Document:

Ex-10.1 November 8, 2006 Letter Agreement

 

November 8, 2006

Wolverine Tube, Inc.

200 Clinton Avenue, Suite 1000

Huntsville, Alabama 35801

Wolverine Joining Technologies, LLC

235 Kilvert Street

Warwick, Rhode Island 02886

     Re:      Amended and Restated Consignment Agreement dated as of April 28, 2005

Ladies and Gentlemen:

     Reference is hereby made to that certain Amended and Restated Consignment Agreement dated as
of April 28, 2005 (as amended from time to time and in effect, the “Consignment Agreement”) by and
among BANK OF AMERICA, N.A., as successor in interest to Fleet Precious Metals Inc., with offices
at 111 Westminster Street, Providence, Rhode Island 02903 (“BANA”), and WOLVERINE TUBE, INC., a
Delaware corporation with its principal place of business at 200 Clinton Avenue, Suite 1000,
Huntsville, Alabama 35801 (“Wolverine Tube”), and WOLVERINE JOINING TECHNOLOGIES, LLC, a Delaware
limited liability company with its principal place of business at 235 Kilvert Street, Warwick,
Rhode Island 02886 (“Wolverine Joining”) (Wolverine Tube and Wolverine Joining are hereinafter
referred to collectively, jointly and severally as the “Companies”).

     For good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Companies and BANA hereby agree, effective as of November 8, 2006, to amend the
definition of “Consignment Limit” contained in Section 1.13 of the Consignment Agreement in its
entirety to read as follows:

“1.13. “Consignment Limit” means:

     (a) the lesser of (i) Seventeen Million Dollars ($17,000,000.00), or (ii) the value (as
determined pursuant to Paragraph 2.2 hereof) of One Million Two Hundred Fifty Thousand (1,250,000)
fine troy ounces of silver, minus, in the case of both (i) and (ii), the Forward Contract
Indebtedness; or

     (b) such limit as BANA and the Company may agree upon from time to time as evidenced by an
amendment in substantially the form of Exhibit B attached hereto and made a part hereof or in such
other form as BANA shall require.”

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     Except as amended hereby, the Consignment Agreement and all agreements securing the
Consignment Agreement shall remain in full force and effect and are in all respects hereby ratified
and affirmed.

	 	 	 	 	 
	Witness:

	 	BANK OF AMERICA, N.A.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John A. McDonald
	 

	 	 	 	 
	 

	 	Name:
	 	John A. McDonald
	 

	 	Title:
	 	Senior Vice President
	 
	 	 	 	 
	Accepted and agreed as of the
date first written above:
	 	 	 	 
	 
	 	 	 	 
	Witness:

	 	WOLVERINE TUBE, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ James E. Deason
	 

	 	 	 	 
	 

	 	Name:
	 	James E. Deason
	 

	 	Title:
	 	Senior Vice President, Chief Financial Officer
	 
	 	 	 	 
	Witness:

	 	WOLVERINE JOINING TECHNOLOGIES, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ James E. Deason
	 

	 	 	 	 
	 

	 	Name:
	 	James E. Deason
	 

	 	Title:
	 	Vice President

2EX-10.1

 

Contract

between

Membrana GmbH, Öhder Straße 28, 42289 Wuppertal

henceforth “company”

and

Dr. Stefan Geyler, Liefergasse 7, 40213 Düsseldorf

to agree to the following annulment of obligatory relationship

Preamble

The company terminated the employment relationship existing since 01.08.1990 and in the employment
contract of 26.06.1998 with Dr. Geyler through correct observation of notice period on 26.06.2006,
notice being duly served on the same day and effective as of 30.06.2007. After initiating an
unfair dismissal protection suit now pending under file no. 6 Ca 2283/06 at the Wuppertal
Industrial Tribunal and following comprehensive legal advice, Dr. Geyler has concluded that he
cannot raise any objections to the termination of employment notice.

	1.	 	The parties agree, that the employment agreement existing between them will terminate on
30.06.2007 as instigated by the company.
	 
	2.	 	Dr. Geyler has the right to terminate the employment agreement prematurely before the 30.07.2007 by
serving notice of 14 days to the end of the month. This termination complies with the expressed
wishes of the company.
	 
	3.	 	Owing to the termination of his employment and the loss of his job Dr. Geyler will receive a
redundancy payment of 185,000.00 €  gross (in writing:one hundred and eighty-five thousand euros)
to compensate the loss of status of possession according to §§ 3 no. 9, 34, 24 EstG as well as in
appropriate application of §§ 9, 10,KSchG.
	 
	4.	 	The redundancy payment according to no. 3 of this agreement increases for every full month of
premature withdrawal from employment according to no. 2 of this agreement by 5, 750,00 €  gross.
With this payment all claims for compensation for the period of prohibition of competition have
been fulfilled. The prohibition of competition remains effective until 30.06.2007.
	 
