Document:

Company's Director Stock Option

EXHIBIT 10.13(1) 
 
LEGGETT & PLATT, INCORPORATED 
 
DIRECTOR STOCK OPTION PLAN 
 
As Amended and Restated November 13, 2002 
 
Section 1. Purpose. 
 
Leggett & Platt, Incorporated (the “Company”) has established the Director Stock Option Plan (the
“Plan”) to encourage ownership of the Company’s $.01 par value Common Stock (“Common Stock”) by non-employee directors of the Company. 
 
Section 2. Administration. 
 
The Plan is administered by a committee (the “Committee”) of three or more persons appointed by the Company’s Board
of Directors. Committee members must be employees of the Company and cannot be participants in the Plan. The Committee has complete authority to interpret and construe the Plan and all Agreements and to take any action it deems necessary or
appropriate for the administration of the Plan. The Committee may delegate its authority or duties under the Plan to any subcommittee as it deems appropriate. 
 
Section 3. Participation in the Plan. 
 
All directors of the Company may participate in the Plan unless they are employees of the Company or any subsidiary of the Company.

 
Section 4. Stock Subject to the Plan. 
 
A total of 800,000 shares, as adjusted for all stock splits
occurring since the Plan became effective, may be issued under the Plan (subject to adjustment under Section 9). If any option granted under the Plan expires or is terminated without having been exercised in full, the shares attributable to the
unexercised portion of the option will again become available for grant. 
 
Section 5. Non-Statutory Stock Options. 
 
All options granted will be non-statutory options not entitled to special tax treatment under Section 422 of the Internal Revenue Code of 1986, as amended. 
 
Section 6. Terms, Conditions and Form of Options. 
 
Each option granted will be evidenced by a written agreement in a form approved by the Committee (the
“Option Agreement”). Grants under the Plan are subject to the following terms and conditions: 
 

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A. Option Grant Dates. Options will be granted annually on the first business day of the month following the annual meeting of shareholders (the “Grant Date”) to any eligible director who, prior to the
beginning of the Grant Year, has filed with the Committee or its designate an irrevocable election (the “Election”) to receive a stock option in lieu of all or a portion of his director compensation to be earned during the Grant
Year. Each “Grant Year” begins immediately after the director’s election at the annual meeting of shareholders. 
 
In the case of a director who is not elected at the annual meeting of shareholders: (i) the first Grant Year will
begin immediately after his election and end at the next annual meeting of shareholders, and (ii) the Grant Date will be the first business day of the month following his election. 
 
Each Election will remain in effect until it is terminated. Unless a director terminates an
Election or makes a new Election prior to the beginning of the next Grant Year, additional options will be granted automatically on each successive Grant Date, consistent with the director’s previous Election. 
 
B. Option Formula. The number of
option shares granted will be the number of whole shares determined under the following formula: 
 

	 Deferred Compensation
	  	 =
	 	 Number of

	
	  	 	 	 Shares

	 (Fair Market Value x .5)
	  	 	 	 

 
“Deferred Compensation” means the amount the director would be entitled to receive for serving as a director in the relevant Grant Year but for the Election referred to in Subsection 6.A above. The number of option
shares will be determined when actual compensation amounts are known. “Fair Market Value” is the market value of the Company’s Common Stock at the close of business on the relevant Grant Date, as reported on the New York Stock
Exchange Composite Tape. 
 
C.
Option Price. The option price per share for the option shares will be 50% of Fair Market Value. 
 
D. Options Limited Transferability. Options granted under the Plan are not transferable other than (i) by
will or by the laws of descent and distribution, or (ii) to an immediate family member or trust, corporation, partnership or other entity controlled by the director or an immediate family member or in which the director or an immediate family
member is a beneficiary, partner, shareholder or member. The term “immediate family member” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships. The transferee of a director’s option may not transfer the options transferred to him except by will or by the laws of descent and distribution. Options may
not be transferred to a minor except pursuant to the Uniform 
 

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Transfers to Minors Act or similar legislation. If a director transfers an option, he must
immediately notify the Committee in writing of the name and address of the transferee, the number of options transferred and the date of the transfer. Except as provided above, no option or interest therein may be transferred, assigned, pledged or
hypothecated by the director during his lifetime, whether by operation of law or otherwise, or be made subject to execution, attachment or similar process. 
 
