Document:

ex10_04.htm

    
      
        

      

    

     

    EXHIBIT
10.04

    

    BRITTON
& KOONTZ BANK

    SALARY
CONTINUATION AGREEMENT

    

    This Salary Continuation Agreement
(the “Agreement”) is made and entered into by and between Britton &
Koontz Bank (the “Bank”) and W. Page Ogden (“Executive”), and is intended to
supersede and restate, in its entirety, that certain Salary Continuation
Agreement between the parties hereto first dated September 26, 1994 (the
“Predecessor Agreement”), for the purpose of complying with Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”).

    

    1.           Benefits:

    

    1.1           Retirement
Benefit.  Except as expressly provided herein, the Bank shall
pay to Executive a Retirement Benefit, as follows:

    

    
      	
               
      

            	
              a.

            	
              Such
      benefit shall be paid in the form of 15 annual installment
      payments.

            

    

    

    
      	
               
      

            	
              b.

            	
              The
      first such installment shall be paid as of the later of (i) the first
      business day of the calendar month after he attains age 65, or (ii) the
      first business day of the calendar month after his employment with the
      Bank and its affiliates (collectively, Executive’s “Employer”) ceases;
      thereafter, each annual installment shall be paid on the anniversary of
      such date.

            

    

    

    
      	
               
      

            	
              c.

            	
              The
      amount of such annual benefit shall be the vested amount determined on
      Schedule A hereto, determined as of the date on which Executive’s
      employment with his Employer
ceases.

            

    

    

    For this
purpose, Executive’s employment shall be deemed to have ceased as of the later
of the date on which (a) his employment with the Bank and its affiliates ceases,
or (b) the Bank and Executive reasonably anticipate that Executive will perform
no further services for the Bank and its affiliates, whether as a common law
employee or independent contractor.  Notwithstanding the foregoing,
Executive’s employment may be deemed to have ceased if he continues to provide
services, provided such services are not more than 20% of the average level of
services performed by Executive, whether as an employee or independent
contractor, during the immediately preceding 36-month period.

    

    1.2           Change in Control
Benefit.  Upon the consummation of a Change in Control,
notwithstanding any provisions of the Agreement to the contrary, Executive shall
be deemed fully vested in the amount of his Retirement Benefit, determined in
accordance with Schedule A hereto as if Executive had attained age 65 as of the
date of such change (his “Maximum Retirement Benefit”); such benefit to be paid
as a retirement benefit at the time or times and in the form described in
Paragraph 1.1 hereof.

    

    For this
purpose, the term “Change in Control” shall mean that a person or group
acquires, directly or indirectly, more than 50% of the total fair market value
or total voting power of the common stock of Britton & Koontz Capital
Corporation or its principal subsidiary, the Bank; provided, however, that a
Change in Control shall not be deemed to occur hereunder if, at the time of any
such acquisition, such person or group then owns more than 50% of the aggregate
fair market value or voting power of the common stock of either such
entity.  The Board of Directors of Britton & Koontz Capital
Corporation (the “Board”) shall determine whether a Change in Control has
occurred hereunder.

    

    1.3           Death Benefits.  If
Executive dies while he is employed by his Employer, he shall be deemed fully
vested in his Maximum Retirement Benefit. Such benefit shall be paid to
Executive’s beneficiary in 15 annual installments, the first such installment
commencing as of the first business day of the calendar month following
Executive’s date of death, and each remaining installment paid on each
anniversary thereof.  If Executive dies after payment of his
Retirement Benefit has commenced, the Bank shall pay to Executive’s beneficiary
the remaining installments due, if any, at such time and in such amount as would
have been paid to Executive if he survived.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    1.4           Specified
Employee.  If Executive is deemed to be a Specified Employee as
of the date on which his employment with his Employer ceases, other than on
account of his death or Disability, then notwithstanding any provision of this
Agreement to the contrary, the initial annual installment due hereunder shall be
made as of the first business day of the seventh calendar month following the
date on which his employment ceases.

