Document:

Letter Agreement to the Third Amended and Restated Loan and Security Agreement

 Exhibit 10.15 
  
 February 14, 2005 
  
 American Tire Distributors, Inc. 
 The Speed Merchant, Inc. 
 T.O. Haas Holding Co., Inc. 
 T.O. Haas Tire Company, Inc. 
 Texas Market Tire Holdings I, Inc. 
 Texas Market Tire, Inc. 
 Target Tire, Inc. 
 12200 Herbert Wayne Court 
 Suite 150 
 Huntersville, North Carolina 28078 
 Attention: Mr. Scott Deininger 
  
 Ladies and Gentlemen: 
  
 We refer
to the Third Amended and Restated Loan and Security Agreement dated as of March 19, 2004 (as amended, modified or supplemented and in effect on the date hereof, the “Loan Agreement”), by and among AMERICAN TIRE DISTRIBUTORS, INC., a
Delaware corporation (“American Tire”), THE SPEED MERCHANT, INC., a California corporation (“Speed Merchant”), T.O. HAAS HOLDING CO., INC., a Nebraska corporation (“Haas Holding”), T.O. HAAS TIRE
COMPANY, INC., a Nebraska corporation (“Haas Tire”), TEXAS MARKET TIRE HOLDINGS I, INC., a Texas corporation (“Holdings”), TEXAS MARKET TIRE, INC., a Texas corporation doing business as Big State Tire Supply
(“Big State”), and TARGET TIRE, INC., a North Carolina corporation (“Target”; American Tire, Speed Merchant, Haas Holding, Haas Tire, Holdings, Big State and Target are referred to hereinafter individually as a
“Borrower” and collectively as the “Borrowers”), the financial institutions party from time to time to the Loan Agreement (the “Lenders”), FLEET CAPITAL CORPORATION, a Rhode Island corporation, in its capacity as
collateral and administrative agent for the Lenders (together with its successors in such capacity, the “Administrative Agent”), and the other agents named therein. Unless otherwise defined herein, capitalized terms are used herein as
defined in the Loan Agreement. 
  
 Borrowers have requested that
Lenders amend Section 11.5 of the Loan Agreement to increase the Capital Expenditure limitation set forth therein for Fiscal Year 2004 from $4,000,000 to $5,000,000. Lenders are willing to do so, subject to the terms and conditions contained herein:

  

 February 14, 2005 
  Page
 2
 
  

 NOW, THEREFORE, for and in consideration of Ten Dollars ($10.00) in hand paid and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  
 The Loan Agreement is hereby amended, effective as of January 1, 2005, by deleting Section 11.5 of the Loan Agreement and by substituting the following
new Section 11.5 in lieu thereof: 
  
 SECTION
11.5 Capital Expenditures. Make or incur any Capital Expenditures (excluding Financed Capex) in the aggregate in excess of (i) in Fiscal Year 2004, $5,000,000, (ii) in Fiscal Year 2005, $4,000,000, and (ii) in any Fiscal Year thereafter,
$3,000,000, provided that any amount of such allowance not used in a Fiscal Year may be carried forward, but only to the succeeding Fiscal Year. 
  
 Borrowers represent and warrant that (i) all of the Secured Obligations are absolutely due and owing by Borrowers, jointly and severally, without any
defense, deduction, offset or counterclaim, and (ii) except as expressly modified hereby, the terms, covenants and conditions of the Loan Agreement and the other Loan Documents are in full force and effect and are hereby ratified and confirmed.

  
 This letter agreement shall be governed by and construed in
accordance with the laws of the State of New York (without giving effect to the conflict of laws principles thereof other than Section 5-1401 of the New York General Obligations Law) and shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns. This letter agreement may be executed in any number of counterparts and by different parties to this letter agreement on separate counterparts, each of which, when so executed, shall be deemed an
original, but all such counterparts shall constitute one and the same agreement. Any signature page counterpart delivered by a party by facsimile transmission shall be deemed to be an original signature page counterpart hereto. This letter agreement
shall be effective upon execution by the Borrowers and acceptance by Required Lenders. 
  

