Document:

ex453to10k06447_12312008.htm

    Exhibit 4.53

     

    
      AMENDMENT
AND CONSENT

      

      AMENDMENT
AND CONSENT, dated as of March 12, 2009 (this "Amendment and Consent"), is given
by Steel Partners II, L.P. pursuant to the Amended and Restated Credit
Agreement, dated as of July 17, 2007 (the "Credit Agreement"),
by and among Steel Partners II. L.P., as lender (such lender, together with its
successors and permitted assigns, is referred to hereinafter each individually
as the "Lender"), BAIRNCO CORPORATION, a
Delaware corporation ("Parent"), and each of
Parent's Subsidiaries identified on the signature pages thereof as a Borrower
(such Subsidiaries, together with Parent, are referred to hereinafter each
individually as a "Borrower", and
collectively, jointly and severally, as the "Borrowers"), and each
of Parent's Subsidiaries identified on the signature pages thereof as a
Guarantor (such Subsidiaries are referred to hereinafter each individually as a
"Guarantor",
and individually and collectively, jointly and severally, as the "Guarantors"; and
together with Borrowers, each a "Loan Party" and
collectively, the "Loan
Parties").

       

      WHEREAS,
the Loan Parties are entering into an AMENDMENT NO. 4, dated as of the date
hereof to the Term A Credit Agreement in the form attached hereto as Exhibit A
(the “Term A Amendment”) and an AMENDMENT NO. 4 dated as of the date hereof to
the Working Capital Credit Agreement in the form attached hereto as Exhibit B
(the “Working Capital Amendment”); and

       

      WHEREAS,
the Loan Parties have requested that the Lender consent to the modifications to
the Term A Credit Agreement and the Working Capital Credit Agreement;
and

      

      WHEREAS,
the Lender is willing to provide such consent on and subject to the terms set
forth herein including certain amendments to the Credit Agreement,

       

      WHEREAS,
Borrowers and Lender are willing to make such amendments, subject to terms and
conditions set forth herein;

       

      WHEREAS,
by this Amendment, Borrowers, Guarantors, Agent and Lenders desire and intend to
evidence such amendments:

       

       

      NOW
THEREFORE, in consideration of these premises and other good and valuable
consideration, the parties hereto hereby agree as follows:

       

      1.           Definitions.

       

      (a)  Base Rate
Margin.

       

      The
definition of “Base Rate Margin” in Schedule 1.1 to the Credit Agreement is
hereby amended by deleting such subsection in its entirety and replacing it with
the following:

       

      “ ‘Base Rate Margin’ ”
means the Base Rate Margin as defined in the Term A Amendment, plus 3.00
percentage points.”

       

      (b) Other Definitions.
Any capitalized term used herein and not defined shall have the meaning assigned
to it in the Credit Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      2.           Consent to Term A Amendment
and Working Capital Amendment.  Subject to Section 3
hereof, (i) the Lender consents to (A) the execution and delivery of the Term A
Amendment and the Working Capital Amendment and (B) the payments and
transactions by the Loan Parties that are referenced in such Term A Amendment
and Working Capital Amendment.  The effectiveness of this consent is
subject to the condition precedent that the proposed Term A Amendment and
Working Capital Amendment shall have been executed and delivered and all
conditions to the effectiveness of such Term A Amendment and Working Capital
Amendment shall have been met on or prior to the date hereof.  If all
of such conditions have not been met, the consents and releases set forth in
this Section 2 shall be null and void and of no force or effect.

       

      3.           Conditions to
Effectiveness.  The effectiveness of this Consent is subject to
the fulfillment, in a manner satisfactory to the Lender, of each of the
following additional conditions precedent:

       

      (a)           Representations and
Warranties; No Event of Default.  The representations and
warranties herein, in Section 4 of the Credit Agreement and in each other Loan
Document and certificate or other writing delivered to the Lender pursuant
hereto shall be true and correct in all material respects (except that such
materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text
thereof) after giving effect to this Consent on the date hereof as if made on
and as of such date (except to the extent such representations and warranties
expressly relate to an earlier date), and no Default or Event of Default shall
have occurred and be continuing or would result from this Consent becoming
effective in accordance with its terms.

