Document:

EX-10.17

 

Exhibit 10.17

METRETEK TECHNOLOGIES, INC.

Summary Sheet of Compensation of Non-Employee Directors 

(Effective January 1, 2007)

	 	 	 
	Cash Retainer:

	 	$3,000 per month
	 
	 	 
	Meeting Fees:

	 	$1,500 per meeting of a Committee of the Board, provided (i) no meeting fees are payable if a Board
meeting is held on the same day, and (ii) only one meeting fee is payable per day, regardless of how
many meetings are held that day
	 
	 	 
	Stock Options upon Initial 

Election or Appointment:

	 	5,000 shares of Common Stock
	 
	 	 
	Annual Stock Options:

	 	Granted annually on the date of the
Annual Meeting of Stockholders

Non-qualified stock options to purchase 7,500 shares of Common Stock
	 
	 	 
	 

	 	Vesting is one-third upon date of grant, one-third upon first anniversary
of grant date and one-third upon second anniversary of grant date
	 
	 	 
	 

	 	The Exercise Price is equal to the fair market value of the Common Stock
on the date of grant (based upon the last sale price of the Common Stock
on such date as reported on the American Stock Exchange or on such other
principal stock exchange or stock market on which the Common Stock is then
listed or traded)
	 
	 	 
	 

	 	Term is 10 years, subject to earlier termination upon death, disability or
termination of service (in which event the term continues for one year
after termination for each year of services on the Board)EX-10.1

 

Exhibit 10.1

EXECUTION COPY

[COOPER]

SECOND AMENDMENT TO

RECEIVABLES PURCHASE AGREEMENT

     THIS SECOND AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of March
9, 2007, is entered into among COOPER RECEIVABLES LLC (the “Seller”), COOPER TIRE & RUBBER COMPANY
(the “Servicer”), MARKET STREET FUNDING LLC, as Related Committed Purchaser and as Conduit
Purchaser and PNC BANK, NATIONAL ASSOCIATION, as administrator (the “Administrator”) and as
Purchaser Agent for the Market Street Purchaser Group.

RECITALS

     1. The parties hereto are parties to the Receivables Purchase Agreement, dated as of August
30, 2006 (as amended, amended and restated, supplemented or otherwise modified through the date
hereof, the “Agreement”); and

     2. The parties hereto desire to amend the Agreement as hereinafter set forth.

     NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows:

     SECTION 1. Certain Defined Terms. Capitalized terms that are used but not defined
herein shall have the meanings set forth in the Agreement.

     SECTION 2. Amendment to the Agreement. The definition of “Specifically Reserved
Dilution Amount” set forth in Exhibit I to the Agreement is hereby amended and restated in
its entirety as follows:

     “Specifically Reserved Dilution Amount” means, at any time of
determination, the sum of (i) the “Cooper Tire Volume Rebate Liability”, which shall
equal the amount recorded on the books and records of Cooper Tire as the aggregate
accrued liability for future volume rebate payments of all Originators at such time
and (ii) the “Cooper Tire Marketing and Merchandising Reserve”, which shall equal the
amount recorded on the books and records of Cooper Tire as the aggregate accrued
liability for marketing and merchandising customer incentive payments for all
Originators at such time.

     SECTION 3. Representations and Warranties. Each of the Seller and the Servicer hereby
represents and warrants to the Administrator, the Purchaser and the Purchaser Agent as follows:

     (a) Representations and Warranties. The representations and warranties made by
it in the Transaction Documents are true and correct as of the date hereof (unless stated
to relate solely to an earlier date, in which case such representations or warranties were
true and correct as of such earlier date).

 

 

     (b) Enforceability. The execution and delivery by such Person of this
Amendment, and the performance of each of its obligations under this Amendment and the
Agreement, as amended hereby, are within each of its organizational powers and have been
duly authorized by all necessary organizational action on its part. This Amendment and the
Agreement, as amended hereby, are such Person’s valid and legally binding obligations,
enforceable in accordance with its terms.

     (c) No Default. Both before and immediately after giving effect to this
Amendment and the transactions contemplated hereby, no Termination Event or Unmatured
Termination Event exists or shall exist.

     SECTION 4. Effect of Amendment. All provisions of the Agreement, as expressly amended
and modified by this Amendment, shall remain in full force and effect. After this Amendment
becomes effective, all references in the Agreement (or in any other Transaction Document) to “this
Agreement”, “hereof”, “herein” or words of similar effect referring to the Agreement shall be
deemed to be references to the Agreement as amended by this Amendment. This Amendment shall not be
deemed, either expressly or impliedly, to waive, amend or supplement any provision of the
Agreement other than as set forth herein.

     SECTION 5. Effectiveness. This Amendment shall become effective as of the date hereof
upon receipt by the Administrator of counterparts of this Amendment (whether by facsimile or
otherwise) executed by each of the other parties hereto.

     SECTION 6. Counterparts. This Amendment may be executed in any number of counterparts
and by different parties on separate counterparts, each of which when so executed shall be deemed
to be an original and all of which when taken together shall constitute but one and the same
instrument.

     SECTION 7. Governing Law. This Amendment shall be governed by, and construed in
accordance with, the internal laws of the State of New York.

     SECTION 8. Section Headings. The various headings of this Amendment are included for
convenience only and shall not affect the meaning or interpretation of this Amendment, the
Agreement or any provision hereof or thereof.

[Signatures begin on next page]

- 2 -

 

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written
above.

