Document:

EX 10.1_Walicek Employment Agreement

Exhibit 10.1

February 22, 2012
Mr. Bruce Walicek 
Dear Bruce;
The Compensation Committee of the Company's board has elected to award you certain additional benefits. This letter, when countersigned and returned by you, will establish those benefits on your behalf.
Provisions in an agreement between you and the Company currently provide for certain benefits to accrue, related to salary continuation and stock and option vesting, if you are the subject of an Involuntary Termination within the particular window that begins on the date of an agreement for Change of Control, and ends twelve months after the Change of Control. 
When you countersign and return this letter, that agreement will be amended as follows:  The window will be expanded to include either the original start date or, if earlier, the date six months ahead of the Change of Control.  
If you agree to amend your existing agreements to gain the benefit of these additional benefits, please countersign below and return this letter to Steve Moore.  You may do so by PDF, fax, or hard copy.  
Very truly yours, 
	
	
	/s/ Richard Sanquini

	Richard Sanquini,

for the Compensation Committee of the Board of Directors.

Accepted:
	
	
	/s/ Bruce Walicek

	Bruce Walicek, CEO

	 

	Date: February 22, 2012EX 10.2_Moore CoC Agreement

Exhibit 10.2

February 22, 2012
Steven Moore

Dear Steve;
The Compensation Committee of the Company's board has elected to award you certain additional benefits. This letter, when countersigned and returned by you, will establish those benefits on your behalf.
Expansion of Control Change Window.
Provisions in an agreement between you and the Company currently provide for certain benefits to accrue, related to salary continuation and stock and option vesting, if you are the subject of an Involuntary Termination within the particular window that begins on the date of a Change of Control, and ends twelve months later.   
When you countersign and return this letter, that agreement will be amended as follows:  If you are the subject of an Involuntary Termination at any point during the period beginning six months before a Change of Control and ending the day of a Change of Control, it will be regarded, for purposes of agreements in force between you and the Company, as if the Change of Control had happened the day before the date of your Involuntary Termination.  
Obviously if you happen to be the subject of an Involuntary Termination at a time when no Change of Control has yet occurred, then you and we will not know if you have earned these additional benefits until the six month period has expired.  
Therefore as of the date of an Involuntary Termination, any options that have the potential to become vested as a result of this letter amendment, but which have not yet vested, will be regarded as unexpired until the end of the six month period, at which time, if no Change of Control has occurred, the options will expire unvested.  As of the date of an Involuntary Termination, you may hold restricted stock units or other rights as to which, absent a Change of Control, the Company would have repurchase rights, but as to which those rights have the potential to expire or become altered as a result of this letter amendment.  Until it is known whether the status of such shares or rights has changed, they shall not be repurchased by the Company, and all periods for exercising repurchase rights, or related thereto, shall be tolled.  
If a Change of Control occurs within those six months, the benefits due under this letter will accrue immediately, calculated as of the original Involuntary Termination Date.   In that event:
		
	•
	Any cash severance benefit this provision triggers will be paid within thirty days following the Change of Control.  

		
	•
	The options and shares that would have vested on the date of your Involuntary Termination if a Change of Control agreement had then occurred, will immediately vest.  You will have a minimum of six months following the Change of Control to exercise the options (longer if a longer period would otherwise be applicable.)  

 
If you agree to amend your existing agreements to gain the benefit of these additional benefits, please countersign below and return this letter to me.  You may do so by PDF, fax, or hard copy.  
Very truly yours, 
	
	
	/s/ Bruce Walicek

	Bruce Walicek,

for the Compensation Committee of the Board of Directors

Accepted:
	
	
	/s/ Steven L. Moore

	Print name: Steven L. Moore

	 

