Document:

exv10w2

Exhibit 10.2

SEVERANCE AND NONCOMPETITION AGREEMENT

     THIS SEVERANCE AND NONCOMPETITION AGREEMENT (this “Agreement”) is made by
and between Spartech Corporation, a Delaware corporation (together with its subsidiaries, the
“Company”) and Victoria M. Holt
(“Employee”) effective as of the 8th day of September, 2010.

     In consideration of the terms and conditions hereof, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and
Employee agree as follows:

     1. Severance.

     (a) If Employee’s employment with the Company is terminated by the Company for any reason
other than for Cause, or if Employee’s employment with the Company is terminated by the Company for
any reason other than for Cause within 24 months following a Change in Control, or if Employee
terminates her employment with the Company for Good Reason, Employee shall be entitled to receive
as a severance payment to be paid in equal installments over the twenty-four months following
Employee’s termination, and in accordance with the Company’s normal payroll practices, an aggregate
amount equal to: (i) twenty-four months’ base salary at the highest rate paid to Employee during
the three years prior to Employee’s termination, plus (ii) two times the average annual bonus
awarded to Employee for the three fiscal years ended prior to Employee’s termination (or for the
period of Employee’s employment by the Company if less than three years); provided, however, in the
event the termination occurs during the first fiscal year of Employee’s employment and prior to the
award of an annual bonus, the calculation of the bonus portion of the severance payment under this
subsection 1(a)(ii) shall be based on Employee’s target bonus for the fiscal year in which
termination occurs. In addition to the foregoing severance payment, Employee shall be entitled to
receive during the twenty-four months following Employee’s termination continuing health insurance
benefits at least equal to the benefits received by Employee at the time of termination.

     (b) As used herein:

     “Cause” means, in each case in the reasonable discretion of the Company’s board of directors
(the “Board”): (i) Employee being charged with commission of a crime that constitutes a felony
(provided that if following Employee’s termination the charges are dropped or Employee is acquitted
then Employee shall be entitled to the severance payment); (ii) acts of Employee which constitute
willful fraud or dishonesty on the part of Employee in connection with her duties; (iii) Employee
willfully engaging in conduct materially injurious to the Company or gross misconduct, including
but not limited to the willful or grossly negligent failure or refusal of Employee to comply with
the lawful instruction of the Board, after a written demand for compliance is delivered to Employee
by the Board which specifically identifies the manner in which the Board believes that Employee has
violated this provision; (iv) Employee’s failure, whether or not intentional, to fully comply with:
(a) the Company’s Code of Business Conduct and Ethics for Directors, Officers and Employees, (b)
the Company’s Code of Ethics for Chief Executive Officer and Senior Financial Officers; or (c) the
Company’s Statement of Policy Regarding Securities Trades by Company Personnel; or (v) Employee’s
failure to fully cooperate in good faith with any internal, governmental or regulatory
investigation involving or in any way related to the Company or its operations. Any act or failure
to act based upon authority given pursuant to a resolution duly adopted by the Board or based on
the advice of a senior officer or counsel for the Company shall be conclusively presumed to be
done, or omitted to be done, by Employee in good faith and in the best interests of the Company.

     “Change in Control” means the successful consummation of a transaction resulting in a change
in the ownership or effective control of the Company or ownership of a substantial portion of the
assets of the

 

 

Company within the meaning of Section 409A(a)(2)(C)(v) of the Internal Revenue Code of 1986,
as amended, or any successor statute (“Code”).

     “Good Reason” means any of the following: (i) one or more reductions of Employee’s base salary
amounting to 10% or more from Employee’s highest previous base salary, provided that any reduction
which is generally consistent with across-the-board reductions in pay of the Company as a whole
shall not be counted for this purpose unless a Change in Control has occurred; (ii) the Company’s
requiring Employee to be based at any office or location greater than 50 miles from the principal
executive offices of the Company; (iii) after a Change in Control, a relocation of the principal
offices of the Company more than 50 miles from its present location; or (iv) one or more other
actions by the Company which collectively amount to a constructive discharge of Employee.

