Document:

EX-10.1: RESOLUTIONS APPROVING AN AMENDMENT

 

Exhibit 10.2

RESOLUTIONS APPROVING AN AMENDMENT TO THE AIR PRODUCTS

AND CHEMICALS, INC. COMPENSATION PROGRAM FOR

NONEMPLOYEE DIRECTORS

     RESOLVED, that the resolutions of the Board of Directors adopted at its
meeting held on 21 March 2002, be, and the same hereby are, amended, effective
as of 1 October 2002, to read in their entirety as follows:

	 	a.	 	Each director shall be paid an annual retainer of $32,000 for
serving as a member of the Board of Directors and any Board
Committee(s), which retainer shall be payable in quarterly
installments. Fifty percent of this retainer will be paid by the
Company in the form of a credit to the Air Products Stock Account of
the Deferred Compensation Plan for Directors (the “Plan”).*/ **/
	 
	 	b.	 	Each director who serves as the Chairman of a Board Committee
shall be paid an additional annual retainer of $5,000, which
retainer shall be payable in quarterly installments.*/

	*/ 	 	If applicable, the quarterly installment of the annual retainer payable
at the end of calendar year 2002 shall be reduced pro rata to reflect the
number of regular meetings attended by the director compared to the
number of such meetings held by the Board and Board Committees (excluding
the Executive Committee) on which the director served during fiscal year
2002 (or shorter period that the director served). The reduction shall
be applied to offset the amount of the retainer payable in the following
forms: first, to reduce any cash payment; second, to reduce any credit
of Elective Deferrals as defined in the Plan to the Plan’s Interest
Account; and last, to reduce any credit of Elective Deferrals to the
Plan’s Air Products Stock Account.
	 
	**/	 	 For purposes of administering these provisions, a director will be
considered to have attended any meeting for which he or she was present in
person or by secure telephone conference call for substantially all of the
meeting, as determined by the Corporate Secretary.

 

 

	 	c.	 	Each director shall be paid a meeting fee of $1,250 per
meeting attended.**/
	 
	 	d.	 	One thousand deferred stock units shall be credited under the
Plan’s Air Products Stock Account (i) effective as of the date the
director first serves on the Board, and (ii) annually,
notwithstanding the date of first service, for directors continuing
in office after the Annual Meeting of Shareholders effective as of
the day of the Annual Meeting.
	 
	 	e.	 	Directors shall be reimbursed for out-of-pocket expenses
incurred in attending regular and special meetings of the Board and
Board Committees and any other business function of the Company at
the request of the Chairman of the Board. Expenses will be
reimbursed as submitted.***/

	 	 	 
	 	 	
APCI BOARD OF DIRECTORS
	 	 	
19 September 2002

	**/	 	 For purposes of administering these provisions, a director will be
considered to have attended any meeting for which he or she was present in
person or by secure telephone conference call for substantially all of the
meeting, as determined by the Corporate Secretary.
	 
	***/	 	 Directors are reimbursed at the rate of $.36 per mile for use of their
personal cars in connection with Company business. Directors using
personal aircraft or aircraft of noncarrier will be reimbursed for such
expenses at a rate equivalent to first-class air fare of scheduled
carriers.

2<PAGE>
                                                                   EXHIBIT 10.38

SUMMARY OF 2003 TEAM MEMBER 401K RESTORATION AND PROFIT SHARING PLAN

Under the 2003 Team Member 401K Restoration and Profit Sharing Plan (the
"Plan"), a Pool of Funds will be generated based upon a portion of each dollar
of pre-tax income earned above certain progressive earnings per share targets in
fiscal year 2003. Fifty percent of the pool will be used to match any 401K
contributions by team members, up to a maximum of 50% of contributions made by
team members during fiscal year 2003, and 50% of the pool will be placed in the
profit sharing pool to be distributed pro rata according to each team member's
predetermined participation percentage. After the maximum 50% match of 401K
contributions is fully funded, any additional funds in the pool will be placed
in the profit sharing pool. Team member participation percentages are stated as
a percentage of base salary. Participating team members must be employed on or
before December 31, 2002 in order to be eligible. Those hired between July 1,
2002 and December 31, 2002 will receive a pro-rata portion of their individual
participation percentage. Participating team members must be employed by the
Company at the date of the payment in fiscal year 2004.OPINION OF THE REP. OF PANAMA

 
EXHIBIT 4(4)

 
[Letterhead of
Procuraduría de la Administración] 
 
February 13, 2003 
 
The Hon. Norberto Delgado
Durán 
Minister of Economy and Finance 
Republic of Panama 
P.O. Box 2694, Zona 3 
Panama 
Republic of Panama 
 
Dear Minister Delgado Durán: 
 
I am the Procuradora de la Administración of the Republic of Panama (the “Republic”) and have served as counsel to the
Republic in connection with the Republic’s Registration Statement (the “Registration Statement”), and the forms of the Underwriting Agreement and the Fiscal Agency Agreement (the “Agreements”), incorporated as Exhibits 4(1)
and 4(2), pursuant to which the Republic is registering certain securities (the “Securities”) to be offered and sold from time to time as set forth in the Registration Statement. 
 