       

      (b)           Delivery of
Documents.  The Lender shall have received the following, each
in form and substance satisfactory to the Lender and, unless indicated
otherwise, dated the date hereof:

       

      (i)           counterparts
of this Amendment and Consent, duly executed by the Lender and each Loan
Party;

       

      (ii)           a
copy of the Term A Amendment, duly executed by the parties thereto, certified as
a true and correct copy by an officer of the Parent;

       

      (iii)           a
copy of the Working Capital Amendment, duly executed by the parties thereto,
certified as a true and correct copy by an officer of the Parent

       

      (iv)           a
Consent in respect of the Working Capital Credit Agreement and the Intercreditor
Agreement, duly executed by the Working Capital Agent and the Working Capital
Lenders, which shall contain the consent by the Working Capital Lenders to the
amendments contained herein, including, without limitation, the increase in the
interest rates;

       

      (v)           a
Consent in respect of the Term A Credit Agreement and the Intercreditor
Agreement, duly executed by the Term A Agent and the Term A Lenders, which shall
contain the consent by the Term A Lenders to the amendments contained herein,
including, without limitation, the increase in the interest rates;

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (vi)           a
certificate of an officer of each Loan Party, certifying as to the matters set
forth in subsection (a) of this Section 3; and

       

      (vii)           such
other agreements, instruments, approvals, opinions and other documents as the
Lender may reasonably request, it being expressly understood that the Lender
may, in its discretion, rely upon certificates of any Loan Party delivered to
the Working Capital Agent or the Term A Agent in connection with the amendments
of their respective credit agreements to the full extent as if the Lender were
an addressee of such certificates, and the Loan Parties hereby expressly agree
to such reliance by the Lender.

       

      4.           Representations and
Warranties.  Each of the Borrowers and the Guarantors
represents and warrants that the representations and warranties contained in
Section 4 of the Credit Agreement are true and correct in all material respects
(except that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by
materiality in the text thereof) after giving effect to this Amendment and
Consent on and as of the date hereof as though made on and as of the date hereof
(except to the extent such representations and warranties expressly relate to an
earlier date), and no Event of Default or Default has occurred and is continuing
on and as of the date hereof, or would result from this Amendment and Consent
becoming effective in accordance with its terms.

       

      5.           Reaffirmations and
Acknowledgments. 

       

      (a)           Reaffirmation of
Guaranty.  Each Guarantor consents to the execution and
delivery by the Borrowers of this Consent and jointly and severally ratifies and
confirms the terms of the Guaranty with respect to the indebtedness now or
hereafter outstanding under the Credit Agreement as amended and all promissory
notes issued thereunder.

       

      (b)           Acknowledgment of Security
Interests. Each Loan Party hereby acknowledges that, as of the date
hereof, the security interests and Liens granted to the Lender under the
Security Agreement and the other Loan Documents are in full force and effect and
are enforceable in accordance with the terms of the Security Agreement and the
other Loan Documents, except for such Liens that are released pursuant to this
Consent.

       

      6.           Miscellaneous.

       

      (a)           Continued Effectiveness of
the Credit Agreement.  Except as otherwise expressly provided
herein, (i) the Credit Agreement and the other Loan Documents are, and shall
continue to be, in full force and effect and are hereby ratified and confirmed
in all respects and (ii) to the extent that the Credit Agreement or any other
Loan Document purports to pledge to the Lender or to grant to Lender a security
interest or lien, such pledge or grant is hereby ratified and confirmed in all
respects.  Except as expressly provided herein, the execution,
delivery and effectiveness of this Consent shall not operate as an amendment of
any right, power or remedy of the Lender under the Credit Agreement or any other
Loan Document, nor constitute an amendment of any provision of the Credit
Agreement or any other Loan Document.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (b)           No
Waiver.  Except as expressly set forth herein, this Consent is
not a waiver of, or consent to, any Default or Event of Default now existing or
hereafter arising under the Credit Agreement or any other Loan Document, and the
Lender expressly reserves all of its rights and remedies under the Credit
Agreement and the other Loan Documents, under applicable law or
otherwise.  The waivers, consents and modifications herein are limited
to the specific instances and for the specific purposes set forth herein, shall
not apply to any facts or occurrences other than those on which the same are
based, shall not excuse the future non-compliance with the Loan Documents, and
shall not operate as a consent to any further or other matter under the Loan
Documents.