     (c) If Employee is a “specified employee” (within the meaning of Code Section
409A(a)(2)(B)(i)) of the Company at the time of her termination of employment with the Company and
if the separation payments under Section (a) are on account of her “involuntary separation of
service” (as defined in Treasury Regulation Section 1.409A-1(n), or a successor regulation),
Employee shall receive payments during the six (6) month period immediately following the date of
such termination as otherwise provided under Section (a) for such six month period except that the
total amount of such payments shall not exceed the lesser of the amount specified under (i)
Treasury Regulation Section 1.409A-1(9)(iii)(A)(1) or (ii) Treasury Regulation Section
1.409A-1(9)(iii)(A)(2) or successor regulations. To the extent the amounts otherwise payable during
such six (6) month period under Section (a) exceed the amounts payable under the immediately
preceding sentence, such excess amounts, together with interest on such amounts from the date of
Employee’s termination of employment with the Company to the date of payment, shall be paid in a
single sum on the first regular payroll date of the Company immediately following the six (6) month
anniversary of the date of such termination. If the Company reasonably determines that such
termination is not an involuntary separation from service, amounts otherwise payable during such
six (6) month period immediately following the date of Employee’s termination under Section (a),
together with interest on such amounts from the date of Employee’s termination of employment with
the Company to the date of payment, shall be paid in a single sum on the first payroll date of the
Company immediately following the six (6) month anniversary of such termination. For purposes of
this Section (c), “interest” means the prime rate, as announced from time to time by the Company’s
primary commercial bank during the six month period described above, plus two percentage points,
compounded annually.

     2. Nondisclosure. During the period of Employee’s employment with the Company, and
after the termination thereof for any reason, Employee agrees to use her best efforts to maintain
and protect the secrecy of the Confidential Information and not to directly or indirectly undertake
or attempt to undertake: (i) any disclosure of any Confidential Information to any other person or
entity; (ii) to use any Confidential Information for Employee’s own purposes; (iii) to make any
copies or reproductions of any Confidential Information; (iv) to authorize or permit any other
person or entity to use, copy, disclose, publish or distribute any Confidential Information; or (v)
any activity the Company is prohibited from undertaking or attempting to undertake by any of its
present or future clients, customers, suppliers, vendors, consultants, agents or contractors. As
used herein, “Confidential Information” means any knowledge, information or property relating to,
or used or possessed by, the Company, and includes, without limitation, the following: trade
secrets; manufacturing or production know-how, methods and processes, patents, copyrights, software
(including, without limitation, all programs, specifications, applications, routines, subroutines,
techniques and ideas for formulas); concepts, data, drawings, designs and documents; names of
clients, customers, employees, agents, contractors, and suppliers; marketing information; financial
information and other business records; and all copies of any of the foregoing, including notes,
extracts, memoranda prepared or directed to be prepared by Employee based on any Confidential
Information. Employee agrees that all information possessed by Employee, or disclosed to Employee,
or to which Employee obtains access during the course of Employee’s employment with the

2

 

Company shall be presumed to be Confidential Information under the terms of this Agreement.
Confidential Information shall not include any information which is publicly available or which is
generally known to persons employed in the plastics processing business. Upon termination of
Employee’s employment with the Company for any reason, Employee agrees not to retain or remove from
the Company’s premises any Confidential Information whatsoever, and to surrender the same to the
Company, wherever it is located, immediately upon termination of Employee’s employment.

     3. Noncompetition/Nonsolicitation. Employee agrees that, during the term of Employee’s
employment with the Company and for a period of one (1) year after the termination of
Employee’s
employment with the Company (whether such termination is with or without Cause or Good Reason
or
results from Employee’s resignation) Employee shall not, directly or indirectly, in any market
in which
the Company then is engaged in business activities (the “Geographic Area”): (i) engage in,
consult with,
be employed by or be connected with any business or activity which directly or indirectly
competes with
the Company’s business (a “Competing Business”), (ii) canvass, solicit or accept any business
from any
of the Company’s current or former clients, (iii) own any interest in any Competing Business
(provided,
however, Employee may own up to 1% of the outstanding equity interests of any publicly traded
Competing Business); (iv) assist others to open or operate any Competing Business; (v)
solicit,
recommend or induce any employee of the Company to terminate her employment with the Company;
or
(vi) solicit, recommend or induce any customers, suppliers or any other person or entity which
has a
business relationship with the Company to discontinue, reduce or modify such relationship..
Employee
agrees and acknowledges that the Geographic Area is reasonable in scope and that the one (1)
year period
is reasonable in length. Employee has agreed to the foregoing noncompetition agreement
because: (a)
Employee recognizes that the Company has a legitimate interest in protecting the
confidentiality of its
business secrets (including the Confidential Information), (b) Employee agrees that such
noncompetition
agreement is not oppressive to Employee nor injurious to the public, and (c) the Company has
provided
specialized and valuable training and information to Employee.

