Document:

EX-10.11.3

 

EXHIBIT
10.11.3

Amendment to the

Deferred Compensation Plan for Non-Employee Directors

     This document (this “Amendment”) is an amendment to the Deferred Compensation Plan for
Non-Employee Directors (the “Plan”) of Ferro Corporation (the “Company”) that was adopted effective
January 1, 1995 and amended July 1, 2001.

Background

	A.	 	On January 1, 2005, Section 409A of the Internal Revenue Code became effective to impose new
requirements on deferred compensation, including the requirement that the form of payment be
fixed at the time income is deferred, and the requirement that any later election to change
that form of payment be subject to restrictions which include a 12-month notice period and a
5-year postponement of the payment commencement date (the “Election Restrictions”).

	B.	 	Deferrals made under the Plan on and after January 1, 2005 and their related earnings (the
“Post-2004 Deferrals”) are paid in the form of a single lump sum unless the participant elects
at the time of the deferral to instead receive payment in substantially equal monthly,
semi-annual or annual installments over a period not in excess of ten (10) years.

	C.	 	The Plan is permitted to provide a “transition election” in 2006 by which the participants
can elect, on or before December 31, 2006, to change the designated form of payment of their
Post 2004 Deferrals without being subject to the Election Restrictions.
	 
	D.	 	The Company desires to provide the Plan participants with such a transition election.

	E.	 	Article IV of the Plan permits the Company to amend the Plan, provided that the amendment
does not adversely affect the rights of participants;

Amendment

     NOW, THEREFORE, in consideration of the foregoing, pursuant to the provisions of Article IV of
the Plan, the Plan is hereby amended effective December 13, 2006, as follows:

     1. A new paragraph (c) is added at the end of Section 2.3 as it pertains to Post-2004
Deferrals to read as follows:

     “(c) Special Transition Election in 2006. Pursuant to the relief
granted in IRS Notice 2005-1, Q&A-19(c) and as described in the Proposed Treasury
Regulations under Code Section 409A, a Participant shall be permitted to make a new
election in 2006 regarding the form of distribution of the Participant’s Account,
provided that such election is made in writing and filed with the Corporation no later
than December 31, 2006. Such election shall be immediately effective; provided,
however, that such election shall not operate to change the form of distribution of
amounts that otherwise would be payable in 2006, nor will it operate to make payable
in 2006 amounts that would not otherwise be payable in that year.”

 

 

     IN WITNESS WHEREOF, the Company has caused this Amendment to be executed as of the
20th day of December, 2006.

	 	 	 	 	 
	 	Ferro Corporation

 	 
	 	By:  	/s/ James F. Kirsch
 	 
	 	 	James F. Kirsch 	 
	 	 	Chairman, President &

Chief Executive Officer 	 

 - 2 -EX-10.15.1

 

	 	 	 	 	 

EXHIBIT 10.15.1

Citicorp North America, Inc.

450 Mamaroneck Avenue

Harrison, NY 10528

October 16, 2006

Ferro Corporation

1000 Lakeside Avenue

Cleveland, OH 44114

Ferro Electronic Materials, Inc.

1000 Lakeside Avenue

Cleveland, OH 44114

Ferro Finance Corporation

1000 Lakeside Avenue, Suite A

Cleveland, OH 44114

     Re: Amendment No. 1 to Amended and Restated Receivables Purchase Agreement

Ladies and Gentlemen:

          We refer to that certain Amended and Restated Receivables Purchase Agreement, dated as of June
29, 2006 (the “Receivables Agreement”), among Ferro Finance Corporation (the “Seller”), as the
Seller, CAFCO, LLC (the “Investor”), as the Investor, Citicorp North America, Inc., as the Agent,
Ferro Electronic Materials, Inc. (“FEM”), as an Originator and Ferro Corporation (“Ferro Corp.”),
as the Collection Agent and an Originator. Terms not otherwise defined herein shall have the
meanings set forth in the Receivables Agreement.