	Date: February 22, 2012EX 10.3_CoC Severance Agreement

Exhibit 10.3

February 22, 2012

Dear                            ;
The Compensation Committee of the Company's board has elected to award you certain additional benefits. This letter, when countersigned and returned by you, will establish those benefits on your behalf.
Expansion of Control Change Window.
Provisions in an agreement between you and the Company currently provide for certain benefits to accrue, related to salary continuation and stock and option vesting, if you are the subject of an Involuntary Termination within the particular window that begins on the date of a Change of Control, and ends twelve months later.   
When you countersign and return this letter, that agreement will be amended as follows:  If you are the subject of an Involuntary Termination at any point during the period beginning six months before a Change of Control and ending the day of a Change of Control, it will be regarded, for purposes of agreements in force between you and the Company, as if the Change of Control had happened the day before the date of your Involuntary Termination.  
Obviously if you happen to be the subject of an Involuntary Termination at a time when no Change of Control has yet occurred, then you and we will not know if you have earned these additional benefits until the six month period has expired.  
Therefore as of the date of an Involuntary Termination, any options that have the potential to become vested as a result of this letter amendment, but which have not yet vested, will be regarded as unexpired until the end of the six month period, at which time, if no Change of Control has occurred, the options will expire unvested.  As of the date of an Involuntary Termination, you may hold restricted stock units or other rights as to which, absent a Change of Control, the Company would have repurchase rights, but as to which those rights have the potential to expire or become altered as a result of this letter amendment.  Until it is known whether the status of such shares or rights has changed, they shall not be repurchased by the Company, and all periods for exercising repurchase rights, or related thereto, shall be tolled.  
If a Change of Control occurs within those six months, the benefits due under this letter will accrue immediately, calculated as of the original Involuntary Termination Date.   In that event:
		
	•
	Any cash severance benefit this provision triggers will be paid within thirty days following the Change of Control.  

		
	•
	The options and shares that would have vested on the date of your Involuntary Termination if a Change of Control agreement had then occurred, will immediately vest.  You will have a minimum of six months following the Change of Control to exercise the options (longer if a longer period would otherwise be applicable.)  

Reset of Amount of Cash Severance.
Your agreement also provides for payment of certain cash severance in the case of Involuntary Termination within a window starting now six months before and ending two years after a Change of Control.   That amount (the “cash benefit amount”)  pays out in full for termination in the first twelve months following a change of control, and is pro-rated for the non-elapsed portion of the year (measured by whole months remaining) in the second twelve months following a change of control.  
The Company resets the cash benefit amount to equal: twelve months of salary (at the level payable as of the date of Involuntary Termination) plus the target bonus for you, set under the executive bonus plan adopted for and applicable to the year of Involuntary Termination.  
If you agree to amend your existing agreements to gain the benefit of these additional benefits, please countersign below and return this letter to Steve Moore.  You may do so by PDF, fax, or hard copy.  
Very truly yours, 
 Steven Moore, 
for the Compensation Committee of the Board of Directors
Accepted:
	
	
	 

	Print name:

	 

	Date:exhibit_10-4.htm

 

 

 

EXHIBIT 10.4

 

EXECUTION COPY

 

SUPPLEMENT NO. 1 TO GUARANTEE AGREEMENT

 

This SUPPLEMENT NO. 1 (this “Supplement”), dated as of December 28, 2011, to the Guarantee Agreement, dated as of March 17, 2010 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Guarantee Agreement”), among each of the subsidiaries of SOLUTIA INC., a Delaware corporation (the “Borrower”) listed on Schedule I thereto (each such subsidiary individually, a “Subsidiary Guarantor” and collectively, together with each other Subsidiary that becomes a party thereto, the “Subsidiary Guarantors”) in favor of DEUTSCHE BANK TRUST COMPANY AMERICAS, as collateral agent (in such capacity, together with its successors in such capacity, the “Collateral Agent”) on behalf of the Secured Parties (as defined in the Credit Agreement referred to below).