			
	 Very truly yours,

	
	FLEET CAPITAL CORPORATION, as
Administrative Agent and as a Lender
		
	By:	 	 /s/ Stephen Y. McGehee

	 	 	 Name: Stephen Y. McGehee

	 	 	 Title: Senior Vice President

  

 February 14, 2005 
  Page
 3
 
  

					
	WACHOVIA BANK, NATIONAL ASSOCIATION, as Syndication Agent and as a Lender
		
	By:	 	 /s/ John T. Trainor

	 	 	 Name:
	 	 John T. Trainor

	 	 	 Title:
	 	 Director

  

					
	THE CIT GROUP/BUSINESS CREDIT, INC., as
Documentation Agent and as a Lender
		
	By:	 	 /s/ John Thomas

	 	 	 Name:
	 	 John Thomas

	 	 	 Title:
	 	 Assistant Vice President

  

					
	STANDARD FEDERAL BANK NATIONAL ASSOCIATION, formerly known as Michigan National Bank, as successor in interest to Mcllon Bank, N.A., as a Lender
		
	By:	 	 LASALLE BUSINESS CREDIT, LLC,
 its agent

		
	By:	 	 /s/ Roger D. Attix

	 	 	 Name:
	 	 Roger D. Attix

	 	 	 Title:
	 	 V P

  

					
	TRANSAMERICA BUSINESS CAPITAL CORPORATION, as a Lender
		
	By:	 	 /s/ William Doolittle

	 	 	 Name:
	 	 William Doolittle

	 	 	 Title:
	 	 Duly Authorized Signatory

  
 [Signatures
continued on next page] 
  

 February 14, 2005 
  Page
 4
 
  

			
	Acknowledged and Agreed to:
	
	BORROWERS:
	
	AMERICAN TIRE DISTRIBUTORS, INC.
		
	By:	 	 /s/ Scott A. Deininger

	 	 	Scott A. Deininger, Senior Vice President Finance and Administration and Treasurer
	
	THE SPEED MERCHANT, INC.
		
	By:	 	 /s/ Scott A. Deininger

	 	 	Scott A. Deininger, Vice President and Treasurer
	
	T.O. HAAS HOLDING CO., INC.
		
	By:	 	 /s/ Scott A. Deininger

	 	 	Scott A. Deininger, Vice President and Treasurer
	
	T.O. HAAS TIRE COMPANY, INC.
		
	By:	 	 /s/ Scott A. Deininger

	 	 	Scott A. Deininger, Vice President and Treasurer
	
	TEXAS MARKET TIRE HOLDINGS I, INC.
		
	By:	 	 /s/ Scott A. Deininger

	 	 	Scott A. Deininger, Vice President and Treasurer
	
	TEXAS MARKET TIRE, INC.
		
	By:	 	 /s/ Scott A. Deininger

	 	 	Scott A. Deininger, Vice President and Treasurer

  

 February 14, 2005 
  Page
 5
 
  

			
	TARGET TIRE, INC.
		
	By:	 	 /s/ Scott A. Deininger

	 	 	Scott A. Deininger, Vice President and TreasurerAmendment to Compensation Arrangement

 Exhibit 10.2 
  
 March 4, 2005 
  
 Mark C. Rohr 
 2216 Monument Avenue 
 Richmond, Virginia 23220 
  
 Dear Mark: 
  
 On February 26, 1999, Albemarle
Corporation provided you a letter agreement outlining the terms of your employment with the Company. Item 12 of that letter outlines the agreement regarding a Change of Control. Upon further review and discussion with the Executive Compensation
Committee, the Company would like to amend and replace the first sentence of Item 12 as follows: 
  
 “In the event a Change of Control were to occur and one or more of the following events happen with respect to your employment within a period of 24 months thereafter, you may resign and receive a lump sum
payment and other benefits as described below.” 
  
 This amendment is
effective as of March 4, 2005. By signing below, you acknowledge your acceptance of this amendment. 
  
 Sincerely, 
  

	
	 /s/ Jack P. Harsh

	 Jack P. Harsh

	 Vice President, Human Resources

	
	 /s/ Mark C. Rohr

	 Mark C. RohrCompensation Arrangement

 Exhibit 10.3 
  
 May 8, 2002 
  
 Paul F. Rocheleau 
 9700 Cragmont Drive 
 Richmond, VA 23233 
  
 Dear Paul: 
  
 I will summarize Albemarle’s
offer to you to join the company as Senior Vice President, Chief Financial Officer. This position will be located in Richmond and will report to me. Since there are several components, I will address each separately. 
  