          The parties hereto have agreed that the definition of “Other Approved Jurisdiction” in Section
1.01 of the Receivables Agreement shall hereby be amended by (i) replacing the reference to an “A-”
rating by S&P with a reference to a “BBB-” rating and (ii) replacing the reference to an “A3”
rating by Moody’s with a reference to a “Baa3” rating.

          Except as herein expressly amended, the Receivables Agreement is ratified and confirmed in all
respects and shall remain in full force and effect in accordance with its terms. All references to
the Receivables Agreement in the Receivables Agreement, the Originator Purchase Agreement and the
other Transaction Documents shall mean the Receivables Agreement as amended by this letter
agreement, and as hereafter amended, restated, supplemented or modified.

          This letter agreement shall be governed by, and construed in accordance with, the laws of the
State of New York.

  

 

     This letter agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this letter agreement by telecopier shall be effective
as delivery of a manually executed counterpart of this letter agreement.

	 	 	 	 	 
	 	CITICORP NORTH AMERICA, INC.,

as Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	AGREED:

FERRO FINANCE CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FERRO ELECTRONIC MATERIALS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FERRO CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

 2EX-10.16.1

 

EXHIBIT
10.16.1

Ferro Finance Corporation

1000 Lakeside Avenue, Suite A

Cleveland, OH 44114

October 16, 2006

Ferro Corporation

1000 Lakeside Avenue

Cleveland, OH 44114

Ferro Electronic Materials, Inc.

1000 Lakeside Avenue

Cleveland, OH 44114

          Re:      Amendment to Purchase and Contribution Agreement

Ladies and Gentlemen:

          We refer to that certain Purchase and Contribution Agreement, dated as of September 28, 2000,
as heretofore amended (the “PCA”), among Ferro Finance Corporation, as the Purchaser (the
“Purchaser”), Ferro Electronic Materials, Inc. (“FEM”), as a Seller and Ferro Corporation (“Ferro
Corp.”, and together with FEM, the “Sellers”), as a Seller. Terms not otherwise defined herein
shall have the meanings set forth in the PCA.

          The parties hereto have agreed that the definition of “Other Approved Jurisdiction” in Section
1.01 of the PCA shall hereby be amended by (i) replacing the reference to an “A-” rating by S&P
with a reference to a “BBB-” rating and (ii) replacing the reference to an “A3” rating by Moody’s
with a reference to a “Baa3” rating.

          Except as herein expressly amended, the PCA is ratified and confirmed in all respects and
shall remain in full force and effect in accordance with its terms. All references to the PCA in
the PCA, the Sale Agreement and the other documents and instruments delivered pursuant thereto or
in connection therewith shall mean the PCA as amended by this letter agreement, and as hereafter
amended, restated, supplemented or modified.

          Ferro Corp., as undertaking party under the Undertaking Agreement, hereby consents to the
amendment contemplated by this letter agreement and hereby confirms and agrees that,
notwithstanding the effectiveness of this letter agreement, the Undertaking Agreement heretofore
executed and delivered by it is, and shall continue to be, in full force and effect and shall apply
to the PCA as amended by this letter agreement, and the Undertaking Agreement is hereby ratified
and confirmed.

          This letter agreement shall be governed by, and construed in accordance with, the laws of the
State of New York.

 

 

          This letter agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this letter agreement by telecopier shall be effective
as delivery of a manually executed counterpart of this letter agreement.

	 	 	 	 	 
	 	FERRO FINANCE CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

AGREED:

FERRO ELECTRONIC MATERIALS, INC.

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

FERRO CORPORATION

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

Pursuant to Section 5.01(m) of the Sale Agreement

(as such term is defined in the PCA), the undersigned

consents to the foregoing amendment to the PCA

dated October 16, 2006.

CITICORP NORTH AMERICA, INC., as Agent

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

2EX-10.1

 

EXHIBIT 10.1

CEDAR FAIR, L.P.