E. Period of Option. Options become exercisable on the first anniversary of the Grant Date. However, subject to
proration as specified in Subsection 6.H, options become exercisable upon the death of the director, his retirement because of age or his total and permanent disability. 
 
F. Exercise of Option. Options may be exercised only by delivering a written notice to
the Company indicating the number of options to be exercised, accompanied by payment of the exercise price for the option shares. Unless prohibited by the Option Agreement, consideration may be paid by delivery of shares of Common Stock or a
combination of cash and shares of Common Stock. Shares delivered as consideration for the option price will be valued at the fair market value of the shares on the exercise date. Options may be exercised in whole or in part. Any unexercised portion
of an option may be exercised later, subject to the term of the option. 
 
If any option has not been fully exercised on its expiration date, the unexercised portion of the option will be deemed exercised on the expiration date. Shares of Common Stock will not be issued until
the option price and any other required amounts have been paid. 
 
G. Exercise by Representative Following Death of Director. If a director dies, his options may be exercised by the 
person(s) entitled to do so under his will or by written designation filed
with the Committee or, if the director dies intestate, by his legal representative. Any exercise by a representative will be subject to the provisions of this Plan. 
 
H. Proration. If a director ceases to be a director of the Company for any reason
before an option becomes exercisable, that portion of the option attributable to unearned compensation for the remaining whole months in the Grant Year will terminate. 
 
Section 7. Modification, Extension and Renewal of Options. 
 
The Committee has authority to modify, extend or renew
outstanding options and to authorize the grant of new options in substitution for previously granted options, provided that any such action may not alter or impair any rights or obligations of any option previously granted without the consent of the
director. 
 

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Section 8. Limitation of
Rights. 
 
A. No Right to Continue as a
Director. Neither the Plan, nor the granting of an option under the Plan constitutes any agreement or understanding that the Company will retain a director for any period of time or at any particular rate of compensation. 
 
B. No Shareholders’ Right for Options. An option
holder will have no rights as a shareholder for shares covered by an option until the date a stock certificate is issued for the shares. No adjustment will be made for dividends or other rights for which the record date is prior to the date the
certificate is issued. 
 
Section 9. Adjustment of Number of
Shares. 
 
If there is a change in the
Company’s Common Stock due to a stock dividend, stock split, spin-off, spin-out, recapitalization, merger, consolidation, reorganization, combination or exchange of shares, the number of shares of Common Stock then subject to any outstanding
option under the Plan, the exercise price of any outstanding options, and the number of shares reserved for issuance under the Plan will be adjusted appropriately. 
 
Section 10. Business Combinations. 
 
In the event of a dissolution of the Company, a merger or consolidation in which the Company is not the
surviving corporation (i.e. it becomes a wholly-owned subsidiary of another corporation) or a transfer, in one or a series of related transactions, of substantially all of the assets of the Corporation: 
 
(a) If the transaction includes a written
provision for the assumption and continuance of options outstanding under the Plan, or the substitution for such options of new substantially equivalent options covering different shares or securities, the existing options or the new substituted
options, as the case may be, will continue in the manner and under the terms provided; or 
 
(b) If the transaction does not provide for continuance and assumption of any outstanding options or for the substitution
of new substantially equivalent options, then option holders will be entitled immediately prior to the effective date of the transaction to purchase the full number of shares covered by their options, whether or not the options are exercisable on
that date. Any options not exercised as of the effective date of the transaction will be deemed cancelled. 
 
Section 11. Effective Date and Term of Plan. 
 

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The Plan took
effect on December 12, 1988 and was adopted by the Company’s shareholders on May 10, 1989. All options for shares subject to the Plan shall be granted, if at all, not later than May 9, 2009. 
 
