Document:

2007 Base Salary Rates; 2006 Cash Award Amounts

 Exhibit 10.1 
 2007 Base Salary Rates; 2006 Cash Award Amounts 
 The following table lists the 2007 base
salary rate and the amount of the 2006 cash incentive award approved on February 26, 2007, for each of our named executive officers. 
  

								
	 Name and Title
	  	 2007
 Base Salary
 Rate
	 	 	 2006
 Cash Bonus
 Amount

	 Arthur H. Keeney III
 President and Chief Executive Officer
	  	$	270,000	 	 	$	69,317
			
	 J. Dorson White
 Executive Vice President and Chief Operating Officer
	  	 	160,000	 	 	 	28,213
			
	 William F. Plyler II
 Senior Vice President and Chief Credit Officer
	  	 	N/A 	(1)	 	 	22,473
			
	 Gary M. Adams
 Senior Vice President and Chief Financial Officer
	  	 	105,000	 	 	 	19,458

	(1)	Mr. Plyler retired effective on January 1, 2007.February 2007 Stock Option Grants

 Exhibit 10.2 
 February 2007 Stock Option Grants 
 The following table lists the number of shares of our
common stock for which a purchase option was granted on February 26, 2007, to each of our named executive officers pursuant to the terms of our Omnibus Stock Ownership and Long Term Incentive Plan, together with the exercise price, term and
vesting schedule of each option. 
  

										
	 Name and Title
	  	 Number
 of Shares
	  	 Exercise
 Price
 Per Share
	  	 Option
 Term
	  	 Vesting Schedule

	 Arthur H. Keeney III
 President and Chief Executive Officer
	  	8,954	  	$	32.60	  	10 years	  	Becomes exercisable as to one-third of the shares on February 26, 2008, and two-thirds of the shares on February 26, 2009
					
	 J. Dorson White
 Executive Vice President and Chief Operating Officer
	  	4,952	  	 	32.60	  	10 years	  	Becomes exercisable as to one-third of the shares each February 26, beginning 02/26/2010
					
	 Gary M. Adams
 Senior Vice President and Chief Financial Officer
	  	1,619	  	 	32.60	  	10 years	  	Becomes exercisable as to one-third of the shares each February 26, beginning 02/26/2010First Amendment to Second Amendment and Restated Credit Agreement

 Exhibit 10.1 
 FIRST AMENDMENT 
 TO 
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT 
 This First Amendment to Second
Amended and Restated Credit Agreement (this “Amendment”) is executed effective as of February 28, 2007 (the “Effective Date”), by and among AZZ incorporated, a Texas corporation
(“Borrower”), and Bank of America, N.A., as Lender, Administrative Agent, Swing Line Lender and L/C Issuer (“Administrative Agent”). 
 A. Borrower and Administrative Agent are party to that certain Second Amended and Restated Credit Agreement dated as of May 25, 2006 (as may be
amended, modified, supplemented, restated or amended and restated from time to time, the “Agreement”). 
 B. Borrower
has requested that Administrative Agent amend certain terms and provisions of the Agreement. 
 C. Borrower and Administrative Agent have
agreed, upon the following terms and conditions, to amend the Agreement subject to and upon the terms and conditions provided herein. 
 NOW, THEREFORE, in consideration of the mutual promises herein contained, and for other valuable consideration, the parties hereto agree as follows: 
 Section 1. Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the Agreement shall have the meaning assigned to such term in the
Agreement. 
 Section 2. Amendments to Agreement. Effective as of the Effective Date, but subject to satisfaction of the
conditions precedent set forth in Section 3 hereof, the Agreement is hereby amended as set forth below. 
 (a)
Section 6.12(d) of the Agreement is amended to read in its entirety as follows: 
 “(d) Capital Expenditures.
Not to make Capital Expenditures on a consolidated basis in an amount in excess of $14,000,000 during any fiscal year, excluding capital expenditures related to the new construction of the Central Electric Manufacturing Co. facility in an amount not
to exceed $10,000,000 in the aggregate, without the prior consent of the Required Lenders.” 
 (b) Schedule 2.01 to
the Agreement is deleted and replaced by Replacement Schedule 2.01 hereto. 
 Section 3. Conditions to
Effectiveness. This Amendment shall become effective as of the Effective Date when and if Administrative Agent has received the following: 
 (a) this Amendment, duly executed by Borrower, each Guarantor and Administrative Agent; 
 (b) an amended and restated Note payable
to the Administrative Agent in the amount of its Commitment under the Agreement after giving effect to this Amendment; 
 (c) a certificate
of a Responsible Officer, certifying the names and true signatures of the officers of Borrower authorized to execute and deliver this Amendment; 
  