    

    For this
purpose, the term “Disability” shall mean that Executive (a) is unable to engage
in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, or (b) is,
by reason of any medically determinable physical or mental impairment which can
be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, receiving income replacement benefits for a
period of not less than three months under a separate accident and health
plan.

    

    The term
“Specified Employee” shall be determined in accordance with Code Section 409A
and shall generally mean (a) that the stock of the Employer is publicly traded
on an established market as of the date on which Executive ceases to be employed
by his Employer, and (b) that Executive is a “key employee,” determined in
accordance with Code Section 416(i), (ii) or (iii), but determined without
regard to paragraph (i)(5) thereof, as the date of such
cessation.  For this purpose, status as a “key employee” shall be
determined as of each December 31st and shall apply during the 12-month period
commencing on the immediately following April 1st.

    

    2.           Beneficiaries:

    

    2.1           Designation.  Executive
may designate one or more beneficiaries, in writing, in a manner reasonably
acceptable to the Bank. Any such designation shall be effective upon its receipt
and acceptance by the Bank.  Executive may modify an existing
designation, at any time, by providing a new designation to the Bank, which
modification shall be effective upon its receipt and acceptance.

    

    2.2           Facility of
Payment.  If a benefit is payable hereunder to a minor, a
person declared incompetent, or a person incapable of handling the disposition
of his property, the Bank may pay such benefit to the guardian, legal
representative or person having the care or custody of such minor or incompetent
or incapable person.  The Bank may require such proof of incompetency,
minority, or guardianship as it deems appropriate.  Distribution of a
benefit to any such custodian, guardian or other person shall be deemed to
discharge the Bank from all liability with respect to such benefit
hereunder.

    

    2.3           Death of
Beneficiary.  If Executive’s beneficiary dies before all
payments due hereunder have been made, any such remaining payments shall be made
to the beneficiary of such deceased beneficiary, who shall be designated in
accordance with the provisions of Paragraph 2.1 hereof.

    

    3.           Restrictive
Covenant:

    

    Executive
agrees that prior to the occurrence of a Change in Control, Retirement Benefits
payable hereunder shall be conditioned upon his covenant that during the
three-year period following the date on which his employment with the Employer
ceases, he shall not compete against the Bank, without its consent, in any
financial services business in which the Bank is actively engaged within a
30-mile radius of Natchez, Mississippi. In the event of a breach of the
foregoing covenant, which Executive agrees is reasonable and necessary to
protect the interests of the Bank, no additional payments shall be due
hereunder.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    4.           General:

    

    4.1           Forfeiture.  Notwithstanding
any provision of this Agreement to the contrary, Executive shall forfeit any
benefit due hereunder, whether or not then vested, if:

    

    
      	
               
      

            	
              a.

            	
              His
      employment with his Employer is terminated for cause.  The Board
      shall determine whether any termination is on account of cause hereunder,
      which term shall mean Executive’s (i) intentional neglect of his duties,
      (ii) commission of a felony or misdemeanor involving moral turpitude or
      fraud, or (iii) willful disloyalty, dishonesty or violation of any law or
      significant Bank policy that is materially injurious to the
      Bank.

            

    

    

    
      	
               
      

            	
              b.

            	
              Any
      portion thereof would constitute an “excess parachute payment” under Code
      Section 280G for which a deduction would be disallowed to the Bank and an
      excise tax would be imposed on Executive, as determined by the Bank, but
      only to such extent.

            

    

    

    4.2           Administration.  The
Agreement and all matters related thereto shall be administered by the
Compensation Committee of the Board (the “Committee”).  The Committee
shall possess the power and authority to interpret the provisions of this
Agreement and determine all questions arising hereunder, including, without
limitation, its administration, eligibility for benefits hereunder, and the
determination and calculation of such benefits.  In addition, the
Committee shall have the authority to prescribe, amend, and rescind rules and
procedures relating to the operation of the Agreement, and to correct any
defect, supply any omission or reconcile any inconsistency in this
Agreement.  Any determination by the Committee shall be conclusive and
binding upon Executive.  The Committee shall engage the services of
such independent actuaries, accountants, attorneys and other administrative
personnel as it deems necessary or appropriate to administer this
Agreement.