Section 12. Amendment of the Plan. 
 
The Board of Directors may suspend, discontinue or amend the
plan; provided, however, that without approval of the Company’s shareholders, no revision or amendment may increase the number of shares subject to the Plan (except as provided in Section 9), change the designation of the class of directors
eligible to receive options, or materially increase the benefits accruing to Plan participants. 
 
Section 13. Notice. 
 
Any written notice to the Company or the Committee required by the Plan shall be addressed to the Secretary of the Company and will become effective upon receipt. 
 
Section 14. Governing Law. 
 
The Plan will be construed and administered in accordance
with the laws of Missouri. 
 

5exv4w13

 

Exhibit 4-13

FIRST AMENDMENT

                FIRST AMENDMENT, dated as of February 26, 2003 and effective as of March
17, 2003 (this “Amendment”), to the Competitive Advance and Revolving Credit
Agreement, dated as of March 11, 2002 and effective as of March 18, 2002 (as
amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among GANNETT CO., INC., a Delaware corporation (“Gannett”), the
several banks and other financial institutions parties to the Credit Agreement
prior to the date hereof (the “Existing Lenders”), the several banks and other
financial institutions parties to this Amendment but not parties to the Credit
Agreement prior to the date hereof (the “New Lenders” and, together with the
Existing Lenders, the “Lenders”) BANK OF AMERICA, N.A., as administrative agent
(in such capacity, the “Administrative Agent”), JPMORGAN CHASE BANK and BANK
ONE, NA, as co-syndication agents, and BARCLAYS BANK PLC, as Documentation
Agent .

W I T N E S S E T H:

                WHEREAS, Gannett has requested certain amendments to the Credit Agreement;

                WHEREAS, the parties are willing to consent to the requested amendments on
the terms and conditions contained herein;

                NOW THEREFORE, the parties hereto hereby agree as follows:

                1.     Defined Terms. Unless otherwise defined herein, terms defined in the
Credit Agreement and used herein shall have the meanings given to them in the
Credit Agreement.

                2.     Amendment to Section 1.1. Section 1.1 of the Credit Agreement is
hereby amended by deleting therefrom the definition of “364-Day Termination
Date” and substituting in lieu thereof the following definition:

		
	 	"364-Day Termination Date”: the date which is 364 days after
March 17, 2003; provided that if such date is not a Business
Day, the 364-Day Termination Date shall be the Business Day
immediately preceding such date.

                3.     Amendment to Section 1.1. Section 1.1 of the Credit Agreement is
further amended by deleting therefrom the definition of “364-Day Commitment
Period” and substituting in lieu thereof the following definition:

		
	 	"364-Day Commitment Period”: the period from and including March 17,
2003 to the 364-Day Termination Date.

                4.     Amendment to Schedule 1.1. Schedule 1.1 to the Credit Agreement is
hereby amended by deleting the columns entitled “Lender” and “364-Day
Commitment” where they appear in such Schedule and substituting in lieu thereof
the columns entitled “Lender” and “364-Day Commitment” set forth on Schedule
1.1 attached hereto.

                5.     Amendment to Section 9.6(c). Section 9.6(c) is amended by deleting the
first sentence and substituting in lieu thereof, the following sentence:

		
	 	        “Any Lender other than any Conduit Lender (an “Assignor”) may, in
accordance with applicable law, at any time and from time to time assign
to any Lender or, with the consent of Gannett and the Administrative Agent
(which, in each case, shall not be unreasonably withheld, delayed or
conditioned; it being understood that Gannett’s consent shall not be
considered to be unreasonably withheld, delayed or conditioned if Gannett
withholds, delays or conditions its consent because, among other factors,
it is concerned about a potential Assignee’s capital adequacy, liquidity
or ability to perform its obligations under this Agreement), to any Lender

 

 

		
	 	Affiliate, an additional bank, financial institution or other entity
(an “Assignee”) all or any part of its rights and obligations under this
Agreement pursuant to an Assignment and Acceptance, executed by such
Assignee, such Assignor and any other Person whose consent is required
pursuant to this paragraph, and delivered to the Administrative Agent for
its acceptance and recording in the Register; provided that, unless
otherwise agreed by Gannett and the Administrative Agent, no such
assignment to an Assignee (other than any Lender or any Lender Affiliate)
shall be in an aggregate principal amount of less than $10,000,000, in
each case except in the case of an assignment of all of a Lender’s
interests under this Agreement.”