       

      (c)           Counterparts.  This
Consent may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which shall be deemed to be an
original, but all of which taken together shall constitute one and the same
agreement.  Delivery of an executed counterpart of this Consent by
telefacsimile or electronic mail shall be equally as effective as delivery of an
original executed counterpart of this Consent.

       

      (d)           Headings.  Section
headings herein are included for convenience of reference only and shall not
constitute a part of this Consent for any other purpose.

       

      (e)           Costs and
Expenses.  The Borrowers agree to pay on demand all reasonable
fees, costs and expenses of the Lender in connection with the preparation,
execution and delivery of this Consent.

       

      (f)           Consent as Loan
Document.  The Borrowers and each Guarantor hereby acknowledge
and agree that this Consent constitutes a "Loan Document" under the Credit
Agreement.  Accordingly, it shall be an Event of Default under the
Credit Agreement if (i) any representation or warranty made by the Borrowers or
any Guarantor under or in connection with this Consent shall have been untrue,
false or misleading in any material respect when made, or (ii) the Borrowers or
any Guarantor shall fail to perform or observe any term, covenant or agreement
contained in this Consent.

       

      (g)           Governing
Law.  This Consent shall be governed by the laws of the State
of New York applicable to contracts made and to be wholly performed
therein.

       

      (h)           Waiver of Jury
Trial.  THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS CONSENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
COMMON LAW OR STATUTORY CLAIMS.

       

       

      [Remainder
of this Page Intentionally Left Bank.]

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      IN
WITNESS WHEREOF, the parties hereto have caused this Consent to be executed and
delivered as of the date first above written.

      
        

        
          	
                  BORROWERS:

                	
                  ARLON, INC.,
      

                  a
      Delaware corporation

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/

                  

                
	 
      	
                  Title:

                	 
      
	 
      	 
      
	 
      	
                  ARLON
      VISCOR LTD.,

                  a
      Texas limited partnership

                
	 
      	 
      
	 
      	
                  By:

                	
                  Arlon
      Partners, Inc.,

                
	 
      	 
      	
                  Its
      General Partner

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/

                  

                
	 
      	
                  Title:

                	 
      
	 
      	 
      
	 
      	
                  ARLON SIGNTECH,
      LTD.,

                  a
      Texas limited partnership

                
	 
      	 
      
	 
      	
                  By:

                	
                  Arlon
      Partners, Inc.,

                
	 
      	 
      	
                  Its
      General Partner

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/

                  

                
	 
      	
                  Title:

                	 
      
	 
      	 
      
	 
      	
                  KASCO
      CORPORATION,

                  a
      Delaware corporation

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/

                  

                
	 
      	
                  Title:

                	 
      
	 
      	 
      
	 
      	
                  SOUTHERN
      SAW ACQUISITION CORPORATION,

                  a
      Delaware corporation

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/

                  

                
	 
      	
                  Title:

                	 
      
	 
      	 
      
	
                  PARENT:

                	
                  BAIRNCO
      CORPORATION,

                  a
      Delaware corporation

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/

                  

                
	 
      	
                  Title:

                	 
      

        

         

      

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      
        	
                LENDER:

              	
                STEEL
      PARTNERS II, L.P.,

                By
      Steel Partners II GP LLC

                    
      Its General Partner

                 

                 

              
	 
      	 
      
	 
      	
                By:

              	
                
                  /s/

                

              
	 
      	
                Name:

              	 
      
	 
      	
                Title:

              	 
      
	 
      	 
      

      

       

      
 

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Exhibit
A

      

      Term
A  Amendment

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Exhibit
B

      

      Working Capital
Amendmentex107to10k06447_12312008.htm

    Exhibit 10.7

     

    
      
        WHX
CORPORATION

         

        2008
BONUS PLAN

         

        

        
          	
                   
      

                	
                  1.

                	
                  Purpose of the
      Plan.

                

        

         

        The goal
of the 2008 Bonus Plan (the “Plan”) is to offer an incentive plan that will help
recruit and retain outstanding talent by providing both short-term incentives
for achieving annual targets while rewarding key management for achieving
long-term growth goals.

         

        
          	
                   
      

                	
                  2.

                	
                  Administration of the
      Plan.