     

    4.3           Claims.  Neither
Executive nor any beneficiary shall be required to apply for
benefits.  If Executive or his beneficiary believes an additional
benefit is due, he shall provide written notice to the Committee.  Not
later than 60 days after receipt of such notice, the Committee shall respond to
such claim, in writing, including (a) the specific reasons for the denial of any
benefit requested hereunder, (b) the specific provisions of the Agreement upon
which any such denial is based, and (c) a description of any additional
information or material necessary to administer or resolve such
claim.

    

    If
Executive or his beneficiary requests an appeal of the Committee’s initial
decision hereunder, he shall provide written notice of such appeal to the
Committee, not later than 60 days after receipt of the Committee’s initial
determination, which shall include the specific reasons Executive or his
beneficiary is entitled to greater or different benefits.  Within 60
days after receipt of such notice, the Committee or its designee shall review
such appeal and shall provide written resolution thereof, which shall include
the specific reasons for the denial of any benefit requested hereunder and a
specific reference to the provisions of the Agreement on which any such denial
is based.

    

    4.4           Amendment and
Termination. The Board may amend or
terminate this Agreement; provided, however, that any such amendment or
termination shall require the prior written consent of Executive and shall
comply with any limitations imposed under Code Section 409A.

    

    4.5           Binding
Effect.  This Agreement shall bind Executive and the Bank, and
their respective beneficiaries, survivors, executors, transferees and
successors.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    4.6           No Guaranty of
Employment.  This Agreement is not an employment contract. It
is not intended to give Executive the right to remain in the employ of the Bank
or to interfere with the Bank’s right to discharge Executive.

    

    4.7           Non-Transferability.  Neither
Executive nor any other person shall have any right to commute, sell, assign,
transfer, pledge, anticipate, mortgage or otherwise encumber any amount payable
hereunder.  No such amount shall, prior to actual payment, be subject
to seizure or sequestration for the payment of any debt, judgment, alimony or
separate maintenance owed by Executive or any other person, including but not
limited to, the payment of an amount set forth in “domestic relations order,” as
defined in Code Section 414(p)(1)(B).  No amount payable under this
Agreement shall be transferable by operation of law in the event of Executive’s
or other person’s bankruptcy or insolvency.

    

    4.8           Withholding.  As a
condition of payment hereunder, the Bank shall be entitled to withhold such
income and employment taxes as may be required by law to be
withheld.

    

    4.9           Choice of Law.  This
Agreement and all rights hereunder shall be governed by the laws of the State of
Mississippi, without regard to the conflicts of law provisions
thereof.

    

    4.10           No Effect on Other
Benefits.  Any benefit
payable hereunder shall be in addition to, and not in lieu of, any other
compensation or benefit provided to Executive.  Nothing contained in
this Agreement shall be construed as limiting, varying or reducing the provision
of any benefit available to Executive, his estate or beneficiary pursuant to any
employment agreement, retirement plan, including any qualified pension or
profit-sharing plan, health, disability or life insurance plan or any other form
of agreement or arrangement between his Employer and Executive.

    

    4.11           Unsecured
Creditor.  As to any benefit payable hereunder, the interest of
Executive or his beneficiary shall be that of general unsecured creditor of the
Bank.  Any insurance on Executive’s life or other asset acquired by
the Bank to fund the payment of benefits hereunder is and shall, at all times,
remain a general asset of the Bank to which Executive shall have no preferred or
secured claim.  Nothing contained in this Agreement, and no action
taken pursuant to its provisions, shall be deemed to create or be construed as a
trust or other fiduciary relationship as between Executive and his Employer with
respect to the benefits payable hereunder.

    

    4.12           Entire
Agreement.  This Agreement constitutes the entire agreement
between the Executive and the Bank with respect to the subject matter hereof and
extinguishes, in their entirety, the Bank’s obligations under the Predecessor
Agreement.

    

    This Salary Continuation Agreement
was executed in multiple counterparts, each of which shall be deemed an
original, as of the dates set forth below.