     4. Injunction. Because the award of monetary damages would be an inadequate remedy, in
the
event of a breach or threatened breach by Employee of any of the provisions of this Agreement,
the
Company shall be entitled to an injunction restraining Employee from undertaking any such
breach or
threatened breach. Nothing herein shall be construed as prohibiting the Company from pursuing
any
other remedies for such breach or threatened breach, including the recovery of damages from
Employee.

     5. Amendment. No amendment, whether express or implied, to this Agreement shall be
effective
unless it is in writing and signed by both parties hereto.

     6. Waiver. No consent or waiver, express or implied, by the Company to or of any
breach or
default by Employee in the performance of her agreements hereunder shall operate as a
consent to or
waiver of any other breach or default in the performance of the same or any other
obligations of
Employee hereunder. The Company’s failure to complain of any such breach or default shall
not
constitute a waiver by the Company of its rights hereunder, irrespective of how long such
failure
continues.

     7. Governing Law; Venue. This Agreement shall be governed by, and construed under, the
laws of
the State of Delaware. Each of the parties submits to the jurisdiction of the state court
sitting in St. Louis
County, Missouri or federal court sitting in St. Louis, Missouri, in any action or proceeding
arising out of
or relating to this Agreement and agrees that all such claims may be heard and determined in
any such
court.

     8. Severability. The invalidity or unenforceability of any provision hereof shall in
no way affect
the validity or enforceability of any other provision. In addition, should any time or area
restriction
contained herein be found by a court to be unreasonable, such restriction shall nevertheless
remain as to
the time or area such court finds reasonable, and as so amended, shall be enforced.

3

 

     9. Miscellaneous. This Agreement shall apply to all periods when Employee is employed
by the Company. This Agreement is binding upon and shall inure to the benefit of the parties’
heirs, representatives, affiliates, successors or assigns. The use of any gender shall include all
other genders.

	 	 	 	 	 	 	 	 	 	 	 	 	 

	SPARTECH CORPORATION	 	 	 	EMPLOYEE  
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Pamela F. Lenehan 	 	 	 	By:
	 	/s/ Victoria M. Holt	 	 
	 	 	 	 	 	 	 	 	 	 	 
	

	 	Name:
	 	Pamela F. Lenehan	 	 	 	 	 	Victoria M. Holt	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	Title:	 	Chair, Compensation Committee	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 

4exv10w1

Exhibit 10.1

FIRST AMENDMENT TO

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

     THIS FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
(“Amendment”), dated as of September 10, 2010 (the “Amendment Date”), is among Amkor
Technology, Inc. and its Subsidiaries party thereto, the Lenders party to the Loan and Security
Agreement referred to below, and Bank of America, N.A., as administrative agent for the Lenders.

RECITALS:

     A. The Borrowers, the Lenders, and the Agent have entered into the certain Amended and
Restated Loan and Security Agreement, dated as of April 16, 2009 (the “Loan and Security
Agreement”).

     B. The undersigned parties have agreed to amend the Credit Agreement in certain respects as
provided hereinbelow.

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

ARTICLE I

Definitions

     Section 1.1 Definitions. Unless otherwise defined in this Amendment, terms defined by
the Loan and Security Agreement, where used in this Amendment, shall have the same meanings in this
Amendment as are prescribed by the Loan and Security Agreement.

ARTICLE II

Amendment to Loan and Security Agreement

     Section 2.1 Amendment Certain Definitions in Section 1.1. Effective as of the
Amendment Date, each of the following definitions in Section 1.1 of the Loan and Security
Agreement is hereby amended and restated to read as follows, respectively:

     Applicable Margin — with respect to any Type of Revolving Loan, on any
day, the per annum percentage set forth below, as determined by Average Availability
calculated for Borrower for the preceding completed Fiscal Quarter of Borrower:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Average Availability for	 	Base Rate	 	 	LIBOR	 
	 	 	 	 	preceding completed Fiscal	 	Revolving	 	 	Revolving	 
	Level	 	 	Quarter	 	Loans	 	 	Loans	 
	 	I	 	 	Less than $40,000,000
	 	 	1.50	%	 	 	2.75	%
	 	 	 	 	 
	 	 	 	 	 	 
	II	 	Greater than or equal to
$40,000,000 and equal to or less
than $80,000,000
	 	 	1.25	%	 	 	2.50	%
	 	 	 	 	 
	 	 	 	 	 	 
	III	 	Greater than $80,000,000
	 	 	1.0	%	 	 	2.25	%
	 	 	 	 	 
	 	 	 	 	 	 

FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT — Page 1

 

 

     Subject to the terms of this Agreement, the Applicable Margin shall be
subject to increase or decrease, effective as of the first day of the next
succeeding Fiscal Quarter following a completed Fiscal Quarter as provided above.