 

A.           Reference is made to the Credit Agreement, dated as of March 17, 2010 (as amended by the Amendment No. 1, dated as of March 3, 2011, and as otherwise amended, restated, amended and restated, supplemented or modified from time to time, the “Credit Agreement”), among the Borrower, the Collateral Agent, Deutsche Bank Trust Company Americas, as administrative agent (in such capacity and together with any successors in such capacity, the “Administrative Agent”) for the Lenders (as defined herein), the lending institutions from time to time party thereto (the “Lenders”), and the other parties thereto.  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

B.           The Guarantor has entered into the Guarantee Agreement in order to induce the Lenders to enter into the Credit Agreement and to induce the Lenders to make Loans to the Borrower and issue Letters of Credit under the Credit Agreement.

 

C.           Pursuant to Section 5.15 of the Credit Agreement and Section 19 of the Guarantee Agreement, each Subsidiary (other than any Excluded Subsidiary) of the Borrower that was not in existence or not a Subsidiary on the date of the Credit Agreement is required to enter into the Guarantee Agreement upon becoming a Subsidiary.  The undersigned Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the Credit Agreement and Guarantee Agreement to become a Guarantor under the Guarantee Agreement.

 

Accordingly, the Collateral Agent and the New Subsidiary agree as follows:

 

SECTION 1.       In accordance with Section 19 of the Guarantee Agreement, the New Subsidiary by its signature below becomes a Guarantor under the Guarantee Agreement with the same force and effect as if originally named therein as a Guarantor and the New Subsidiary hereby (a) agrees to all the terms and provisions of the Guarantee Agreement applicable to it as a Guarantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Guarantor thereunder are true and correct (or true and correct in all material respects if not otherwise qualified by materiality or a Material Adverse Effect) on and as of the date hereof (except to the extent that they expressly relate to an earlier date, in which case they shall be true and correct (or true and correct in all material respects if not otherwise qualified by materiality or a Material Adverse Effect) as of such earlier date).  As of the date hereof, each reference to a Guarantor in the Guarantee Agreement shall be deemed to include the New Subsidiary.  The Guarantee Agreement is hereby incorporated herein by reference.

 

SECTION 2.       The New Subsidiary represents and warrants to the Collateral Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except that the enforcement thereof may be subject to bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

  

  

  

 

SECTION 3.       This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed signature page to this Supplement by facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Supplement.

 

SECTION 4.       Except as expressly supplemented hereby, the Guarantee Agreement shall remain in full force and effect.

 

SECTION 5.       THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 6.       In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Guarantee Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction).  The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 7.       All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided in Section 9.01 of the Credit Agreement.  All communications and notices hereunder to the New Subsidiary shall be given to it c/o the Borrower at the Borrower’s address as provided in Section 9.01 of the Credit Agreement, with a copy to the Borrower.

 

SECTION 8.       The New Subsidiary agrees to reimburse the Collateral Agent for its reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Collateral Agent in each case in accordance with the terms of the Credit Agreement.

 

[Signature Page Follows]

2  

  

  

IN WITNESS WHEREOF, the New Subsidiary and the Collateral Agent have duly executed this Supplement as of the day and year first above written.

 

 

 

	  	
SOUTHWALL TECHNOLOGIES INC.

	 	 
	  	
By:  /s/James A. Tichenor

	  	
Name: James A. Tichenor

	  	
Title: Vice President and Treasurer

	  	  

 

[Signature Page to Supplement No. 1 to Guarantee Agreement]

  

  

  

 

	  	
DEUTSCHE BANK TRUST COMPANY

	  	
AMERICAS,

	  	
as Collateral Agent

	 	 
	  	
By:  /s/ Carin Keegan

	  	
Name:  Carin Keegan

	  	
Title:  Director

	  	
Address:

	  	  
	  	
By:  /s/Omayra Laucella

	  	
Name:  Omayra Laucella

	  	
Title:  Vice President

	  	
Address:

 

 

[Signature Page to Supplement No. 1 to Guarantee Agreement]

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