    

    

    Executive:                                                                                             Britton
& Koontz Bank:

     

                                                                                                       

    /s/ W.
Page Ogden                            By:    /s/
Robin R. Punches

    ___________________                      _____________________    

    W. Page
Ogden                           Robin R. Punches

    President and Chief Executive Officer            Its:   
Chairman

    Date: 12/18/2007                                                                                 
Date: 12/18/2007

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Salary
Continuation Valuation Schedule

    for
W. Page Ogden

    (Schedule
A)

     

     

    
      	
              Plan
      Year

            	
              Age
      at Beginning of Year

            	
               

              Vested
      Percentage

            	
              Retirement
      Benefit

            
	
              
                (8/31/02)
8

            	
               

              54

            	
               

              0%

            	
               

              0

            
	
              9

            	
              55

            	
              50%

            	
              $ 13,442

            
	
              10

            	
              56

            	
              50%

            	
              14,423

            
	
              11

            	
              57

            	
              50%

            	
              15,329

            
	
              12

            	
              58

            	
              50%

            	
              16,166

            
	
              13

            	
              59

            	
              50%

            	
              16,939

            
	
              14

            	
              60

            	
              50%

            	
              17,653

            
	
              15

            	
              61

            	
              50%

            	
              18,311

            
	
              16

            	
              62

            	
              100%

            	
              37,839

            
	
              17

            	
              63

            	
              100%

            	
              38,963

            
	
              18

            	
              64

            	
              100%

            	
              40,000

              (Maximum
      Retirement Benefit)ex4_4.htm

    
      

      

    

    EXHIBIT
4.4

    
 

    THIRD
AMENDMENT TO REVOLVING CREDIT AGREEMENT

    

    This
THIRD AMENDMENT TO REVOLVING CREDIT AGREEMENT (this "Amendment"), dated as
of December 22, 2006, is entered into by BWX Technologies, Inc. (the "Borrower"), BWXT
Services, Inc. and BWXT Federal Services, Inc. (the "Guarantors"), the
lenders from time to time party to the Credit Agreement described below (the
"Lenders"), and
Calyon New York Branch (formerly known as Credit Lyonnais, New York Branch), as
administrative agent for the Lenders (the "Administrative
Agent").

    

    INTRODUCTION

    

    WHEREAS, the Borrower, the Guarantors,
the Lenders and the Administrative Agent are parties to that certain Revolving
Credit Agreement dated as of December 9, 2003 as amended by First Amendment to
Revolving Credit Agreement dated as of March 18, 2005 and the Second Amendment
to Revolving Credit Agreement dated as of November 7, 2005 (the "Credit Agreement");
and

    

    WHEREAS,
the Borrower, the Guarantors, the Lenders and the Administrative Agent wish to,
subject to the terms and conditions of this Amendment, amend the Credit
Agreement as provided for herein.

    

    AGREEMENT

    

    NOW, THEREFORE, in consideration of the
premises and the mutual covenants, representations and warranties contained
herein, and for other good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

    

    Section
1. Definitions.  Unless
otherwise defined in this Amendment, each term used in this Amendment that is
defined in the Credit Agreement has the meaning assigned to such term in the
Credit Agreement.

     

    Section
2. Amendments to Credit
Agreement.  Section 1.1 of the Credit Agreement is amended by
changing the definition of "Change of Control" to read in its entirety as
follows:

     

    "Change of Control"
means any of (a) the acquisition by any Person or group (within the meaning of
Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) (excluding
underwriters in the course of their distribution of voting stock in an
underwritten public offering), of beneficial ownership (within the meaning of
Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended) of
30% or more of the voting power of the outstanding shares of voting stock of
MII, (b) the Borrower shall cease to be a direct, wholly-owned Subsidiary of
either (i) BWICO or, (ii) if BWICO ceases to be a direct, wholly-owned
Subsidiary of McDermott, McDermott, (c) McDermott ceases to be a direct or
indirect, wholly-owned Subsidiary of MII, (d) 50% or more of the members of the
Board of Directors of the Borrower on any date shall not have been (i) members
of the Board of Directors of the Borrower on the date 12 months prior to such
date or (ii) approved (by recommendation, nomination, election or otherwise) by
Persons who constitute at least a majority of the members of the Board of
Directors of the Borrower as constituted on the date 12 months prior to such
date, (e) all or substantially all of the assets of the Borrower are sold in a
single transaction or series of related transactions to any Person or (f) the
Borrower merges or consolidates with or into any other Person, with the effect
that immediately after such transaction the stockholders of the Borrower
immediately prior to such transaction hold less than a majority of the total
voting power entitled to vote in the election of directors, managers or trustees
of the Person surviving such transaction.