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 (d)(i) for each Guarantor that is not a partnership, copies of the resolutions of the Board of Managers
or Board of Directors of such Guarantor, approving and authorizing the execution, delivery and performance by such Guarantor of this Amendment and the transactions contemplated hereby, including the increase in the Commitment of the Administrative
Agent under the Agreement, certified by a Responsible Officer of such Guarantor; and (ii) for each Guarantor that is a partnership, evidence of approval and authorization of the execution, delivery and performance by such Guarantor of this
Amendment and the transactions contemplated hereby, including the increase in the Commitment of the Administrative Agent under the Agreement, accompanied by a certificate from the general partner or other appropriate managing partner; 
 (e) a certificate of a Responsible Officer (or general partner or other appropriate managing partner, as applicable) of each Guarantor, certifying the
names and true signatures of the officers of such Guarantor authorized to execute and deliver this Amendment; and 
 (f) such other
assurances, certificates, Loan Documents, other documents, consents and opinions as Administrative Agent may reasonably require. 
 Section 4. Representations and Warranties of Borrower. Borrower represents and warrants to Administrative Agent as set forth below. 
 (a) The execution, delivery and performance by Borrower of this Amendment and the transactions contemplated hereby, including the increase in the Commitment of the Administrative Agent under the Agreement, and the
Agreement, as amended hereby, will be duly authorized by all necessary corporate action and do not and will not (i) require any consent or approval of any stockholder, security holder or creditor of Borrower, (ii) violate or conflict with
any provision of Borrower’s Articles of Incorporation, (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or leased or hereafter acquired by Borrower, (iv) violate any Laws
applicable to Borrower or (v) result in a breach of or constitute a default under, or cause or permit the acceleration of any obligation owed under, any indenture or loan or Agreement or any other material agreement to which Borrower is a party
or by which Borrower or any of its Property is bound or affected. 
 (b) No authorization, consent, approval, order license or permit from,
or filing, registration or qualification with, any Governmental Authority is or will be required to authorize or permit under applicable Law the execution, delivery and performance by Borrower of this Amendment and the transactions contemplated
hereby, including the increase in the Commitment of the Administrative Agent under the Agreement, and the Agreement, as amended hereby. 
 (c) Each of this Amendment and the Agreement, as amended hereby, has been duly executed and delivered by Borrower and constitutes the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its
terms, except as enforcement may be limited by Debtor Relief Laws or equitable principles relating to the granting of specific performance and other equitable remedies as a matter of judicial discretion. 
 (d) The representations and warranties of Borrower contained in Article V of the Agreement are true and correct in all material respects as
though made on and as of the Effective Date (except to the extent such representations and warranties expressly refer to an earlier date, in which case they were true and correct as of such earlier date). 
 (e) No Default or Potential Default exists or would result from the effectiveness of this Amendment. 
  

 2 

 (f) Borrower agrees to perform such acts and duly authorize, execute, acknowledge, deliver, file, and
record such additional documents and certificates as Administrative Agent may reasonably request in order to create, perfect, preserve, and protect the guaranties, assurances, and Liens granted, conveyed or assigned by the Agreement and the other
Loan Documents. 
 Section 5. Affirmative Covenant. Borrower shall, within three (3) business days after the meeting
of Borrower’s Board of Directors scheduled for on or about April 2, 2007, deliver to Administrative Agent copies of the resolutions of Borrower’s Board of Directors approving and authorizing execution, delivery and performance by
Borrower of this Amendment and the transactions contemplated hereby, including the increase in the Commitment of the Administrative Agent under the Agreement, certified by a Responsible Officer. 
 Section 6. Reference to and Effect on Loan Documents. 
 (a) On and after the Effective Date, each reference in the Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or any other expression of like import referring to the
Agreement, and each reference in the other Loan Documents to “the Agreement,” “thereunder,” “thereof,” “therein” or any other expression of like import referring to the Agreement, shall mean and be a reference
to the Agreement as amended by this Amendment. 
 (b) Except as specifically amended hereby, all provisions of the Agreement and all
Collateral Documents shall remain in full force and effect and are hereby ratified and confirmed. 
 (c) Except as otherwise expressly
provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender or Administrative Agent under any of the Loan Documents or constitute a waiver of any provision of
any of the Loan Documents. 
 Section 7. Costs and Expenses. Borrower agrees to pay on demand all reasonable costs and
expenses of Administrative Agent in connection with the preparation, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder, including the reasonable fees and out-of-pocket expenses of counsel for
Administrative Agent with respect thereto and with respect to advising Administrative Agent as to its rights and responsibilities hereunder and thereunder. 
 Section 8. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed and delivered
shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. This agreement, when countersigned by the parties hereto, shall be a “Loan Document” as defined and referred to in the
Agreement and the other Loan Documents. 
 Section 9. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS. 
 Section 10. ENTIRETY. THIS AMENDMENT, THE
AGREEMENT, THE NOTES AND THE OTHER LOAN DOCUMENTS 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 THE
SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR 

  

 3 

 
SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] 

 

 4 

					
	AZZ incorporated
		
	 By:
	 	/s/ Dana Perry
		 	Dana Perry, Vice President
	
	 BANK OF AMERICA, N.A., as Administrative Agent

		
	 By:
	 	/s/ Allison W. Connally
		 	Name:	 	Allison W. Connally
		 	Title:	 	Vice President
	