                6.     Effectiveness. This Amendment shall become effective as of the date on
which all of the following conditions precedent have been satisfied:

		
	 	(a) The Administrative Agent shall have received (i)
counterparts hereof duly executed by Gannett and the
Administrative Agent and (ii) an executed consent letter from
each Existing Lender (other than any Existing Lender which is
an Exiting Lender (as defined below)) and each New Lender
authorizing the Administrative Agent to enter into this
Amendment;

		
	 	(b) The Lenders shall have received (i) audited consolidated
financial statements (the “Annual Financials”) of Gannett for
the most recent fiscal year ended prior to the date hereof as
to which such financial statements are available and (ii)
unaudited interim consolidated financial statements (the
“Quarterly Financials”) of Gannett for each quarterly period
ended subsequent to the date of the latest financial statements
delivered pursuant to clause (i) of this paragraph (b) as to
which such financial statements are available;

		
	 	(c) The Administrative Agent shall have received a certificate
from the Secretary of Gannett certifying, as of the date of
this Amendment, to resolutions duly adopted by the Board of
Directors of Gannett or a duly authorized committee thereof
authorizing Gannett’s execution and delivery of this Amendment
and the making of the Borrowings; and

		
	 	(d) The Lenders and the Administrative Agent shall have
received all fees required to be paid on or before the date
hereof in connection with this Amendment or the Credit
Agreement.

                7.     Representations and Warranties. Gannett hereby represents and warrants
on and as of the date hereof that, after giving effect to this Amendment:

		
	 	(a) No Default or Event of Default has occurred and is
continuing;

		
	 	(b) Each of the representations and warranties of Gannett in
the Credit Agreement and this Amendment is true and correct in
all material respects, as if made on and as of the date hereof;
and

		
	 	(c) The Annual Financials and the Quarterly Financials
(including the related notes) fairly present Gannett’s
consolidated financial condition as of their respective dates
and the consolidated results of the operations of Gannett and
its Subsidiaries for the periods then ended, and have been
prepared in accordance with GAAP. Gannett and its Subsidiaries
have no Material liabilities as of December 30, 2001 not
reflected in the consolidated balance sheet as of December 30,
2001 or the related notes as of said date, and from that date
to the date hereof there has been no Material change in the
business or financial condition of Gannett and its Subsidiaries
taken as a whole which has not been publicly disclosed.

                8.     New Lenders. By executing this Amendment, each New Lender:

		
	 	(a) Agrees to be bound by the provisions of the Credit
Agreement, and agrees that it shall, on the date of this
Amendment, become a “Lender” (as defined in the Credit
Agreement) for all purposes of the Credit Agreement to the same
extent as if originally a party thereto; and

 

 

		
	 	(b)(i) Represents and warrants that it is legally authorized to
enter into this Amendment; (ii) confirms that it has received a
copy of the Credit Agreement, and such other documents and
information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Amendment; (iii)
agrees that it has made and will, independently and without
reliance upon the Administrative Agent or any other Lender and
based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Credit
Agreement or any instrument or document furnished pursuant
hereto or thereto; (iv) appoints and authorizes the
Administrative Agent to take such action as agent on its behalf
and to exercise such powers and discretion under the Credit
Agreement or any instrument or document furnished pursuant
hereto or thereto as are delegated to the Administrative Agent
by the terms thereof, together with such powers as are
incidental thereto; and (v) agrees that it will be bound by the
provisions of the Credit Agreement and will perform in
accordance with its terms all the obligations which by the
terms of the Credit Agreement are required to be performed by
it as a Lender including, without limitation, if it is
organized under the laws of a jurisdiction outside the United
States, its obligation pursuant to Section 2.15(d) of the
Credit Agreement.