     Average Availability — for any period of a completed Fiscal Quarter,
the average of the daily amount of Availability for such period, provided,
that solely for purposes of calculating the Applicable Margin, Average Availability
shall be determined without reference to clause (a) of the definition of
Borrowing Base.

     Termination Date — the earliest to occur of (a) April 16, 2015, (b)
the date on which the Borrowers terminate the Revolving Commitments pursuant to
Section 2.1.4, or (c) the date on which the Revolving Commitments are
terminated pursuant to Section 11.2.

ARTICLE III

Conditions

     Section 3.1 Conditions Precedent. The effectiveness of this Amendment is subject to
the satisfaction of the following conditions precedent:

     (a) no Default or Event of Default shall be in existence as of the Amendment Date after
giving effect to this Amendment;

     (b) the Agent shall have received (i) a fully executed copy of this Amendment, (ii) and
each other agreement, document, certificate or instrument reasonably requested by the Agent
in connection with this Amendment, in each case in form and substance satisfactory to the
Agent.

     (c) Borrowers shall have paid the fee required by Section 3.2.

     Section 3.2 Commitment Fee. Subject to the terms of the Loan and Security Agreement,
in consideration for the Lender’s agreements under this Amendment, the Borrowers jointly and
severally agree to pay to the Agent, for the benefit of the Lenders, a commitment fee in the amount
of $250,000, which shall be deemed fully earned and due and payable in full upon execution by all
parties of this Amendment.

ARTICLE IV

Ratifications, Representations, and Warranties

     Section 4.1 Ratifications. The terms and provisions set forth in this Amendment shall
modify and supersede all inconsistent terms and provisions set forth in the Loan and Security
Agreement and the other Loan Documents and, except as expressly modified and superseded by this
Amendment, the terms and provisions of the Loan and Security Agreement and the other Loan Documents
are ratified and confirmed and shall continue in full force and effect. The Borrowers, the Agent,
and the Lenders agree that the Loan and Security Agreement and the other Loan Documents, as amended
hereby, shall continue to be legal, valid, binding, and enforceable in accordance with their
respective terms.

     Section 4.2 Representations and Warranties. The Borrowers hereby represent and
warrant to the Agent and the Lenders that (a) the execution, delivery, and performance of this
Amendment and any and all other Loan Documents executed and/or delivered in connection herewith
have been authorized by all requisite action on the part of the Borrowers and will not violate the
certificate of incorporation or bylaws of any Borrower, (b) the representations and warranties of
the Borrowers contained in the Loan

FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT — Page 2

 

 

and Security Agreement, as amended hereby, and any other Loan Document are true and correct on
and as of the Amendment Date as though made on and as of the Amendment Date (except to the extent
that such representations and warranties were expressly made only in reference to a specific date),
and (c) after giving effect to this Amendment, no Default or Event of Default has occurred and is
continuing.

ARTICLE V

Miscellaneous

     Section 5.1 Survival of Representations and Warranties. All representations and
warranties made in this Amendment or any other Loan Document including any Loan Document furnished
in connection with this Amendment shall survive the execution and delivery of this Amendment and
the other Loan Documents, and no investigation by the Agent or any Lender shall affect the
representations and warranties or the right of the Agent or any Lender to rely upon them.

     Section 5.2 Reference to Loan and Security Agreement and Other Loan Documents. Each
of the Loan Documents, including the Loan and Security Agreement and any and all other agreements,
documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or
pursuant to the terms of the Loan and Security Agreement and the other Loan Documents as amended
hereby, are hereby amended so that any reference in such Loan Documents to the Loan and Security
Agreement or any other Loan Document shall mean a reference to the Loan and Security Agreement and
the other Loan Documents as amended hereby.

     Section 5.3 Severability. Any provision in this Amendment that is held to be
inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be
inoperative, unenforceable, or invalid without affecting the remaining provisions in that
jurisdiction or the operation, enforceability, or validity of that provision in any other
jurisdiction, and to this end the provisions of this Amendment are declared to be severable.