Executive Severance Plan

Adopted: July 26, 1995

PURPOSE:

Cedar Fair, L.P., has established this Cedar Fair, L.P. Executive Severance Plan in order to
clarify the circumstances under which certain key executive officers of Cedar Fair Management
Company could be terminated for cause and to provide these executive officers with assurances in
the event a termination of employment occurs after a change of control of the Company.

ELIGIBILITY:

This plan covers the President (or any other person serving as Chief Executive Officer), the Chief
Financial Officer, the Treasurer (if different from the Chief Financial Officer), and the General
Managers of each Park owned and operated by Cedar Fair, L.P.

TERMINATION FOR CAUSE:

	 	1.	 	The Company or the Partnership may terminate the Executive’s employment
for Cause. For the purposes of this Agreement, the Company or the Partnership shall
have “Cause” to terminate the Executive’s employment only under the following
circumstances:

	 	a.	 	if termination shall have been the result of an act or acts by the
Executive which have been found in an applicable court to constitute a felony; or
	 
	 	b.	 	if termination shall have been the result of an act or acts of
dishonesty or significant impropriety by the Executive resulting or intended to
result directly or indirectly in significant gain or personal enrichment
(monetary or otherwise) to the Executive at the expense of or detriment to the
Company or the Partnership; or
	 
	 	c.	 	upon the willful and continued failure by the Executive
substantially to perform his duties with the Company or the Partnership (other
than any such failure resulting from incapacity due to mental or physical
illness) after a demand in writing for substantial performance is delivered by
the Board, which demand specifically identifies the manner in which the Board
believes that the Executive has not substantially performed his duties, and such
failure results in demonstrably material injury to the Company or the
Partnership.

The Executive’s employment shall in no event be considered to have been terminated by
the Company or the Partnership for Cause if such termination took place as the result
of (a) bad judgment or negligence, or (b) any act or omission believed in good faith to
have been in or not opposed to the best interest of the Company or the Partnership.
The Executive shall not be deemed to have been terminated for Cause unless and until
there shall have been delivered to him a Notice of Termination that includes a copy of
a resolution duly adopted by the affirmative vote of not less than three-quarters of
the entire membership of the Board at a meeting of the Board (after reasonable notice
to the Executive and an opportunity for him, together with his counsel, to be heard
before the Board), finding that in the good faith opinion of the Board the Executive
was guilty of conduct set forth above

 

 

in
clauses (a), (b) or (c) of the second sentence of this paragraph and specifying the particulars thereof
in detail.

	 	2.	 	If the Executive’s employment shall be terminated for Cause, the Executive
shall be paid his full Base Salary through the Date of Termination at the rate in
effect at the time Notice of Termination is given, and neither the Company nor the
Partnership shall have any further obligations to the Executive under this Plan or
otherwise.

DEFINITION OF CHANGE IN CONTROL:

A “Change in Control” of this Partnership or the Company shall be deemed to have occurred if:

	 	a.	 	Any person becomes the beneficial owner of 20% or more of
the Partnership’s limited partnership units then outstanding.
	 
	 	b.	 	Substantially all of the assets of the Partnership are sold to a
party that, prior to such sale, was not affiliated with the Company.
	 
	 	c.	 	At any time during a period of 24 consecutive months, individuals
who were directors at the beginning of the 24-month period no longer constitute a
majority of the members of the Company’s Board of Directors, unless the election
(or nomination) of a majority of the new directors is approved by at least a
majority of the directors who were in office at the beginning of the 24-month
period.
	 
	 	d.	 	The Company ceases to serve as the Managing General Partner of the
Partnership.

Notwithstanding the foregoing, a Change in Control shall not be deemed to have occurred in the
event of a change in organizational structure solely attributable to the Partnership ceasing to be
a “publicly traded partnership” for federal income tax purposes at December 31, 1997, as currently
provided in such law.