The filing of this Registration Statement has been authorized pursuant to Cabinet Decree No. 5, dated January
22, 2003 (the “Cabinet Decree”). 
 
It is
my opinion that when the Securities have been (i) duly authorized, issued, executed and delivered by the Republic and authenticated pursuant to the Cabinet Decree, and (ii) delivered and paid for as contemplated by the Agreements and the Prospectus
(including, without limitation, the applicable Prospectus Supplement and any amendment and supplement thereto), the Securities will constitute valid and legally binding obligations of the Republic under the laws of the Republic. 
 
I hereby consent to the filing of this opinion as an exhibit
to the Registration Statement and to the use of my name under the heading “Validity of the Securities” in the Registration Statement. In giving the foregoing consent, I do not thereby admit that I am 

 
Minister of Economy and
Finance 
February 13, 2003 
Page
2 
 
in the category of persons whose consent is required under
Section 7 of the United States Securities Act of 1933, as amended, or the rules and regulations of the United States Securities and Exchange Commission. 
 

	
	  	   	  Very truly yours,
   
  /s/ Alma Montenegro de Fletcher

 
Alma Montenegro de Fletcher
  Procuradora General de la
Administración
  of the Republic of PanamaOPINION OF ARNOLD & PORTER

 
EXHIBIT 4(6)

 
[Letterhead of
Arnold & Porter] 
 
February 13, 2003

 
Ministry of Economy and Finance 
Republic of Panama 
P.O. Box 2694, Zona 3

Panama, Republic of Panama 
 
Dear Ladies and Gentlemen: 
 
We have acted as special United States counsel to the Republic of Panama (“Panama”) in connection with the preparation of the
registration statement under Schedule B (the “Registration Statement”) filed on the date hereof with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Act”),
pursuant to which Panama is registering $1,000,000,000 aggregate principal amount of its debt securities and warrants (the “Securities”) to be offered and sold from time to time as set forth in the Registration Statement and the prospectus
(the “Prospectus”) contained therein. We are familiar with (a) the form of Fiscal Agency Agreement (including the forms of Note) previously filed as part of Panama’s Registration Statement on Schedule B (Registration No. 333-8558) and
made a part of the Registration Statement (the “Fiscal Agency Agreement”), and (b) the form of Underwriting Agreement previously filed as part of Panama’s Registration Statement on Schedule B (Registration No. 333-8558) and made a
part of the Registration Statement (together with the Fiscal Agency Agreement, the “Agreements”). 
 
In rendering the opinion expressed below, we have examined such certificates of public officials, government documents and records and
other certificates and instruments furnished to us, and have made such other investigations, as we have deemed necessary in connection with the opinion set forth herein. Furthermore, we have assumed the genuineness of all signatures, the
authenticity of all documents submitted to us as originals, the authority of Panama to enter into the Agreements and cause the issuance of the Securities, and the conformity to authentic originals of all documents submitted to us as copies. As to
any document originally prepared in any language other than English and submitted to us in translation, we have assumed the accuracy of the English translation. 
 
This opinion is limited to the federal laws of the United States and the laws of the State of New York, and
we do not express any opinion herein concerning the laws of any other jurisdiction. Insofar as the opinion set forth herein relates to matters of the laws of Panama, we have relied upon the opinion of Alma Montenegro de Fletcher, Procuradora de
la Administración of Panama, a copy of which is being filed as an exhibit to the Registration 

 
Ministry of Economy and
Finance 
February 13, 2003 
Page
2 
 
Statement, and our opinion herein is subject to any and all
exceptions and reservations set forth therein. 
 
Based upon and subject to the foregoing, we are of the opinion that when the Securities have been duly authorized, issued, and executed by Panama and authenticated, delivered, and paid for as contemplated by the Agreements, the
Prospectus and any amendment and supplement thereto, the Securities will constitute valid and legally binding obligations of Panama under the laws of the State of New York. 
 
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the
references to this firm under the heading “Validity of the Securities” in the Registration Statement. In giving the foregoing consent, we do not thereby admit that we are within the category of persons whose consent is required under
Section 7 of the Act or the rules and regulations of the Commission thereunder. 
 

	
	  	   	  Very truly yours,
   
  /s/ Arnold & Porter

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