	1.	Salary - $300,000. 

  

	2.	Bonuses - Target is 40% of base salary under the Annual Incentive Plan of the corporation, which is performance based. Attached are the 2002 Annual Incentive Scorecard and a
description of the elements. As the plan is calculated for the calendar year, your first year bonus amount will be prorated for 2002 based on time worked and actual performance, with a minimum payment of $60,000. 

  

	3.	Albemarle will award you fifty thousand stock options under the company’s existing plan. A copy of the plan description was previously provided. The price of the options will
be the composite closing price of the stock on your first day of employment. The options will have a ten year term and will completely vest after three years from the date of grant. This grant of stock options will be confirmed as a separate notice
of award following your hire. 

  

	4.	The company will issue to you a grant of 10,000 Performance Units upon your hire under the same terms and conditions as all other eligible employees received through a grant made by
the Board of Directors in January 2002. This grant of Performance Units, where each unit is valued equivalent to a share of common stock, is contingent on the company achieving Growth in Operating Profit and Return on Gross Assets targets over the
four calendar years starting with 2002 and ending with 2005. In early 2006 a determination of an earned award based on actual corporate performance will be made which may be anywhere from 0 to 200% of the original grant. Once earned, the award will
be vested in three equal amounts, paid half in stock and half in cash in January of the next three years. This grant of Performance Units will be confirmed as a separate notice of award following your hire. 

 Paul F. Rocheleau 
 May 8,
2002 
 Page Two 
  

	5.	Albemarle’s retirement program, subject to approval by its Executive Committee, provides a bridge for mid-career senior executives joining the company. The idea behind this
provision assures the executive who works 15 years for Albemarle a retirement equal to 60 percent of final average pay. You would accumulate four percent for each year of service with a cap of 60 percent. This is then offset by benefits from other
qualified pension plans, social security, etc. which will include benefits earned at your present employer. Attached is a copy of the Supplemental Executive Retirement Plan, which contains these provisions. 

  

	6.	You will participate in Albemarle’s savings plan, which provides a company match of 50% on personal savings contributed by you of up to ten percent. Should the amounts exceed
so-called high income caps, such excess will be carried by the company until paid out at retirement. 

  

	7.	You will be eligible to participate in the Albemarle Executive Deferred Compensation Plan at the next enrollment period later this year. The program allows participants to defer up
to 50% of salary and up to 100% of bonus (net of FICA, including Medicare, taxes) each year. Deferrals are credited to one or more accounts which may be distributed at or before retirement based on your election. Deferrals are credited with the
investment performance of funds which largely mirror those available in the Savings Plan. Attached is a booklet which describes this program. 

  

	8.	In the event a Change of Control were to occur and one or more of the following events happen with respect to your employment within a period of 24 months hereafter, you may resign
and receive a lump sum payment and other benefits as described below. The events include: (1) a change or diminution of responsibilities or compensation, (2) a reduction of benefit eligibility or benefit level, and (3) refusal by a successor company
to assume this severance agreement, or (4) termination. 

  
 If you resign or are terminated under conditions described in the paragraph above, you will receive: (1) a lump sum payment equal to two times your annual salary and Annual Incentive at the previous year’s payment amount, (2) all
vested outstanding stock options become exercisable, (3) all vested restricted stock becomes nonforfeitable, and (4) as a mid-career hire, should a Change of Control under conditions as described in the paragraph above occur during the first ten
years of employment, you will receive an adjusted benefit payable at normal retirement age under the pension plan described in item 5 of this letter calculated without offset from other benefits. 

 Paul F. Rocheleau 
 May 8,
2002 
 Page Three 
  

	9.	You will be eligible for the full benefit package provided by the company Information on health and life insurance and other benefits are attached. Answers to questions you have
will be provided separately by Jack Harsh. 

  

	10.	Your vacation eligibility is four weeks. 

  

	11.	Your expected date of employment shall be on or before June 15, 2002. 

  
 This offer is subject to a preemployment physical examination and substance screening under the company’s policy. Upon your acceptance of this offer and start of
employment with Albemarle, this letter will represent our mutual agreement relating to the terms of your employment with Albemarle. 
  

	
	 Sincerely,
  

	 /s/ Mark C. Rohr

	 Mark C. Rohr

	 President

  
 Enclosures 
  

			
	 cc:
	 	F. D. Gottwald, Jr.
	 	 	W. M. Gottwald
	 	 	C. B. Walker

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