	 BANK OF AMERICA, N.A., as a Lender, L/C Issuer
 and Swing Line Lender

		
	 By:
	 	/s/ Allison W. Connally
		 	Name:	 	Allison W. Connally
		 	Title:	 	Vice President

 Signature Page to AZZ First Amendment 
  

 For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and pursuant to
Section 6.13 of the Agreement, the undersigned, each of which is a Subsidiary of Borrower, hereby join in that certain Guaranty dated as of November 1, 2001 (as amended, modified, supplemented and/or restated), executed by
certain other Subsidiaries of Borrower, and agree to be bound as a Guarantor thereunder. 
  

			
	 New Guarantors:

	
	 WITT GALVANIZING CINCINNATI, INC.

	
	 WITT GALVANIZING MUNCIE, INC.

	
	 WITT GALVANIZING PLYMOUTH, INC.

		
	 By:
	 	/s/ Dana L. Perry
		 	 Dana L. Perry, Secretary of each of the
 foregoing
entities

 Signature Page to AZZ First Amendment 
  

 To induce Administrative Agent to enter into this Amendment, the undersigned hereby consent and agree (a) to its
execution and delivery and terms and conditions thereof, (b) that this document in no way releases, diminishes, impairs, reduces, or otherwise adversely affects any guaranties, assurances, or other obligations or undertakings of any of the
undersigned under any Loan Documents, and (c) waive notice of acceptance of this Amendment, which Amendment binds each of the undersigned and their respective successors and permitted assigns and inures to the benefit of Administrative Agent
and their respective successors and permitted assigns. 
  

					
	 GUARANTORS:

	
	 AZTEC INDUSTRIES, INC.

	
	 THE CALVERT COMPANY, INC.

	
	 GULF COAST GALVANIZING, INC.

	
	 ARKGALV, INC.

	
	 ARBOR-CROWLEY, INC.

	
	 ATKINSON INDUSTRIES, INC.

	
	 AZTEC INDUSTRIES, INC. – MOSS POINT

	
	 AUTOMATIC PROCESSING INCORPORATED

	
	 ARIZONA GALVANIZING, INC.

	
	 HOBSON GALVANIZING, INC.

	
	 CGIT WESTBORO, INC.

	
	 WESTSIDE GALVANIZING SERVICES, INC.

	
	 CARTER AND CRAWLEY, INC.

	
	 CENTRAL ELECTRIC COMPANY

	
	 CENTRAL ELECTRIC MANUFACTURING COMPANY

	
	 ELECTRICAL POWER SYSTEMS, INC.

	
	 CLARK CONTROL SYSTEMS, INC.

	
	 WITT GALVANIZING CINCINNATI, INC.

	
	 WITT GALVANIZING MUNCIE, INC.

	
	 WITT GALVANIZING PLYMOUTH, INC.

	
	 AZTEC MANUFACTURING PARTNERSHIP, LTD.

		
	 By:
	 	AZZ GROUP, LP, its General Partner
		 	By:	 	AZZ GP, LLC, its General Partner
	
	 AZTEC MANUFACTURING – WASKOM PARTNERSHIP, LTD.

		
	 By:
	 	AZZ GROUP, LP, its General Partner
		 	By:	 	AZZ GP, LLC, its General Partner

 Signature Page to AZZ First Amendment 
  

					
	RIG-A-LITE PARTNERSHIP, LTD.
	 By:
	 	AZZ GROUP, LP, its General Partner
		 	By:	 	AZZ GP, LLC, its General Partner
	
	 INTERNATIONAL GALVANIZERS PARTNERSHIP, LTD.

	 By:
	 	AZZ GROUP, LP, its General Partner
		 	By:	 	AZZ GP, LLC, its General Partner
	
	 DRILLING RIG ELECTRICAL SYSTEMS CO. PARTNERSHIP, LTD.

	 By:
	 	AZZ GROUP, LP, its General Partner
		 	By:	 	AZZ GP, LLC, its General Partner
	
	 AZZ GROUP, LP

	 By:
	 	AZZ GP, LLC, its General Partner
	
	 AZZ GP, LLC

	
	 AZZ LP, LLC

		
	By:	 	/s/ Dana L. Perry
		 	Dana L. Perry, Secretary of each of the foregoing entities
	
	 AZZ HOLDINGS, INC.

		
	By:	 	/s/ Mike McLain
		 	Mike McLain, President

 Signature Page to AZZ First Amendment 
  

 REPLACEMENT SCHEDULE 2.01 
 COMMITMENTS AND APPLICABLE PERCENTAGES 
  

							
	 LENDER
	  	COMMITMENT	  	COMMITMENT PERCENTAGE	 
	 Bank of America, N.A.
	  	$	60,000,000.00	  	100.00	%
	 Total
	  	$	60,000,000.00	  	100.00	%

  

 1

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