     

    Section
3. Effectiveness.  The
Credit Agreement shall be amended as provided in this Amendment as of the first
date written above upon receipt by the Administrative Agent of duly and validly
executed originals of this Amendment from each of the parties
hereto.

     

    Section
4. Representations and
Warranties.  Each Credit Party jointly and severally represents
and warrants as follows:

     

    (a) the
execution, delivery, and performance of this Amendment are within the corporate
power and authority of the Credit Parties and have been duly authorized by
appropriate proceedings;

     

    (b) this
Amendment constitutes legal, valid, and binding obligations of the Credit
Parties enforceable in accordance with its terms, except as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws
affecting the rights of creditors generally and general principles of
equity;

     

    (c) the
representations and warranties of the Credit Parties contained in the Credit
Agreement and the other Credit Documents are true and correct in all material
respects on and as of the date hereof as though made on and as of the date
hereof, except to the extent such representations and warranties relate solely
to an earlier date; and

     

    (d) after
giving effect to this Amendment, no event has occurred and is continuing which
constitutes an Event of Default or that with the passage of time would
constitute an Event of Default.

     

    Section
5. Ratification. Except
to the extent modified by this Amendment, the Credit Agreement and all other
Credit Documents executed in connection therewith to which the Borrower or any
other Credit Party is a party shall remain in full force and effect, and all
rights and powers created thereby or thereunder are in all respects ratified and
confirmed.  The Borrower and the Credit Parties agree that all
obligations of the Borrower and each other Credit Party under the Credit
Agreement as modified by this Amendment and all other Credit Documents to which
the Borrower or any other Credit Party is a party are hereby reaffirmed and
renewed.

     

    Section
6. Governing
Law.  This Amendment shall be governed by and interpreted in
accordance with the laws of the State of New York.

     

    Section
7. Counterparts.  This
Amendment 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 taken together shall constitute one and the
same agreement.  Delivery of an executed counterpart of a signature
page to this Amendment by facsimile shall be effective as delivery of an
original executed counterpart of this Amendment.

     

    [Signature
pages follow]

     

    
      
        
          HOUSTON\2025096.1

        

         

      

      
         

        
          

        

      

      
         

      

    

    Executed as of the date first written
above.

     

    

     

    BORROWER:

     

    BWX
TECHNOLOGIES, INC.

     

    By:                                                                           

    James C. Lewis

     

    Vice President and
Treasurer

     

    GUARANTORS:

     

    BWXT
SERVICES, INC.

     

    By:                                                                           

    James C. Lewis

     

    Treasurer

     

    BWXT
FEDERAL SERVICES, INC.

     

    By:                                                                           

    James C. Lewis

     

    Treasurer

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              CALYON
      NEW YORK BRANCH (formerly known as Credit Lyonnais, New York Branch), as
      Administrative Agent and as a
Lender

            

    

     

    

    

    By:                                                                           

    Name:

    Title:

    

    

    By:                                                                           

    Name:

    Title:

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THE BANK OF NOVA SCOTIA, as a
Lender

    

    

    By:                                                                           

    Name:

    Title:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    WELLS FARGO BANK, N.A., as a
Lender

    

    

    By:                                                                           

    Name:

    Title:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ALLIED IRISH BANKS, PLC, as a
Lender

    

    

    By:                                                                           

    Name:

    Title:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    COMPASS BANK, as a Lender

    

    

    By:                                                                           

    Name:

    Title:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              AMEGY
      BANK N.A. (formerly known as Southwest Bank of Texas, N.A.), as a
      Lender

            

    

    

    

    By:                                                                           

    Name:

                                    Title:

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