     Section 5.4 Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK, PROVIDED THAT IN THE EVENT ANY COURT DETERMINES THAT NEW YORK LAW DOES NOT
GOVERN THE LAWS OF THE STATE OF TEXAS SHALL GOVERN, IN ANY SUCH CASE WITHOUT GIVING EFFECT TO ANY
CONFLICT OF LAW PRINCIPLES (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS).

     Section 5.5 Successors and Assigns. This Amendment is binding upon and shall inure to
the benefit of the Borrowers, the Agent, and the Lenders and their respective successors and
assigns, except the Borrowers may not assign or transfer any of their respective rights or
obligations hereunder without the prior written consent of the Lenders and any assignment by the
Lenders shall be made only in accordance with the terms of the Loan and Security Agreement.

     Section 5.6 Counterparts. This Amendment may be executed in any number of
counterparts, all of which taken together shall constitute one agreement, and any of the parties
hereto may execute this Amendment by signing any such counterpart and a telecopy of any such
executed signature page shall be valid as an original. This Amendment shall be effective when it
has been executed by the Borrowers, the Agent, and the Requisite Lenders.

     Section 5.7 Effect of Amendment. No consent or waiver, express or implied, by the
Agent or any Lender to or for any breach of or deviation from any covenant, condition, or duty by
the Borrowers shall be deemed a consent or waiver to or of any other breach of the same or any
other covenant,

FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT — Page 3

 

 

condition, or duty. The Borrowers hereby (a) agree that this Amendment shall not limit or
diminish the obligations of the Borrowers under the Loan Documents delivered in connection with the
Credit Agreement, executed or joined in by the Borrowers and delivered to the Agent, (b) reaffirms
the Borrowers’ obligations under each of such Loan Documents, and (c) agrees that each of such Loan
Documents to which the Borrowers are a party remains in full force and effect and is hereby
ratified and confirmed.

     Section 5.8 Further Assurances. The Borrowers shall execute and deliver, or cause to
be executed and delivered, to the Agent such documents and agreements, and shall take or cause to
be taken such actions as the Agent may, from time to time, reasonably request to carry out the
terms of this Amendment and the other Loan Documents.

     Section 5.9 Headings. The headings, captions, and arrangements used in this Amendment
are for convenience only and shall not affect the interpretation of this Amendment.

     Section 5.10 Entire Agreement. THIS AMENDMENT AND ALL OTHER INSTRUMENTS, DOCUMENTS,
AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH THIS AMENDMENT EMBODY THE FINAL, ENTIRE
AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS,
REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS AMENDMENT, AND MAY
NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS
OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO.

     Section 5.11 Amendment as a Loan Document. This Amendment constitutes a Loan Document
and any failure of the Borrowers to comply with the terms and conditions of this Amendment shall
result in a Default under the Credit Agreement.

[Remainder of page intentionally left blank.]

FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT — Page 4

 

 

     IN WITNESS WHEREOF, the parties have entered into this Amendment on the date first above
written.

	 	 	 	 	 
	 	BORROWER:

AMKOR TECHNOLOGY, INC.

 	 
	 	By:  	/s/ Joanne
Solomon	 
	 	 	Joanne Solomon	 
	 	 	Executive Vice President and Chief
Financial Officer	 
	 

FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT — Page 5

 

 

	 	 	 	 	 
	 	AGENT:

BANK OF AMERICA, N.A.,

as administrative agent

 	 
	 	By:  	/s/ Laura K. Wieland	 
	 	 	Laura K. Wieland	 
	 	 	Assistant Vice President	 
	 

FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT — Page 6

 

 

	 	 	 	 	 
	 	LENDERS:

BANK OF AMERICA, N.A.

 	 
	 	By:  	 /s/ Laura K. Wieland	 
	 	 	Laura K. Wieland	 
	 	 	Assistant Vice President	 
	 
	 	WELLS FARGO 

CAPITAL FINANCE, LLC

 	 
	 	By:  	 /s/ Michael P. Baranowski	 
	 	 	Michael P. Baranowski	 
	 	 	Vice President	 
	 
	 	DEUTSCHE BANK TRUST COMPANY 

AMERICAS

 	 
	 	By:  	 /s/ Paul O'Leary	 
	 	 	Paul O'Leary	 
	 	 	Director	 
	 	 	 
	 	By:  	
 /s/ Evelyn Thierry	 
	 	 	Evelyn Thierry	 
	 	 	Director	 
	 

FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT — Page 7

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