	5.	 	The redundany pay claim is inheritable and already comes into effect with the signing of this
agreement. The severance pay falls immediately due on the termination of employment.
	 
	6.	 	On signing this agreement to annul both parties undertake to seek a settlement within the content
of this agreement in the pending action before the Wuppertal Industrial Tribunal.

 

 

	 	 	The final
settlement will be made in writing according to § 278 Abs.6 Satz 1 ZPO. The company will pay 50%
of the legal costs and lawyer’s fees.
	 
	7.	 	The company reserves its rights to suspend Dr. Geyler at any time until the termination of
employment from his duties on continued payment of the agreed emoluments. Due to the special
circumstances of redundancy all claims to holidays up to the termination of employment have been
completely fulfilled. Eventual interim earnings during the period of withdrawal will not be
forfeited to the employer. During his suspension from duties Dr. Geyler is authorized to use his
company phone at the company’s expense for job application activities.
	 
	8.	 	Dr. Geyler is entitled under the terms of his contract to company pension benefits. The basis of
computation for pension benefit is the current monthly remuneration of 11,536.00 €. The vested
right to future pension payment remains in effect according to § 1 Abs. 1 BetrAVG. The amount of
benefit due can be obtained from the attached enclosure.
	 
	9.	 	After signing this agreement Dr. Geyler has the right to give lectures, carry out training
activities and publish at his own cost without having to seek permission from the company.
Earnings from these activities will not be deducted by the company from the payments promised in
this agreement.
	 
	10.	 	Dr. Geyler will receive his interim testimonial enclosed with this agreement. On termination of
employment Dr. Geyler will receive a final testimonial under that date and corresponding to the
content of the interim testimonial. The company will only give information corresponding with this
testimonial.
	 
	11.	 	Dr. Geyler will return within two weeks of signing this agreement all documents and objects in his
possession but which belong to the company. Dr. Geyler will purchase the mobile phone Handy Nokia
in his possession on 01.10.2006 without guarantee at the price of 50.00 € plus VAT. He will
take over the existing D2-contract with the phone no. 0172/7051230 on 30.09.2006. Until this time
the company will accept monthly costs to the amount of 100.00 €.
	 
	12.	 	Dr. Geyler undertakes to treat as confidential all information acquired during his employment by
the company, pertaining to internal procedures, especially business and company secrets, also
beyond the termination of his employment.
	 
	13.	 	Press releases and other statements to indeterminate circles will only be given after wording
agreed by both parties. This does not include the American company, which reserves its right to
publish the retirement of Dr. Geyler together with the conditions according to US guidelines.
	 
	14.	 	This agreement finally regulates the continued employment relationship between the company and Dr.
Geyler until 30.06.2007 and termination of this to that or an earlier date according to no. 4 of
this agreement. With the fulfillment of obligations from this agreement all mutual claims by the
parties have been settled. There is no reason for a contractual right of revocation. The general
meeting of members will formulate a vote of

2

 

	 	 	formal approval as a supplement to the passing of this
agreement according to § 46 no. 5 GmbHG.
	 
	15.	 	As far as otherwise stated each party pays its own costs and those of their own advisers in
connection with the completion and execution of this contract.
	 
	16.	 	To ensure the continued and undiminished claim to unemployment benefit Dr. Geyler is obliged under
§ 37 b SGB III immediately on conclusion of this agreement to annul to report in person to the
Employment
Office as seeking employment. By giving this information the company has discharged its duty
according to § 2 II 2 SGB III.
	 
	17.	 	Any changes or supplements to this agreement must be made in writing. In the event of a term being
or becoming invalid, this will not affect the other terms. A legally acceptable term approximating
as much as possible in meaning would replace the invalid one.

	 	 	 	 	 
	Wuppertal, 27 July 2006

	 	 	 	Wuppertal, 27 July 2006
	 
	 	 	 	 
	/s/ Christian Vogelsang
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	/s/ Josef Sauer

	 	 	 	          /s/ Dr. Stefan Geyler
	 

	 	 	 	 
	Membrana GmbH

	 	 	 	Dr. Stefan Geyler

3EX-10.1

 

Contract

between

Membrana GmbH, Öhder Straße 28, 42289 Wuppertal

henceforth “company”

and

Dr. Stefan Geyler, Liefergasse 7, 40213 Düsseldorf

to agree to the following annulment of obligatory relationship

Preamble

The company terminated the employment relationship existing since 01.08.1990 and in the employment
contract of 26.06.1998 with Dr. Geyler through correct observation of notice period on 26.06.2006,
notice being duly served on the same day and effective as of 30.06.2007. After initiating an
unfair dismissal protection suit now pending under file no. 6 Ca 2283/06 at the Wuppertal
Industrial Tribunal and following comprehensive legal advice, Dr. Geyler has concluded that he
cannot raise any objections to the termination of employment notice.

	1.	 	The parties agree, that the employment agreement existing between them will terminate on
30.06.2007 as instigated by the company.
	 