                

        

         

        The
Compensation Committee (the “Committee”) of the Board of Directors (the “Board”)
of WHX Corporation (the “Company”) shall have full power and authority to
designate recipients of awards (“Awards”), determine the terms and conditions of
such Awards (which need not be identical) and to interpret the provisions and
supervise the administration of the Plan.  The Committee may delegate,
in its sole discretion, approval of bonuses for certain employees of Handy &
Harman (“H&H”), a wholly-owned subsidiary of the Company, to the
President/CEO of H&H (the “CEO”) and/or to the Board of Directors of
H&H.

         

        Subject
to the provisions of the Plan, the Committee shall interpret the Plan and all
Awards granted under the Plan, shall make such rules as it deems necessary for
the proper administration of the Plan, shall make all other determinations
necessary or advisable for the administration of the Plan and shall correct any
defects or supply any omission or reconcile any inconsistency in the Plan or in
any Awards granted under the Plan in the manner and to the extent that the
Committee deems desirable to carry into effect the Plan or any
Awards.  The act or determination of a majority of the Committee shall
be the act or determination of the Committee and any decision reduced to writing
and signed by all of the members of the Committee shall be fully effective as if
it had been made by a majority at a meeting duly held.  Subject to the
provisions of the Plan, any action taken or determination made by the Committee
pursuant to this and the other Sections of the Plan shall be conclusive on all
parties.

         

        In the
event that for any reason the Committee is unable to act, or if there shall be
no such Committee, then the Board shall administer the Plan, and references
herein to the Committee (except in the proviso to this sentence) shall be deemed
to be references to the Board.

         

        
          	
                   
      

                	
                  3.

                	
                  Designation of
      Grantees.

                

        

         

        The
persons eligible for participation in the Plan as recipients of Awards shall
include officers and employees of the Company or any of its subsidiaries (the
“Grantees”). In selecting the Grantees, and in determining the Awards, the
Committee may consider any factors it deems relevant, including without
limitation, the office or position held by the Grantee, the Grantee’s degree of
responsibility for and contribution to the growth and success of the Company or
any of its subsidiaries, the Grantee’s length of service, promotions and
potential.  Generally, Grantees will be recommended by the CEO of
H&H to the Committee.

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         

        
          	
                   
      

                	
                  4.

                	
                  Grant of
      Awards.

                

        

         

        The
Committee in its sole discretion shall set specific goals for certain Grantees
on a periodic basis. Such goals may be set on an annual basis pursuant to the
Company’s Short Term Incentive Plan (“STIP”) or on a longer-term basis pursuant
to the Company’s Long Term Incentive Plan (“LTIP”).  The goals for
each Grantee, as well as the Awards attached to reaching such goals, will be
communicated to each Grantee as the CEO or the Committee shall determine, but in
each such case shall be set forth in writing and approved by either the
Committee, the CEO and/or the Board of Directors of H&H.  The Plan
shall not be in effect in any given year with respect to any Grantee until
he/she initials the written goals sheet applicable to such Grantee, which
initialing shall signify his/her understanding of and agreement with all of the
terms and conditions of the Plan.  It is contemplated that the
Committee will adopt specific targets under the STIP and LTIP on an annual
basis, and will review recommendations received by the CEO.  All
calculations upon which Awards are based shall be certified by the Chief
Financial Officer of the Company.  In order to be eligible to receive
an award pursuant to this Plan, the Grantee must be employed by the Company on
the earlier of the date Awards are generally paid to Grantees or the March 31
following the payout year.

         

        
          	
                   
      

                	
                  5.

                	
                  Taxes.

                

        

         

        The
Company may make such provisions as it may deem appropriate, consistent with
applicable law, in connection with any Awards granted under the Plan with
respect to the withholding of any taxes (including income or employment taxes)
or any other tax matters.

         

        
          	
                   
      

                	
                  6.

                	
                  Effective Date of
      Plan.

                

        

         

        The Plan
shall be effective on January 1, 2008.

         

        
          	
                   
      

                	
                  7.

                	
                  Amendment and
      Termination.

                

        

         

        The
Committee or the Board may amend, suspend, or terminate the Plan or authorize,
increase or withhold the payment of any Award in its absolute and complete
discretion.  The decision of the Committee or the Board shall be
final, binding and conclusive.