                9.     Exiting 364-Day Lenders. The 364-Day Commitment of each Lender whose
name does not appear on Schedule 1.1 attached hereto (the “Exiting Lender”)
will terminate on the date hereof upon repayment in full of all amounts, if
any, owing to it under the Credit Agreement on the date hereof. On the date
hereof, if necessary, Gannett shall effect such borrowings and repayments among
the 364-Day Lenders (which, notwithstanding the provisions of subsection 2.13
of the Credit Agreement, need not be pro rata among the 364-Day Lenders) so
that, after giving effect thereto, the respective principal amounts of the
364-Day Loans held by the 364-Day Lenders shall be pro rata according to their
respective 364-Day Commitment Percentages, as amended hereby (Gannett being
obligated to pay the amounts, if any, due pursuant to subsection 2.16 of the
Credit Agreement in connection with such prepayments).

                10.     Continuing Effect. Except as expressly amended hereby, the Credit
Agreement shall continue to be and shall remain in full force and effect in
accordance with its terms. From and after the date hereof, all references in
the Credit Agreement thereto shall be to the Credit Agreement as amended
hereby.

                11.     Counterparts. This Amendment may be executed by one or more of the
parties hereto on any number of separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument. Delivery of an executed signature page of this Amendment by
facsimile transmission shall be effective as delivery of a manually executed
counterpart hereof.

                12.     Headings. Section headings used in this Amendment are for convenience
of reference only, are not part of this Amendment and are not to affect the
constructions of, or to be taken into consideration in interpreting, this
Amendment.

                13.     GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                14.     Expenses. Gannett agrees to pay or reimburse the Administrative Agent
for all of its reasonable out-of-pocket costs and expenses incurred in
connection with the preparation, negotiation and execution of this Amendment,
including, without limitation, the reasonable fees and disbursements of counsel
to the Administrative Agent.

 

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their duly authorized officers as of the date first
written above.

	 	GANNETT CO., INC.

	 	By: /s/ Michael A. Hart

        Name: Michael A. Hart

        Title: Vice President & Treasurer

	 	BANK OF AMERICA, N.A., as Administrative Agent

	 	By: /s/ Thomas J. Kane

        Name: Thomas J. Kane

        Title: Principal

 

 

SCHEDULE 1.1

	 	 	 	 	 
	 	 	364-DAY
	LENDER	 	COMMITMENT
	 
	BANK OF AMERICA, N.A.	 	 	
$150,000,000	 
	JPMORGAN CHASE BANK	 	 	
$150,000,000	 
	BANKONE, NA	 	 	
$150,000,000	 
	BARCLAYS BANK PLC	 	 	
$150,000,000	 
	CITIBANK N.A.	 	 	
$75,000,000	 
	SUNTRUST BANK	 	 	
$75,000,000	 
	BANK OF TOKYO-MITSUBISHI

TRUST CO.	 	 	
$75,000,000	 
	HSBC BANK USA	 	 	
$50,000,000	 
	LLOYDS TSB BANK PLC	 	 	
$50,000,000	 
	THE NORTHERN TRUST

COMPANY	 	 	
$40,000,000	 
	FIFTH THIRD BANK	 	 	
$37,500,000	 
	WELLS FARGO BANK,

NATIONAL ASSOCIATION	 	 	
$37,500,000	 
	FLEET NATIONAL BANK	 	 	
$37,500,000	 
	U.S. BANK NATIONAL
ASSOCIATION	 	 	
$37,500,000	 
	BANK OF HAWAII	 	 	
$25,000,000	 
	UFJ BANK LIMITED	 	 	
$25,000,000	 
	MELLON BANK, N.A.	 	 	
$12,500,000	 
	ASSOCIATED BANK,

NATIONAL ASSOCIATION	 	 	
$10,000,000	 
	HIBERNIA NATIONAL BANK	 	 	
$10,000,000	 
		 	 	
	 
	 	 	 	
$1,197,500,000

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