       GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

         7.       COUNTERPARTS. The parties may sign any number of copies of
this Supplemental Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement.

         8.       EFFECT OF HEADINGS. The Section headings herein are for
convenience only and shall not affect the construction hereof.

         9.       THE TRUSTEE. The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein,
all of which recitals are made solely by each Additional Guarantor and the
Company.

         10.      RATIFICATION OF INDENTURE; SUPPLEMENTAL PART OF INDENTURE.
Except as specifically amended and supplemented by this Supplemental Indenture,
the Indenture shall remain in full force and effect and is hereby ratified and
confirmed. This

                                       2
<PAGE>

Supplemental Indenture shall form a part of the Indenture for all purposes, and
every holder of a Note heretofore or hereafter authenticated and delivered shall
be bound hereby.

                            [SIGNATURE PAGE FOLLOWS]

                                       3
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Supplemental Indenture to be duly executed and attested, all as of June 9, 2003.

                                       CMI-QUAKER ALLOY, INC.

                                       By: /s/ James A. Yost
                                           -------------------------------
                                           Name: James A. Yost
                                           Title: Vice President, Finance

                                       HLI NETHERLANDS HOLDINGS, INC.

                                       By: /s/ James A. Yost
                                           -------------------------------
                                           Name: James A. Yost
                                           Title: Vice President, Finance

                                       HAYES LEMMERZ FUNDING COMPANY,
                                       LLC

                                       By: /s/ Gary J. Findling
                                           -------------------------------
                                           Name: Gary J. Findling
                                           Title: Vice President, Finance

                                       HAYES LEMMERZ FUNDING CORPORATION

                                       By: /s/ Gary J. Findling
                                           -------------------------------
                                           Name: Gary J. Findling
                                           Title: Treasurer

                                       HAYES LEMMERZ INTERNATIONAL
                                       IMPORT, INC.

                                       By: /s/ James A. Yost
                                           -------------------------------
                                           Name: James A. Yost
                                           Title: Vice President, Finance

<PAGE>

                                       HLI OPERATING COMPANY, INC.

                                       By: /s/ James A. Yost
                                           -------------------------------
                                           Name: James A. Yost
                                           Title: Chief Financial Officer

                                       U.S. BANK NATIONAL ASSOCIATION,
                                       AS TRUSTEE

                                       By: /s/ James Kowalski
                                           -------------------------------
                                           Name: James Kowalski
                                           Title: Vice President

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