	2.	 	Dr. Geyler has the right to terminate the employment agreement prematurely before the
30.07.2007 by serving notice of 14 days to the end of the month. This termination complies
with the expressed wishes of the company.
	 
	3.	 	Owing to the termination of his employment and the loss of his job Dr. Geyler will receive a
redundancy payment of 185,000.00 € gross (in writing:one hundred and eighty-five thousand
euros) to compensate the loss of status of possession according to §§ 3 no. 9, 34, 24 EstG as
well as in appropriate application of §§ 9, 10,KSchG.
	 
	4.	 	The redundancy payment according to no. 3 of this agreement increases for every full month of
premature withdrawal from employment according to no. 2 of this agreement by 5, 750,00 €
gross. With this payment all claims for compensation for the period of prohibition of
competition have been fulfilled. The prohibition of competition remains effective until
30.06.2007.
	 
	5.	 	The redundany pay claim is inheritable and already comes into effect with the signing of this
agreement. The severance pay falls immediately due on the termination of employment.
	 
	6.	 	On signing this agreement to annul both parties undertake to seek a settlement within the
content of this agreement in the pending action before the Wuppertal Industrial Tribunal.

 

 

	 	 	The final settlement will be made in writing according to § 278 Abs.6 Satz 1 ZPO. The
company will pay 50% of the legal costs and lawyer’s fees.
	 
	7.	 	The company reserves its rights to suspend Dr. Geyler at any time until the termination of
employment from his duties on continued payment of the agreed emoluments. Due to the special
circumstances of redundancy all claims to holidays up to the termination of employment have
been completely fulfilled. Eventual interim earnings during the period of withdrawal will not
be forfeited to the employer. During his suspension from duties Dr. Geyler is authorized to
use his company phone at the company’s expense for job application activities.
	 
	8.	 	Dr. Geyler is entitled under the terms of his contract to company pension benefits. The
basis of computation for pension benefit is the current monthly remuneration of 11,536.00
€. The vested right to future pension payment remains in effect according to § 1 Abs. 1
BetrAVG. The amount of benefit due can be obtained from the attached enclosure.
	 
	9.	 	After signing this agreement Dr. Geyler has the right to give lectures, carry out training
activities and publish at his own cost without having to seek permission from the company.
Earnings from these activities will not be deducted by the company from the payments promised
in this agreement.
	 
	10.	 	Dr. Geyler will receive his interim testimonial enclosed with this agreement. On termination
of employment Dr. Geyler will receive a final testimonial under that date and corresponding to
the content of the interim testimonial. The company will only give information corresponding
with this testimonial.
	 
	11.	 	Dr. Geyler will return within two weeks of signing this agreement all documents and objects
in his possession but which belong to the company. Dr. Geyler will purchase the mobile phone
Handy Nokia in his possession on 01.10.2006 without guarantee at the price of 50.00 € plus
VAT. He will take over the existing D2-contract with the phone no. 0172/7051230 on
30.09.2006. Until this time the company will accept monthly costs to the amount of 100.00
€.
	 
	12.	 	Dr. Geyler undertakes to treat as confidential all information acquired during his employment
by the company, pertaining to internal procedures, especially business and company secrets,
also beyond the termination of his employment.
	 
	13.	 	Press releases and other statements to indeterminate circles will only be given after wording
agreed by both parties. This does not include the American company, which reserves its right
to publish the retirement of Dr. Geyler together with the conditions according to US
guidelines.
	 
	14.	 	This agreement finally regulates the continued employment relationship between the company
and Dr. Geyler until 30.06.2007 and termination of this to that or an earlier date according
to no. 4 of this agreement. With the fulfillment of obligations from this agreement all
mutual claims by the parties have been settled. There is no reason for a contractual right of
revocation. The general meeting of members will formulate a vote of

2

 

	 	 	formal approval as a supplement to the passing of this agreement according to § 46 no. 5
GmbHG.
	 
	15.	 	As far as otherwise stated each party pays its own costs and those of their own advisers in
connection with the completion and execution of this contract.
	 
	16.	 	To ensure the continued and undiminished claim to unemployment benefit Dr. Geyler is obliged
under § 37 b SGB III immediately on conclusion of this agreement to annul to report in person
to the Employment Office as seeking employment. By giving this information the company has
discharged its duty according to § 2 II 2 SGB III.
	 
	17.	 	Any changes or supplements to this agreement must be made in writing. In the event of a term
being or becoming invalid, this will not affect the other terms. A legally acceptable term
approximating as much as possible in meaning would replace the invalid one.

	 	 	 	 	 
	Wuppertal, 27 July 2006

	 	 	 	Wuppertal, 27 July 2006
	 
	 	 	 	 
	  /s/ Christian Vogelsang
 

	 	 	 	 
	 
	 	 	 	 
	  /s/ Josef Sauer

	 	 	 	  /s/ Dr. Stefan Geyler
	 

	 	 	 	 
	Membrana GmbH

	 	 	 	Dr. Stefan Geyler

3

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