TERMINATION AFTER CHANGE IN CONTROL WOULD INCLUDE:

Any of the following events shall be deemed to be a termination of the Executive’s employment by
the Company and the Partnership if they occur within 24 months following a Change in Control:

	 	1.	 	Forced relocation of the Executive’s place of employment by more than 35
miles.
	 
	 	2.	 	Reduction of base salary or significant reduction of responsibility.
	 
	 	3.	 	Job elimination.

SEVERANCE PAYMENT IF TERMINATION OCCURS AFTER CHANGE IN CONTROL:

If, at any time within 24 months after a Change in Control occurs, the Executive’s employment with
the Company and the Partnership is deemed terminated hereunder, the Partnership shall make the
following payments and provide the following benefits to the affected Executive:

 

 

I. President/CEO

	 	1.	 	Three (3) times average annual Cash Compensation for the previous five (5)
years, less one (1) dollar, preceding the calendar year in which the Change in
Control of the Company or the Partnership occurred. Cash Compensation is defined as
gross compensation paid to an Executive as shown on Federal Form W-2, but excluding
non-cash forms of compensation such as partnership units, group life insurance, and
other fringe benefits.
	 
	 	2.	 	For a thirty-six (36) month period after the date of termination, the
Partnership shall provide life, disability, accident and health insurance benefits
substantially similar to those which were received or entitled to be received
immediately before the termination. If re-employment occurs, neither the Company nor
the Partnership shall provide these insurance benefits any longer.

II. Chief Financial Officer

	 	1.	 	Ninety percent (90%) of two and one-half (2.5) times average annual Cash
Compensation for the previous five (5) years preceding the calendar year in which the
Change in Control of the Company or the Partnership occurred.
	 
	 	2.	 	For a thirty (30) month period after the date of termination, the
Partnership shall provide life, disability, accident and health insurance benefits
substantially similar to those which were received or entitled to be received
immediately before the termination. If re-employment occurs, neither the Company nor
the Partnership shall provide these insurance benefits any longer.

	 	 	 
	III.

	 	Executive Vice President/General Manager, Cedar Point;
	 

	 	Vice President/General Manager, Dorney Park;
	 

	 	Vice President/General Manager, Valleyfair;
	 

	 	Vice President/General Manager, Worlds of Fun and Oceans of Fun
	 

	 	Treasurer

	 	1.	 	Eighty percent (80%) of two (2) times average annual Cash Compensation for
the previous five (5) years preceding the calendar year in which a Change in Control
of the Company or the Partnership occurred.
	 
	 	2.	 	For a twenty-four (24) month period after the date of termination, the
Partnership shall provide life, disability, accident and health insurance benefits
substantially similar to those which were received or entitled to be received
immediately before the termination. If re-employment occurs, neither the Company nor
the Partnership shall provide these insurance benefits any longer.

TIME FRAME:

Twenty-four (24) months after the occurrence of the first Change in Control of the Company or the
Partnership. In the event of termination of employment with the Company or the Partnership before
such Change in Control, the Executive’s rights hereunder will terminate simultaneously with the
termination of employment.

     PAYMENT:

 

 

In lieu of any further salary payment for periods after the date of termination, the Partnership
shall pay, not later than sixty (60) days following the date of termination, the lump sum severance
payment as defined above.

Payment shall follow the guidelines of Internal Revenue Code Section 280G. The Partnership may
withhold any taxes as may be appropriate from amounts otherwise payable hereunder.

EMPLOYMENT RIGHTS:

Nothing contained herein, either express or implied, shall be construed as a contract of employment
or as a creation of any right of employment by the Executives or of any duty by the Company or the
Partnership prior to the occurrence of a Change in Control.

NO SEGREGATION OF ASSETS:

Neither the Company nor the Partnership shall be required to segregate any assets with respect to
benefits under this Plan, and nothing herein shall be deemed to result in any pledge or encumbrance
on any of their properties.

PLAN STRUCTURE:

This Plan is designed to remain in effect through 1997. If there is a structural form change in
1998 or earlier solely as a result of the Partnership ceasing to be a “publicly traded partnership”
for federal income tax purposes, the Board may adopt a similar policy, if necessary, but, until a
similar policy is adopted, the general provisions of this Plan shall remain in effect.

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