	 	 	 	 	 	 	 
	 	 	COOPER RECEIVABLES LLC, as Seller	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Charles F. Nagy
 

	 	   
	 	 	Name:  Charles F. Nagy	 	 
	 	 	Title:   Assistant Treasurer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Stephen O. Schroeder
 

	 	   
	 	 	Name:  Stephen O. Schroeder	 	 
	 	 	Title:   President and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	COOPER TIRE & RUBBER COMPANY, as Servicer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Philip G. Weaver
 

	 	   
	 	 	Name:  Philip G. Weaver	 	 
	 	 	Title:    Vice President & Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Stephen O. Schroeder
 

	 	   
	 	 	Name:  Stephen O. Schroeder	 	 
	 	 	Title:   Vice President and Treasurer	 	 

(STAMP)      

Second Amendment to RPA (Cooper)

S-1

 

	 	 	 	 	 	 	 
	 	 	Consented and Agreed;	 	 
	 
	 	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION,	 	 
	 	 	as Administrator	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William P. Falcon
 

	 	  
	 

	 	 	 	Name: William P. Falcon	 	 
	 

	 	 	 	Title:   Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION,	 	 
	 	 	as Purchaser Agent for the Market Street Purchaser Group	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William P. Falcon
 

	 	  
	 

	 	 	 	Name: William P. Falcon	 	 
	 

	 	 	 	Title:   Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	MARKET STREET FUNDING LLC,	 	 
	 	 	as a Related Committed Purchaser and as Conduit	 	 
	 	 	Purchaser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Doris J. Hearn
 

Name: Doris J. Hearn
	 	  
	 

	 	 	 	Title:    Vice President	 	 

Second Amendment to RPA (Cooper)

S-2EX-10.21

 

	 	 	 
	EX-10.21
	 	 
	(Exhibit 10.21)

	 	2007 Annual Incentive Plan

Annual Incentive Plan

The 2007 Annual Incentive Plan (“the Plan”) is designed to award exempt and non-exempt employees
who do not participate in any direct sales incentive plans. The Plan is designed to reward,
reinforce and recognize critical success drivers across all employee levels in the Company. As a
result, the annual performance driver(s) varies by job level or category. The Board will determine
annual financial performance goals for the Executive Team and executive management will determine
goals for other participation levels. For the fiscal year ending December 31, 2007, the
corporate-wide goal has been established based on Earnings Per Share (“EPS”).

Group goals will be consistent with corporate goals but will be more specific to the employee’s
business unit. A minimum of 80% of the Corporate-wide goal must be attained before any incentive
payment is awarded. Modifiers will be used to supplement the calculated annual incentive award.
An individual modifier will recognize individual contributions and the manner in which goals are
achieved. The individual modifier will range from 0% to 125% of the calculated incentive payment.

Five separate groups have been created for purposes of determining participants and participation
levels in the Plan. These groups are as follows:

Executive Team (CEO and EVP’s) – 100% of the target incentive will be based on the corporate-wide
goal, which for 2007 is an Earnings Per Share goal.

	 	 	 
	CEO:

	 	The target incentive for achieving the corporate-wide goal will be
50% of base pay. If actual achievement percentage of the
corporate-wide goal is less than 80% the target incentive will be 0%
and the target incentive will be 80% of base pay to the extent actual
achievement percentage equals or exceeds 120% of the corporate-wide
goal. For actual achievement percentages between 80% and 100% the
target incentive as a percentage of base pay will equal the actual
achievement percentage times 50%. For actual achievement percentages
between 100% and 120% the target incentive as a percentage of base
pay will increase by 1.5% from 50% at 100% achievement to a maximum
of 80% at 120% achievement. The target incentive will then be
subject to application of an individual modifier, which can range
from 0% to 125%.
	 
	 	 
	EVP:

	 	The target incentive for achieving the corporate-wide goal will be
40% of base pay. If actual achievement percentage of the
corporate-wide goal is less than 80% the target incentive will be 0%
and the target incentive will be 64% of base pay to the extent actual
achievement percentage equals or exceeds 120% of the corporate-wide
goal. For actual achievement percentages between 80% and 100% the
target incentive as a percentage of base pay will equal the actual
achievement percentage times 40%. For actual achievement percentages
between 100% and 120% the target incentive as a percentage of base
pay will increase by 1.2% from 40% at 100% achievement to a maximum
of 64% at 120% achievement. The target incentive will then be
subject to application of an individual modifier, which can range
from 0% to 125%.

 

 

Senior Revenue Producers, Human Resources Director, and Treasurer – 50% of the incentive will be
based on the EPS target and 50% on group goals. Target incentive will be 30% of base pay.

Senior Management Staff (Sr. VP or VP) — 50% of the incentive will be based on the EPS goal and 50%
on group goals. Target incentive will be 20% of base pay.

Management Staff (VP or AVP) — 50% of the incentive will be based on the EPS target and 50% on
group goals. Target incentive will be 10% of base pay.

Professional & Support Staff — 50% of the incentive will be based on the EPS target and 50% on
group goals. Target incentive will be 5% of base pay.

Target Incentives As a % of Base Pay

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Minimum after	 	 	 	 	 	Maximum	 	Maximum After
	 	 	Applying	 	At 100% of	 	Goal	 	Applying
	Group	 	Modifier	 	Goal	 	Attainment	 	Modifier
	CEO
	 	 	0	%	 	 	50	%	 	 	80	%	 	 	100	%
	EVPs’
	 	 	0	%	 	 	40	%	 	 	64	%	 	 	80	%
	Senior Revenue
Producers,
Human Resources
Director,
Treasurer
	 	 	0	%	 	 	30	%	 	 	30	%	 	 	37.5	%
	Senior Management
Staff
	 	 	0	%	 	 	20	%	 	 	20	%	 	 	25	%
	Management Staff
	 	 	0	%	 	 	10	%	 	 	10	%	 	 	12.5	%
	Professional &
Support Staff
	 	 	0	%	 	 	5	%	 	 	5	%	 	 	6.25	%

March 13, 2007

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