         

        
          	
                   
      

                	
                  8.

                	
                  Government
      Regulations.

                

        

         

        The Plan,
and the grant of Awards hereunder, and the obligation of the Company to deliver
such awards shall be subject to all applicable laws, rules and regulations, and
to such approvals by any governmental agencies as may be required.

         

        
          	
                   
      

                	
                  9.

                	
                  General
      Provisions.

                

        

         

        (a)           Employment
Matters.  The adoption of the Plan shall not confer upon any
Grantee any right to continued employment with the Company or its subsidiaries,
or in the case of a Grantee who is a director, continued service as a director
with the Company or its subsidiaries, as the case may be, nor shall it interfere
in any way with the right of the Company or any of
its subsidiaries to terminate the employment of any of its employees or the
service of any of its directors.  All participants in the Plan shall
be and remain at all times employees at will, and the Company and each
subsidiary shall have the absolute right to terminate any such employment at any
time, with or without cause, in its absolute discretion, subject to the terms of
any written employment agreement that any participant may have with the Company
or any subsidiary thereof.

         

        
          
             

          

          
            2

            
              

            

          

          
             

          

        

         

        (b)           Limitation of
Liability.  No member of the Board or the Committee, or any
officer or employee of the Company acting on behalf of the Board or the
Committee, shall be personally liable for any action, determination or
interpretation taken or made in good faith with respect to the Plan, and all
members of the Board or the Committee and each and any officer or employee of
the Company acting on their behalf shall, to the extent permitted by law, be
fully indemnified and protected by the Company in respect of any such action,
determination or interpretation.

         

        (c)           Termination.  Unless
otherwise determined by the Committee, if any Grantee’s employment with or
service to the Company or any of its subsidiaries is terminated for Cause (as
defined below) or voluntarily by Grantee or for any other reason except as
explicitly provided in the next sentence, such Grantee’s Award(s) shall be
cancelled.  If such Grantee’s employment with or service to the
Company or any of its subsidiaries is terminated because of termination by the
Company other than for Cause, or because of death or Disability, such Grantee’s
Award(s) shall be granted to such Grantee to the extent of the pro-rata portion
of the earned portion of the “Team” Award, if any, and the pro-rata portion of
the earned portion of the “Individual” Award, if any, for the year so employed,
in each case as determined in the sole and complete discretion of the Committee.
For the purpose of this Plan, “Cause” shall have the meaning set forth in such
Grantee’s employment agreement or if no such agreement exists or such term is
not provided for, Cause shall mean:  (i) the Grantee engaging in
conduct which is materially injurious to the Company or any of their respective
customer or supplier relationships, monetarily or otherwise; (ii) the Grantee
engaging in any act of fraud, misappropriation or embezzlement or sexual or
other harassment of any employee of the Company; (iii) the Grantee engaging in
any act which would or does constitute a felony; (iv) the willful or continued
failure by the Grantee to substantially perform his duties, including, but not
limited to, willful misconduct, gross negligence or other acts of dishonesty; or
(v) the Grantee’s material violation or breach of the Plan or any agreement with
the Company or its subsidiaries.  For the purpose of this Plan,
“Disability” shall have the meaning set forth in such Grantee’s employment
agreement or if no such agreement exists or such term is not provided for,
Disability shall mean:  the Grantee’s absence from the full-time
performance of his duties hereunder for at least ninety (90) days, whether or
not consecutive, within any twelve (12) consecutive months as a result of any
incapacity due to physical or mental illness.

         

        (d)           Modification; Prior
Plans. Notwithstanding anything set forth in this Plan or in any letter
sent to an individual Grantee, the calculation, determination and payment of any
Award is subject to the final determination of the Committee, which shall be
entitled to alter, amend or nullify the terms of the Plan, or to authorize,
increase or withhold the payment of any Award in its absolute and sole
discretion. The decision of the Committee shall be final, binding and
conclusive.  The terms and conditions of this Plan shall supersede and
cancel any and all prior
bonus plans and arrangements and participation in this Plan shall nullify
Grantee’s right or entitlement to any bonus under any other such bonus plan or
arrangement of the Company or any of its subsidiaries.

         

        

         

                            WHX
CORPORATION

                            Effective January 1,
2008

         

        
          
             

          

          
            3

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